Margaryta Booth Principal Broker

King Neptune Statue on the Boardwalk in Virginia Beach

Selling and Buying

Selling and Buying a home at the same time

 

When people want to upgrade their homes they desire to sell their current home and buy their new home on the same day, but generally in the real world you will not be able to sell the old and buy the new house on the same day. Consider a couple of things as you negotiate the sale of one house and the purchase of another.   There are hot and cold markets, there could also be both markets in the same city but different in distant neighborhoods.

Hot Market:

  • The busiest activity is noticed during the spring-summer season.
  • Few homes for sale and more buyers than homes.

Cold Market:

  • The least activity is noticed during the School season.
  • Too many houses on the market and not enough buyers.

Selling First

  • Get ahead of the game by knowing how your current home appraisal will affect the sale and determine the purchase power for your new home
  • If you are planning to finance your new home, Get Pre-Approved for the Loan
  • Avoid putting an offer on a new house until all the contingencies are removed on your current home
  • If you have accepted an offer on your home, but have not found the right new home, consider looking for temporary housing
  • If closing dates are not going to match, consider storing you household goods and rent furnished temporary housing.

Buying First

  • If you found your right home first then you are in the situation that you suddenly need to sell your current home
  • Negotiate the contract contingent upon selling your house
  • Closing date on your current home is preferable to be scheduled prior the closing date on your new home
  • Make sure the offer on your new home reflects the current market
  • It is recommended to check the Buyer’s credit history when you plan to accept an offer on the house you are selling. It will help you to avoid undesirable surprises
  • If you have closed on the new house and have not sold your old one, consider renting it out or taking it off the market until the market improves
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