If you have to sell your current house in order to buy the next one, how to you do it?
It’s definitely a strategy to be worked out. We want to get an exact idea of what the market will bear for your house first, so we perform a market assessment by coming over to look at the condition. We’ll give you something called a net sheet, which gives you an idea of the numbers you’ll walk away with after selling.
These numbers are especially important in this strategy so you can focus on how much money you’re working with to buy your next home. The next step is to talk to a lender to get pre-approved for a mortgage. Getting your numbers and financing lined up takes away the stress and you’ll know exactly what you can afford.
After you assess your house and the numbers you’ll work with, you must decide if you can sell your house and move in with a friend, rent while you search for a property or whether you only want to move once.
Sometimes, it can be critical to sell your house and have the money in the bank before you look for your next home because in our competitive market, it can be tough to get a seller to accept an offer that’s contingent on the sale of your current home.In fact, our current market has price points where that’s nearly impossible. It all depends on the type of property you’re going after.
Then, you have to decide on your strategy. Can you have your house ready to be on the market within a week? Will you have a longer closing with a longer possession date so that we can negotiate for you to stay a little longer? From there, everything works on a case-by-case basis.
If you have any questions about this buying and selling strategy, we’d be happy to help you. Just give us a call or send us an email today.