It’s not simple to buy and sell a house at the same time. Actually, it’s usually quite a multitasking and juggling act that calls for managing a lot of moving pieces and perfect timing. If you make a mistake, you risk having to pay off two mortgages at once or, on the other hand, you risk being without a place to live for a while. But it is possible if you plan carefully and know what to anticipate. So be sure to look over these 5 suggestions for buying and selling a home simultaneously in Sacramento.
1. Lay the Groundwork and Get Ready
It all starts with planning and setting the groundwork, just like with any sophisticated and challenging job. Therefore, start preparing for both the purchasing and selling as soon as you can when you wish to purchase and sell a home at the same time in Sacramento since careful planning and preparation can “spare you from making major blunders.”
You must first get your house ready for listing and selling. “That will entail decluttering and cleaning, as well as performing any necessary repairs to eliminate buyer turnoffs. Since selling a home is a completely different activity than living in one, almost every property is excessively cluttered from a selling perspective. Get the house photographed and videotaped after cleaning and decluttering so that the materials are ready to use when it’s time to advertise the property.
When getting ready to sell a home, a knowledgeable Sacramento agent can be very helpful in obtaining top-notch listing images. Contact (916) 507-2502 to learn more.
Then, you must prepare for the buying portion of the process. And getting pre-approved for a mortgage is a crucial first step in this process. Here are the opinions of industry experts on this.
“Making sure your finances are in order comes first. Oh, I know, I have great credit, many people reply. I’m confident that I can be accepted. However, lending policies are always evolving. You must either have the cash to purchase the home outright or be fully pre-approved for a mortgage to finance it without any stipulations from a lender that your current home must sell first in order to get an offer accepted in today’s competitive housing market. All borrowers ought to start the pre-approval procedure before they dive in and start looking for a home.”
2. Get the Timing Right
Next, you should consider and work on timing to buy and sell a home at the same time, making sure you can get all the pieces to fall into the correct places at the proper moments.
“A real estate agent can assist you time the sale and purchase once your finance is set up. Negotiate the closing dates so that they work best for you as one option. If you carefully consider your options and arrange everything, it won’t be as difficult.”
Consider this ideal timeline in order to get an idea of how to get the timing right . . .
- Get your current home ready to sell, and then begin shopping for a new home.
- “Put your current house on the market and indicate a settlement date timed to match with the purchase closing” once you’re under contract to buy and after the inspection and negotiations are through.
- Try to close the sale of your old home in the morning after all your stuff is in the moving van,
- Close on purchasing the new home in the afternoon so that you can move right in.
You obviously need a backup plan in place because time rarely works out this nicely and things typically don’t go so well.
3. Have a Backup Plan
Here are a few things to keep in mind when trying to buy and sell a house at the same time regarding your backup plan.
In the event that the two closings occur at different times, you might need a temporary residence. “You’ll need a place for you and your belongings if the purchase closes a day or more after the sale concludes. If it’s only a short trip, consider staying with friends or at a hotel while keeping your possessions in a moving truck.
You may need to adopt a different strategy if the closings are more than a day or two apart. You can think about a rent-back arrangement with the buyers of your property if the closing on the purchase is postponed so that you can stay in the house for a while. These contracts typically have a maximum duration of 60 days, however they are frequently utilised for only a few days to allow sellers some flexibility. Some bidders in the cutthroat market of today offer to let the seller stay for free.
However, you should be warned that “disputes can occur with a rent-back arrangement.” Consequently, your best option is to speak with a Sacramento agent at (916) 507-2502 before signing such an agreement.\
4. Consider a Sale Contingency
A sale contingency is another approach to safeguard yourself if you’re trying to buy and sell a home at the same time and things go wrong.
An offer “that is contingent on selling your current property” is, to put it simply, one with a sale contingency. If you include a sale contingency in the purchase agreement, you will be able to walk away from the transaction without facing any repercussions. This provision enables you to back out of the deal without facing any legal repercussions and may prevent you from losing your deposit.
However, there is a chance that another buyer’s unconditional offer will prevail over your contingent one. Talk to your agent once more about how to move forward in this situation.
5. Work With an Experienced Sacramento Agent
Perhaps the most crucial piece of advice we can provide you for buying and selling a home simultaneously in Sacramento is to work closely with a knowledgeable local realtor. To pull off this multitasking, timing, and step-juggling feat, several things must go perfectly. A competent agent can assist you in doing that by offering the direction you’ll need to move through the procedure without incident. Call us at (916) 507-2502 if you’re considering both purchasing and selling a home at the same time.