Have you ever thought of how common it is for someone to buy a new home at the exact same time they’re selling their old one? After all, not everyone is a first-time homebuyer. If you’re a homeowner, in a perfect world, you’d hand over the keys to your existing home on the same day you begin moving into your new one, thus avoiding paying two mortgages and seeing the process through to completion as quickly as possible.
But this, of course, is sometimes a lot easier said than done.
Or, at least, it can seem that way if you’re attempting to go through this process alone. But it IS entirely possible to sell your home quickly, so you can move on to your new home as quickly and with as little stress as possible. You just have to keep a few key things in mind while doing it.
Tips to Selling Your Home Quickly
The real estate market moves quickly, which means that when that great new house comes along, you may have to act on it fast. You can’t afford to wait until that moment to begin the process of selling your existing home, as you may very well end up paying two mortgages for an undetermined period of time.
Therefore, you want to have each foot in two different worlds throughout all parts of this process. For every action you take toward finding and buying a new home, you need to be equally proactive about selling your existing one.
This begins with staging, or making your existing home as attractive as possible to as many buyers as you can.
First, depersonalize your home and clean absolutely everything from top to bottom. This won’t just allow you to take great photos for your listing; it will also make it easier for prospective buyers to “see themselves” in the space.
Remove any excess furniture and other items to make your home seem as big as possible, especially in the photos.
Talk to a local real estate agent to get more insight into local price trends and how factors like weather fluctuations impact buyer activity. Yes, fall and winter typically see noticeable drop-offs in the volume of buyers, but the ones who are left are usually highly motivated. So this might not be a bad thing.
Once you’ve located your new home, you’ll likely want to take advantage of two key techniques. These include:
Renting back after the sale is finished. This gives you a little additional time to live in the home after you’ve sold it, which is ideal if you haven’t closed on that new property yet. You become the new buyer’s “temporary tenants,” essentially “renting” the home from them until you’re ready to move out.
A contingency clause. This is essentially a “Plan B” that makes the contract you use for buying your new property dependent on your ability to sell your existing one. Once your offer on the new home is accepted, if you sell your current house by the specified date, great; everything goes through, and all parties walk away happy. If you can’t figure out how to sell your home by the specified date, the contract on your new property is terminated. Yes, it’s disappointing, but it also prevents you from suddenly finding yourself responsible for not one, but two mortgages, for a lengthy period of time.
Of course, one of the most important things for you to understand about this process comes down to having the right partner by your side throughout it. At Southwest Funding we’ve been handling residential mortgages throughout the United States for the last 25 years. Our dedicated and passionate loan originators will not only help you find the perfect loan program to help you secure that new home of your dreams, but we’ll also assist you in finding a real estate agent for your preferred price range, too.
All told, we pride ourselves on taking all the stress and worry out of the experience so you can finally get excited about buying your new home while selling your old one, which is exactly the way things should be.
So if you’d like to find out additional information about the fine art of buying and selling a home at the same time, or if you just have any additional questions that you’d like to discuss with someone in a bit more detail, contact us.
Southwest Funding, LP | Southwest Funding, Limited Partnership (NMLS #32139) is an equal housing lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. Contact us for details. Consult your accountant about tax deductions.