How to sell and buy a house at the same time?
When we sell a house there are many reasons that lead us to make such an important decision. It can be because you extend the family, because you change residence for work reasons or simply because you want to change the air.
On these occasions one of the first questions that comes to mind is whether it is possible to sell and buy a house at the same time. Although it may seem like a juggling game with a hidden strategy, the answer is yes!
Tips to sell and buy at the same time
1- Know the market. Before starting the process of sell house fast to buy, you need to know what is happening in the market. Knowing the sale price of the area will help you make the right decision by taking some benefit out of this investment.
2- The first step is to sell. Although it seems obvious, the first thing we have to do is sell and then buy. In this case the order of the factors does alter the product and also complicates it. Imagine that you buy first and do not sell your house, you would have to maintain two houses with a fairly high economic burden.
3- Negotiate the time with the buyer. Time, the most important factor in this transaction. When you sell your house you must agree on the space-time contract you need, for example 5 months. In this way you will be able to assure yourself a margin of time to find that house with which you have been dreaming for some time.
4- The clear accounts. Go to your bank and ask for advice from a mortgage expert to clarify all the doubts regarding the mortgage loan. Do the accounts! About how much you intend to spend on the purchase and how much you will earn in the sale, if they are equal amounts, etc.
First step: sell. Second step: buy
They say that the order of the factors does not alter the product, but in this case it does. It is very important that you first sell and then buy. Why? Because if you do not run the risk of buying a home and you cannot sell yours, which would be a lot of money for you. You would be keeping two houses!
So before signing the purchase of your new home, make sure your usual home is already 100% sold and that the buyer is not going to back down.
Never stop looking
Since you are considering the option of selling a house and buying another you should not stop looking for your ideal home. That is, even if you have to sell house fast first, that does not mean that at the same time you should be looking at other houses. As more visitors do better and in this case do two things at once will not be a problem.
If you found the ideal house before closing the sale of yours, you can always make an offer for that house that depends on selling your home. In this way, you make sure that someone else does not buy it and you can sell more peacefully. Of course, the decision to accept the offer will be in the hands of the owner. Formally, it will be reflected in a promise of purchase or purchase option, which are preliminary procedures that can be given before the final signature.
If you are not familiar with all the procedures that have been mentioned so far, it is advisable that you seek the help of an expert. In this way, with good legal advice you will avoid surprises.
[ Posted on : 13th, Mar 2018 ]