Life is a dynamic adventure! We are constantly growing and changing. What direction we walk in one day, converses toward another path we may have never anticipated!
Ever since I was a youngster, I have always longed to buy a home! All I wanted was a place that I could be proud of and make my home forever! 4.5 years ago I made that dream happen! I worked hard to make this goal happen and I was so proud when I received those keys. That was it! My forever home!
Alright, here I am in the present day! I have another intense aspiration! Now, I love my little 1,000 st ft home to be sure! But, my family has grown, I have acquired 2 beautiful Border Collies, my house had become the place for all family gatherings and I am in desperate need of a huge yard for all of my gardening! That’s right, I have the home buying fever! I am ready for an “upgrade”.
I need at least 1,500 sq. ft., cathedral ceilings, 3 beds, 2 baths and 1/2 acre! (It may not have to fit precise criteria, but these are my dreams for now!)
These things happen in life! You have a home you fill with love for many years and then your life changes. You may want a bigger house or possibly a smaller house. The kids have left home and you want to downsize. You may have a job opportunity in another area or maybe you realize you want to be closer to town. Maybe you are ready to live next to the river so you can go swimming every day! You are ready to sell your house and buy another that fits this new enterprise that awaits you!
Selling and Buying at the same time has a method that I want to share with you!
First, you find yourself a professional realtor with expertise and ability. You want someone who understands your needs and has the tools to make your goals happen.
Your Realtor will first come and give a valuation for your house. You need to know what your property is worth so you can decide how to next proceed. The value of your home can be a down payment for your next purchase or depending on your situation, maybe even be enough to fully purchase the next house! Your realtor will help you discover what the Net from your sale will be. During that time, your Realtor will give you all kinds of ideas on how to spruce up your house and make your property irresistible to Buyers!
You know your Net!: Now, it’s time to get pre-approved for this next sale! There are many amazing Lenders in our area and your Realtor will be certain to get you connected! This is important to get organized before you even put your property for sale. You need to be certain you are pre-qualified for a loan that will afford you the house you want! (Unless your proceeds are enough to purchase without a loan! Even better!)
Okay! You have your Realtor, know your value, and you are Pre-Approved and ready to get this party started!
Start packing today! You are going to need to be ready to move in very likely a short amount of time. In Real Estate Transactions, you do not get the keys to your new property until the sale is completed and recorded in the new owner’s name. You can have your Realtor negotiate for you to remain in possession of your property for (a sufficient amount of time to move) after the close of Escrow. The new Buyer will need to agree to this term in writing. Sometimes a new owner will even charge you a per day rent-back. (All terms are negotiable)
Get your house Actively listed! With low inventory right now, a clean and well-priced house will get attention quick! It will make your offer on your replacement property MUCH stronger if your sale home is in Escrow. (It has an accepted offer) The further in Escrow you are the stronger your PURCHASING POWER is. As soon as your house is listed, you can start shopping for your replacement property!
You found the one! You will have your Realtor help you submit an offer that gets accepted! (That is the desired outcome)
Both of your Transactions are contingent on each sale. Once all parties are satisfied including the lenders (Which takes the most time) both of your sales can close!!
I will tell you now that it is a complex process and there are many variables. But, if you treat it as a mission you will get through it feeling stronger and wiser! You will be sharing tales of your epic adventure with friends and family at the dinner table!
Anything that is worth having is worth the challenge.