In the financial world before 2008, it was possible to be selling and buying a home at the same time.
Pittsfield, MA -- (SBWIRE) -- 05/24/2013 -- How does a homeowner handle buying and selling a home at the same time? Does he get an offer for the one he’s selling first and then start looking for the one he wants to purchase? These are tough questions, but Real-estate-yogi.com is here to help answer them by offering some tips, including:
- Before 2008
- An Agent & a Plan
- Be Aware of Finances
- Quick Fixes for Selling
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Prior to 2008
A homeowner could take out a home equity line of credit (HELOC) which would finance the purchase of the new home while the old one was on the market. Now, though, lenders are reluctant to allow this, despite the fact that the housing market is improving. It is likely that a person will need a home equity loan to buy his new home while waiting for the other to sell.
Make a Plan, Get an Agent
When one is buying and selling a house at the same time, he must develop a sound plan and hire an excellent real estate agent. The agent can provide guidance about both processes and foresee whatever problems that could come up. She may also advise packing things not in use ahead of time. Getting as much legwork done prior to taking any action can save money and time as the procedures begin.
Be Cognizant of the Money Situation
An important part of selling and buying a house at the same time is understanding one’s finances. This means that he should know how much his current home is worth. He must also recognize how much he can afford to spend on his new home. Meet with a lender to seek pre-approval for a new mortgage.
Sell It Faster
A final suggestion for buying and selling a home at the same time is to do whatever cosmetic work is needed to spruce up one’s current home so it will sell faster. Fix the noisy toilet. Freshen up the paint inside and out. Update the kitchen. Finish the basement. Take the necessary steps to make the old house more saleable, and it will go quickly.
http://www.real-estate-yogi.com is a highly respected, no-cost website that offers help to property owners by providing access to financial and real estate professionals who can guide them through any selling and/or buying process. The site is available 24 hours a day, every day. To obtain a complimentary consultation, dial 1-800-987-1397.