In order to buy a new home, you need to sell your current home first in order to
avoid either the having two house payments
Unlike when you bought your first home, when moving up to a larger home, there are common factors that can complicate things. It’s very important for you to consider some of these problems before you list your home for sale.
Not only is there the problem of financing to consider, but you also have to sell your current home at the right time to avoid either owning two homes ( which most buyer's can't afford) or the dilemma of having to rent between closings.
Five Strategies To Help The Move Easier
Knowledge of these mistakes, and the strategies to overcome them, will help you make the right choice before you list your existing home or search for your next home.
You dream of improving your lifestyle and moving to a larger home. The problem is that there's sometimes a discrepancy between your heart and your bank account. You drive by a home that you fall in love with only to find that it's already sold or that it’s more than you can afford. Many homeowners get caught in this hit or miss type of house hunting when there's a much easier way. For example, our team offers a Buyer Listing Alert System, which takes the uncertainty away and helps you to buy the home of your dreams. This program will email listing information of the homes available to you that has been cross-matched with your criteria. It helps you take off the rose-colored glasses and move into the home of your dreams.
2. Failing to make necessary improvements before listing
If you want to get the best price for your current home, there will be things you can do to enhance it in buyer's eyes. These improvements aren't always expensive, some are even free, like decluttering and removing personal items. Even if you do have to make a minor investment for a few repairs, it will often come back to you in the sales price you are able to get for the home. It's extremely important that these improvements be made before you list your home.
You should plan to sell your current home before you buy. This will keep your from being at a disadvantage when you negotiate, feeling pressured to accept an offer that is below your market value in order to meet closing deadlines. If you've already sold your home, you can buy your next one with no contingencies attached. If you do get a tempting offer on your home but haven't found your next home, you might want to consider putting a contingency clause in the sale contract which gives you a extra time to find a home to buy.
4. Failing to get pre-approved for your new home
Pre-approval is a simple process. It doesn't cost or obligate you to anything, but it does give you a significant advantage when you are ready to put an offer on the home you want to buy. Not only is it great for your peace of mind that you can afford the home, but also the seller of the home you want to buy will look much more favorably on your offer if you attach a pre-approval to it.
5. Failing to coordinate closings
With two major transactions that will need to be coordinated, and with all the people involved such as mortgage lenders, appraisers, attorneys, home inspectors and pest inspectors, the chances of miscommunication go up dramatically. Your agent and lender will work with you to avoid this logistical nightmare. Just make sure to get everything done asked of you in a very timely manner.
If you are looking to buy or sell a home in the Anderson or Greenville SC real estate areas, visit our website at www.SheilaNewtonTeam.com for tons of great information.
Sheila Newton Team
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors