Buying and Selling a Home at the Same Time? RealEstate.com Offers Advice on Saving Your Sanity
Buying a new house can be complex enough. But trying to sell an old home at the same time can more than double the difficulty. What if someone is juggling the sale and purchase of a home at the same time? What if their dream home is found but the sale of their existing home hasn't gone through? Can two mortgages be paid at the same time? Can temporary housing be found until the right home comes along?
Charlotte, NC (PRWEB) February 8, 2007 -- Buying a new house can be complex enough. But trying to sell an old home at the same time can more than double the difficulty. What if someone is juggling the sale and purchase of a home at the same time? What if their dream home is found but the sale of their existing home hasn't gone through? Can two mortgages be paid at the same time? Can temporary housing be found until the right home comes along?
Buying and selling homes at the same time is enough to make heads spin even with the most organized and prepared homeowners.
"While it's certainly tricky, particularly when it comes to timing, careful planning can help you stay sane when it comes to buying and selling a house at the same time," said Holly Slaughter, RealEstate.com Tips & Tools editor. Slaughter offers a few tips for consumers who are going through this challenge:
| | - Be prepared. Hire a team of professionals who have expertise in buying and selling homes. You'll likely need, at a minimum, a REALTOR®, real estate attorney, lender, appraiser and home inspector. Depending on their expertise, you might consider hiring hire one REALTOR® to sell or list your home and another to help you purchase a home.
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| | - Communication is key. Whether you're communicating with one of the pros on your home buying or selling team, be sure to communicate clearly.
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| | - Sell first, buy later. Put your home up for sale well in advance of purchasing a new one. Not only will this help you know exactly how much money you'll have to purchase a new home, it will save you from having to pay two mortgages.
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| | - Be a motivated seller. Consider how important it is to get your old home sold. That may mean considering a lower offer if there are no conditions attached, or an offer that gives you a flexible closing date.
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| | - The devil is in the details. Read all paperwork thoroughly and carefully, whether it's a document related to the home you're selling or the one you're buying. It's easy to review these hastily given all that you have on your plate, but it's essential that you give yourself ample time to see and sign all documents, particularly ones related to closings.
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| | - Only move what you must. Be sure to clean house before you sell, at the earliest, and before you move, at the latest. No one wants to move things they aren't using, so consider donating unused or outdated items well in advance of your move.
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So what if the timing isn't perfect and you aren't able to sell your old home before finding a new one? Consider bridge financing, which can help cover the down payment on your new home through the equity in your old home. Or you might want to look into drawing on a line of credit on your old house. This is likely to save you at least a percentage point over what bridge financing would offer.
For a complete list of additional tips to help you through the hassle of buying and selling a home at the same time, visit www.RealEstate.com">www.RealEstate.com.
About RealEstate.com
RealEstate.com helps give consumers an advantage during their home buying or selling journey, from the early stages of dreaming through the final stages of moving. The site uses a proprietary, turbo-charged home listings "engine" with access to more than two million listings in order to bring clarity to the chaos. In addition, a robust "Tips and Tools" section provides helpful advice, checklists and guides, all in an effort to help users navigate the process. Together, this comprehensive set of tools, content, listings and services have come together to help consumers "Get the knowledge. Get the edge.™"
RealEstate.com is owned and operated by LendingTree, LLC, which is part of IAC Financial Services and Real Estate, an operating company of IAC (NASDAQ: IACI), which also owns or operates LendingTree Loans sm, LendingTree Settlement Services, LLC, GetSmart®, Domania®, and iNest Realty, Inc.
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