Leslie Cain: Buying and selling at the same time? Consider these tips
There comes a time for many of us when we may need to sell our current house in order to purchase a different home. While these types of situations can get complicated, a little planning and working with an established Realtor makes all of the difference. Additionally, here are six tips to help the process go smoothly:
Don’t Wait Too Long to Prepare Your Current Home
If you need to do any clean-up, painting or fixing to the home you are selling, you need to start earlier than you think. Do not wait until the last minute. Even the smallest tasks take time and organization.
It is always a good idea to get pre-approved. Not only does this prevent you from dreaming too big, it is also preferred when looking for new homes. While real estate agents will show you homes without a pre-approval letter, they definitely prefer showing homes to buyers who possess a pre-approval letter.
Have a Back-up Plan
Assuming you are partnering with an established Realtor, there is a good chance you can work out a successful plan to find your next dream home and then sell your current home or vice versa. However, it is always a good idea to have a backup plan, which might include having to move into a short-term rental and/or having to store your belongings for a short period of time.
Remember that Compromise is a Good Thing
When issues arise, be as flexible as possible. Often times, people will expect quite a bit from the people selling the house but not be willing to give an inch to the buyers who are purchasing their home. A little compromise and kindness goes a long way when there are two escrows at stake.
Request an Extended Closing
If you are fairly confident that your existing home will sell in a short period of time, request to extend the closing date of your new home. They might even give you past the standard 30 to 45 days. This should allow you enough time to sell your current home and use your home equity to buy the other house.
Keep the Faith
When selling one house and buying another home, you are dealing with two major transactions nearly simultaneously (or at least, extremely close together). So, it is perfectly normal to feel a bit nervous and anxious about the process. Fortunately, most of the time it works out and is usually worth it in the end.
For local homeowner information or to find a licensed real estate professional, contact the Sierra Nevada Realtors at 775-885-7200 or sierranevadarealtors.org. Sierra Nevada Realtors is the voice of real estate in Carson City and the surrounding areas. They are committed to building better communities throughout the region and participating in the political process to protect the industry as well as private property rights.
Leslie Cain is president of Sierra Nevada Realtors and a Realtor with RE/MAX Realty Affiliates in Carson City. Cain has been active in the real estate industry for nearly 14 years and is very passionate about the Northern Nevada community. She holds several certifications including Certified Residential Specialist, Accredited Buyer’s Representative and Senior’s Real Estate Specialist. Cain can be reached at email@example.com or 775-781-1386.