NAVIGATING THE BUY/SELL PROCESS
Selling your existing home while searching for a new one can be a complicated process, particularly if you are selling your first home. There are many options to consider when navigating this process, and you can read about some of these options below. Contact us today to help you review your unique situation and provide our recommendations for navigating the buy/sell process.
If you find your next dream house and are in a position to purchase it before collecting the proceeds from your current home sale, you are in the most advantageous position. This gives you the time to move out of your current home, make any necessary improvements or renovations, and wait for an optimal time in the market to sell for top dollar. However, many sellers do not have the funds readily available to make repairs on their current property, put a down payment on a new home, and cover two mortgages while they wait for their house to sell. By working with the Krantz Linn Group, you have exclusive access to programs that can help front a lot of the costs incurred during this process. Compass Concierge can cover upfront costs of repairs, renovations, staging, and many other activities aimed at selling your property. And while bridge loans (which cover the down payment and mortgage payments on your new home while you wait for your current property to sell) can be difficult to find at traditional lenders, our clients have the opportunity to take advantage of Compass Bridge Loans.
You might feel more comfortable waiting until your current home sells to know for sure what you can afford for your next house. This option comes with its challenges, as you will have to live through any repairs, renovations, showings, inspections ,etc. until the transaction closes. Once an offer is submitted, you have the option to request a leaseback from the buyers that would give you time to find your next home before you have to move out. You could also lease another property while you are in between houses. Or many sellers choose to live with friends or family for a couple of months if that is an option. Our job once your transaction closes is to help you find your next dream house as quickly as possible so the transition can be a short one.
Timing can be tricky if you want to try to buy and sell at the same time. No one knows for sure how long it will take for their home to sell or to successfully secure a new property as the market fluctuates quickly. It is possible to submit an offer to buy a new home with a contingency in place requiring sale of your original property before closing. However, in a competitive situation this offer might not be as attractive as others to the seller. Our job is to carefully review pricing and market trends on both your home sale and your requirements for the next house to create a plan for the best possible scenario along with contingencies for bumps along the road in order to make the process as smooth as possible.
Some sellers will consider keeping their first home as a rental. Putting your house on the market for lease will give you a good idea of what kind of rental income the property can generate before deciding if this is the right option for you. Once the house is leased, it is still possible to put the home on the market for sale simultaneously. This can be a great option if you want to move into a new house now, but the market is not in a great position to sell your property profitably.