I’m in the process of helping one of my great clients, Drew, sell his home and find a new one. Last time, we talked about staying protected in this type of situation where you need to buy and sell at the same time. Today, we’re going to get the perspective from the client and talk about the steps we’re taking to make sure he is protected.
His biggest concern, as is true for most people, is getting caught in the middle of selling his home without having a new place to move into. However, we are taking all the necessary steps to make sure he gets his home sold, is completely qualified to buy the new one, and that his contingent offer is as strong as possible.
Any buyer can put in an offer that is contingent upon the sale of their current house. However, if your current house is already under contract when you’re ready to buy, all you will have to worry about is a financing contingency.
From Drew’s perspective, getting his home ready and understanding the pre-qualification process are two of the biggest hurdles he’s faced; if you’ve never had to buy and sell at the same time, it can definitely feel like a whirlwind.
I’m making Drew pack up a lot of stuff early, but it’s all in the name of getting his home market-ready. There are plenty of mobile storage companies out there that will drop off a trailer for you to fill up so they can then take it to your new house.
It’s all about coordination. One of the things that you can do is actually sell your house in the morning and buy the new one in the afternoon of that same day. This can all be coordinated as long as your agent knows how to properly navigate the situation of buying and selling at the same time. This will ensure that you don’t end up homeless or two mortgages.
When you’re looking at this type of situation, make sure you understand the ins and outs. Don’t get yourself into a situation where you need to back out of a contract because something wasn’t clearly understood beforehand.
If you have questions for me or any real estate needs I can assist with, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.