When thinking about real estate, many people want to buy new construction homes. It is the right decision if the buyer has thoroughly researched the area, the contractor, and the future or finished housing. At the time of the transaction, many people already own an old house or apartment. If it is profitable to vend the immovables previously owned, then the conditions for future purchases may be significantly improved. To complete both transactions at the same time, make use of the consultation of experienced realtors. After reading this guide, each person may take the burden of disposal her/his own apartments and move into a new really fast.
Why Should a buyer have a plan B?
When a buyer has enough money to buy a new home or has already paid the full mortgage on an existing home, there is no risk. It is even more convenient to buy a new house in advance so that you can safely transport things there and not think about where to store them. If the homeowner has no outstanding debts and loans, the bank will quickly open up a mortgage.
But these conditions are not perennially met. If a person hasn’t paid-up her/his previous pledge loan, it won’t be easy to get another. And a buyer will have to pay off both loans until she/he finds a real customer. Sometimes it takes several months or even a year. If the roof leaks in the new house or other urgent and expensive repairs are required during this period, this can become a severe problem.
Therefore, real estate experts advise you to contact professional agents and make both transactions simultaneously. This way, you avoid the problems of double mortgages and make your move easier.
Time Everything to Avoid Contingencies
One of the smartest strategics is the second trade method:
- You search out a seller from whom you want to buy a house.
- Simultaneously with the previous stride, you place your apartments up for sale.
- Your buyer should be prepared for the deal to occur only if you buy the intended ownership.
- The same goes for the new ownership seller or the developer company.
If the trade goes according to plan, you risk nothing. The only difficulty is that not all buyers and sellers ready to wait.
Buy With a Contingency to Sell
This scenario is optimal for you. If your buyer or seller of a new home has a hot deal, your deal is likely to fail. It would be best if you asked your real estate agent how fluid the market is now. If all transactions are delayed, then this increases your chances of success.
Can I Sell and Buy on the Same Day?
Theoretically, such an outcome of events is possible and is the most favorable for you. But in reality, your buyer may have trouble getting a bill of sale, and your salesperson may not mention some things that will prevent you from moving immediately. To avoid getting into an awkward situation, it is better to focus on completing the sale of your old home initially. If it is completed, you will need a pre-rented temporary housing.
Create your own path through all the stages of a double deal
A competent realtor will help you draw up your optimal plan to implement two real estate transactions. Develop a plan together and stick to it. Your plan should include answers to the following questions:
- How quickly do I usually manage to sell houses like the ones I own?
- How long will it take to find the right new home for me?
- How quickly will I receive the bank’s decision to issue me a mortgage loan?
- How much down payment should I expect for a new home?
- How quickly can I move to my new home after the deal is closed?
Your real estate agent can also bring other issues to your attention. By fully developing a plan early on, you will be protected from unforeseen situations.