Are you looking to buy and sell a home at the same time? This can be a complex and stressful process, but with the right approach, it can also be a successful one. Here are some tips to help you navigate buying and selling a home at the same time with extended closing, while also making sure you choose the right home:
1. Plan ahead and be organized: Like with any home buying or selling process, it’s crucial to plan ahead and be organized. Make a timeline for each step of the process, including when you will be ready for photography, when you will be ready to list your current home, when you will start looking for a new home, and when you plan to move. This will happen fast once you’re ready to buy. Make sure you understand and budget for the costs of both buying and selling a home, such as closing costs, real estate agent fees, and moving expenses.
2. Get pre-approved for a mortgage: Before you start looking for a new home, get pre-approved for a mortgage. In some areas, such as our Augusta Georgia area, getting pre-approved is an essential part of the home buying process. Without a pre-approval letter, many sellers will refuse to consider your offer, as it demonstrates that you’re a serious and qualified buyer. Work with a lender to get pre-approved before you start looking for a new home. Having a pre-approval letter in hand will give you a better understanding of your budget, help you make a stronger offer, help to prevent delays and increase your chances of having your offer accepted by the seller.
3. Make sure you really want the home you’re buying: When buying and selling a home at the same time, it’s essential to make sure you’re purchasing a home you truly want. Once you’re under contract, it can be challenging to back out of the deal without facing consequences. Be sure to do your due diligence, have a thorough home inspection, and be confident in your decision before signing the contract.
4. Consider an extended closing: An extended closing period can provide you with more time to sell your current home and find a new one. This can reduce the stress of buying and selling a home at the same time. Talk to your real estate agent and lender about the possibility of an extended closing and how it can benefit you.
5. Hire a reputable real estate agent: When buying and selling a home at the same time, it’s crucial to have a real estate agent who is experienced and knowledgeable, like Kalista. She can provide you with valuable advice, help you avoid pitfalls, and negotiate on your behalf. Having an agent like Kali can give you an extra set of eyes and an advocate on your side, which can be especially beneficial during the complex process of buying and selling a home simultaneously. Because of the delicacy of the matter you do not want to just trust this task in the hands of the average agent. With her expertise, she can help you make the right decision when it comes to choosing the right home and guides you through every step of the process, making it as smooth and stress-free as possible.
6. Be aware of the complications of canceling a contract when you have a buyer for your current home: If you cancel a contract to sell your current home, it can have serious consequences, such as losing your earnest money deposit, facing legal action, or harming your reputation in the real estate community. Be sure to fully understand the terms of your contract and the potential consequences before signing. If you have any doubts, consult with your real estate agent or attorney.
If you’re looking to buy and sell a home at the same time, contact Kalista Cave at 706.251.3304. With her expertise, she can help guide you through the process and ensure that you find the perfect home while also successfully selling your current one.
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