EXIT Realty Foothills Gives Tips on How To Buy and Sell at the Same Time

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Jessie Eide
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EXIT Realty Foothills
909.593.0502
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EXIT Realty Foothills Gives Tips on How To Buy and Sell at the Same Time

Take The Stress Out of Buying and Selling at the Same Time

La Verne, CA (Grassroots Newswire) 1/11/2011 --

With all the programs to help first time home buyers in the last couple of years, the people who are buying and selling a home all at once might be feeling a little neglected. For many this a very overwhelming process, but with a little education it does not have to be.

There are two crucial concerns that can influence the ease of the sale and purchase; time and money. Yes no surprise there. Time and money is always the concerns we have in our daily lives but, it is of the upmost importance when in a buying and selling situation.

Let's take a little deeper look into why they are so important and how to overcome the obstacles that are ahead.

Teamwork! There are several different professionals you will need to call on to help you through this real estate transaction and everyone one of them have to be on the same page as you. Your team should consist of a Realtor, lender, inspectors, appraiser, maybe a lawyer, and an escrow officer. Meet with them and tell them your goals. It is usually better to use the same team to buy and sell the properties. This way there are not more people and time lines to manage.

It would be a good idea to get a journal and divide them into sections for each piece of the puzzle and make sure to include a conversation log. This will allow you to make notes on details of conversations you have had or write down questions that need to be answered.

If you need the money to buy your new home from the sell of your old home, which most people do, it is a good idea to get it listed and on the market first. Of course, every market is different. Your Realtor will help you make the best decision for market and time frames, but in general it is best to be proactive and get your home on the market as soon as possible. If you delay getting your home sold first, it will result in making no room for error on the buying of a new home.

There are a few tricks if you get a buyer very quickly when you list your home. You can request a longer escrow period or you can ask if the buyer would be willing to do a rent-back. This means, just like it sounds, the new buyers rents back the house to you for a short period of time.

Don't forget though that it is not always about the money, remember the time aspect? The highest offer on your home may not want to wait while you look for your new house. Yes this is the part that gets overwhelming. The best thing to do is trust your Realtor's advice, who should know the market and the average timelines in the market.

Your Realtor should also help you screen all the offers made on your home. They can do this by making sure the new buyers are pre approved by a reputable lending company and checking their credit scores. It is also important for the buyers to prove that they have the cash to make the down payment and closing costs. With that being said, a lower offer on your home may be a better option if those buyers are more stable and willing to deal with your timeline.

Just like you are asking your buyers to get a pre approval, you must get one too in order to put an offer on a new home. This way you know what price range you should be shopping and it will also give you an advantage in your time constraints.

Even though buying and selling a home at the same time can be hectic, it does not have to be. Write down your goals, communicate them to your team of professionals, and be very specific about your needs. You will find the experience much more manageable.

For more information about EXIT Realty Foothills, please call 909.593.0502. EXIT Realty Foothills is located at 1339 Foothills Blvd, La Verne CA 91750.

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