How to Buy and Sell a Home at the Same Time
So, you bought a home a few years ago. Now, for whatever reason, you’re ready to sell your house and move into a new one. Here’s the “Catch-22”: How to buy and sell a home at the same time. You don’t want to get stuck with two homes, and you don’t want to end up homeless either.
In this blog post, we’ll walk you through strategies to make this process as smooth and seamless as possible….as well as how to avoid potential pitfalls of the buying-and-selling process.
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DOES WHAT YOU WANT TO BUY EXIST?
You may be excited to buy a new house, but the reality is, there may not be available homes that you like more than your current one.
Do your research. Look at prices, and see if there are homes that fit your criteria that you can feasibly afford. You can also research and look into the best place to live. For example, we compile lists for people who for example, might be looking for the best places to live in Tempe, AZ, the best places to live in Mesa, AZ, the best places to live in Chandler, AZ, or the best places to live in Phoenix, AZ – either way, we have you covered.
DON’T END UP WITH TWO HOUSES
Once you’ve determined that there are homes on the market that you love and can afford, you’ll want to take steps to avoid the big pitfall of the buying and selling process: Owning two homes at the same time.
SOLUTION #1: MOVE TWICE
One way to avoid owning two homes at once is to sell your house first, and then move in somewhere else temporarily.
Ultimately, this approach will require you to move twice–but it also breaks up the process, and helps you avoid buying a home before you sell your current one.
SOLUTION #2: SELL YOUR HOME FIRST
The second approach is to put your house on sale while you look for a new property. The problem with this solution, however, is that you may get an offer on your current house before you find your dream home.
To avoid moving twice, you have a couple of options:
– First, you can make a long close. Tell the buyer that you’d like to sell them your house, but you need a few months to close.
– The second solution is a lease-back, in which you essentially lease your own home from the buyer while you look for a new one.
In any case, Gluch Group can help you with either one of these approaches–helping to make the process easy and stress-free.
SOLUTION #3: OFFER A LONG CLOSE TO THE SELLER
What if you find your dream home before your current house has sold?
Do the inverse of the “long close” process described above. Tell the buyer you’d like to make a long close to give yourself more time to sell your own home.
You can even make your purchase offer contingent on the sale of your home (If you’re unable to sell, you can back out–no hurt feelings).
FINALLY KNOW YOUR MARKET…AND CHOOSE YOUR AGENT WISELY
Right now, we’re in a seller’s market. If your house is priced right, it’s going to sell fast.
As a seller, you have all of the leverage. You can choose an option that works for you¬–such as a long close, in which the buyer may have to wait to get into your home.
A buyer’s market, on the other hand, makes it easier for the buyer to negotiate a better contract.
In any case, you’ll want to choose an agent who is well aware of what market we’re in¬–and will help you write a contract that’s going to work in your favor (and potentially save you thousands of dollars).
WE’D LOVE TO HELP YOU OUT
Finally, you have an option that can make the whole process smooth and simple: Get a cash offer on your home.
At Gluch Group, we partner with investors who will make cash offers on your home. You can close when you want, with the security of a cash buyer.
If you’d like to talk to us about buying and selling a home in Arizona at the same time, shoot us a message at contact@gluchgroup.com or call us at (480) 378-6700. We’d love to come take a look at your house and help you make the next move.
