It can be a struggle to know how to juggle the market. With low inventory and quick sales, how do you sell and buy and yet not become homeless in the process. Here's my quick tips on how to do just that.
The first thing to do is talk to a lender about your specific process and what funds are available. Many times, you can do something called a bridge loan or equity forward loan to help you purchase before you sell. This doesn't need to be a drawn-out process. We can still list your home as soon as you are under contract to buy, but it does allow you the ability to find that home first.
Let's say a forward loan is not an option. What then? You still need to sell to purchase, but how do you make sure your timing is good to keep from being homeless. The number one rule is not to focus on the negative. I suggest you think about alternative housing for a week or two in the event the time-line doesn't match perfect.
Most clients I've worked with have not had to use the alternative housing. Having a place on the back-burner helps relieve the anxiety of the negative 'what if we are homeless' feeling and allows you to focus on finding your next home.
Once we have your budget in place for your next home, we will prep your current home for sale. This means a walk-through of the to-do's, declutter, deep clean and professional photos. I will help you get your home all the way to the point of signing docs and making it live and then we hit pause on the listing side.
Now we can switch our hats to you being the buyer and we find your next home or 2-3 options for your next home. After we sign your offer, but before I send it to the other agent, I will put your home live on the multiple listing service and then send the offer to the other agent as contingent upon the sale of your home. If that offer isn't accepted, we then send the next offer and negotiate until you are under contract as a buyer too. If there are no other homes available that you would be interested in, we can withdraw your home from the market until another home that interests you is available.
I work diligently to find off-market opportunities that won't leave you without a roof over your head. I thoroughly enjoy the unique challenge that each sell/buy scenario creates and feel so rewarded when we come up with a customized plan that works for you and gives you confidence in the process.
