The process of selling a home and buying another at the same time can be very stressful, challenging, and expensive. You’ll need to have a lot of money to pull off the deal successfully. If you’re not careful, you may end up in debt trying to achieve this goal.
If you’re trying to sell a home and buy a new one at the same time, then you’re in the right place. This article explains some steps you can take to achieve this goal successfully.
Steps on how to sell and buy a house at the same time
Every homeowner has different problems when it comes to selling and buying a new home at the same time. While some first need to unlink their home equity to buy another property, others don’t have a new home to move into when they sell their house. Here’s how you can make the process as stress-free as possible:
- Prepare your home for sale
The first thing to do is prepare your home for sale. List your home for sale and publish it on a multiple listing service when it’s ready to be sold. And to sell your house at a higher price, you should make some renovations and repairs while preparing your home for sale.
Also, take some time to get rid of unwanted belongings in your home before you list it for sale.
- Get your new home financing lined up
The next thing to do is apply for a mortgage and ensure you get pre-approved. In all you do, ensure the pre-approval of your mortgage isn’t dependent on you selling your home first. To get the best mortgage loan, shop around for mortgage lenders or hire a mortgage broker to do the work for you. Your pre-approval letter will pave the way for you as an intentional buyer to any homeowner who wants to sell their home.
- Come up with a temporary financial solution for your down payment
If you have enough funds for a down payment, then you can proceed to buy your home. If not, then you need to source funds that makeup at least 5% to buy another home.
If you need to sell your old house before you can get the funds you need, you’ll need to devise another method to raise funds that don’t depend on you selling your house first. You can always apply for a bridge loan, home equity line of credit (HELOC), or a home equity loan. You can take any of these loans to buy a new house without selling the old one immediately.
- Get the timing right
With proper planning, you can time the sale of your old home and the purchase of your new home to happen at the same time. Working with a professional real estate agent can help you achieve this feat if this is how you want it; although the process may be hard and challenging.
To achieve this, you may begin searching for houses as soon as you list your old house on the market. You may be able to find a house at the same time your house is getting sold. If you’re able to pull this off, then you can move into your new home directly from your old home.
Selling your home to buy a new home at the same time is possible if you get a fast buyer for your house. If you’re looking to sell my house fast Birmingham, then you’re in the right place. At Chase Pays Cash for Houses, you can sell your house to us and get paid immediately. We buy houses at the best price and ensure to close the sale of your house in record time. Working with us means you can achieve your goal of moving into a new home as soon as you sell your old home.
Contact us today to learn more about our operations!