As stressful as it can be to purchase a house for the first time, it can be even more stressful to sell one while trying to buy another. The purchase of your second home is contingent on the sale of your first, so you may be wondering how to ensure both sales processes go off without a hitch. Fortunately, there are many steps you can take that lead to a successful sale and purchase, such as these below.
Step 1: Sell Your Home Fast
If there’s a chance you may miss out on your dream home if you’re unable to sell your current one, consider selling it quickly to a professional property purchaser. In a matter of hours, they can produce a fast and fair cash offer that allows you to move on as soon as you need to, which may mean you’re able to secure the title of a new home.
This option can also suit anyone needing a quick settlement for reasons other than purchasing another home, such as a deceased estate.
Step 2: Make Repairs
If you haven’t yet decided whether you’re going to sell directly to a professional buyer, consider spending money on repairs to your current home to make it more desirable to prospective purchasers. Fix anything that may extend the length of time your property sits on the market.
Step 3: Be Aggressive With Pricing
The real estate market is heating up, which means you generally have to put your best offer forward when trying to secure your dream home. When you already own a house and want to buy another, you may need to be aggressive with the pricing of your existing dwelling and the one you wish to purchase.
Selling your original home to a cash buyer may be the first step you take, then offering the asking price or above it for the property you wish to purchase. In 2021, over half of the properties on the public market sold for more than their list price.
Step 4: Consider a Bridge Loan
Many people sell their homes for cash in Maryland and beyond to free up money for a new property purchase. However, if you don’t wish to do that, you might decide to inquire with your lender about a bridge loan.
Bridge loans are short-term funding options taken out against your current home to assist with financing a new one on the proviso that your first property will sell. However, it’s worth keeping in mind that interest rates on such loans can be considerably higher than standard property loans due to their complexities.
Step 5: Move Out
After navigating through the steps above, you may have successfully managed the sale and purchase of two properties. If you decide to sell your original property to an investor, you generally have the choice of moving out when it suits you. This means that you can wait until the owners of your new home have moved out before vacating your property. Otherwise, you may need to negotiate a moving day with the buyer of your property and the seller of your new one.
There’s no denying that buying and selling simultaneously is a daunting undertaking, but it can be made much easier based on your decisions. Now might be the right time to contact a professional buyer like Victor Bravo and see if they can ensure the process goes much smoother.