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6 Tips for Buying & Selling At the Same Time
CENTURY 21 AAA North
1. DON'T WAIT TOO LONG TO PREP YOUR HOME FOR SALE
No matter the condition of your home, you will have to prep your home to sell. Waiting until the last minute will only hurt you. There is a balance between looking for your new home and taking care of selling your current one. Do not neglect doing what you have to do to prep your current home for sale.
2. ACCEPT THAT MORE CAN GO WRONG; HAVE A BACKUP PLAN
Buying and selling at the same time means there are more "moving parts," and if anything goes wrong, it can throw off both transactions. In that case, it's best to have a plan and some money on hand. Keep your emergency fund stocked, and be prepared to look for hotels or short-term rentals.
3. GET PRE-APPROVED & DON'T BUY TOO BIG
Pre-approval on a home loan is not just for first-time buyers. On the contrary, you're going to need one to buy your new home. It's important logistically, but it also puts a number on what you can actually afford - a much-needed reality check from the unrealistic dreaming that can go on when you're in limbo.
4. WORK WITH ENOUGH OF A CUSHION IN SELLING
You know what your house should sell for. But sometimes you have to take $20k less than you originally planned for. If you give yourself a cushion on what you need to sell your home for, you will be prepared for this scenario, and you won't have to worry about not having enough for a down payment on your new home. Planning ahead is key!
5. BE PREPARED TO COMPROMISE
Because you are working with buyers coming into your current home, and sellers whose home you are moving into, there are going to be a lot of stressed out people looking to make the best of it. Please keep this in mind, and remember that compromise is almost always going to be necessary.
6. DON'T USE TWO REAL ESTATE AGENTS
Things are already going to possibly be messy and difficult, so think before you hire two separate agents for each separate transaction. It will make your life MUCH easier if you decide to just work with one person.
