The Snohomish County housing market is moving fast and before you buy a home, you need to know How To Buy A Home And Sell Your Current House At The Same Time. Unless you are a first time home buyer or have plenty of money in the bank, you are like most home buyers and will need to sell your current home before you can buy a new home in Snohomish County.
In an ideal world, you would be able to buy your new Snohomish County home, make any upgrades and personalize the home to your tastes, move in, then sell your old house. To do that, you would have to pay the mortgage, insurance, property taxes and maintenance on both homes until the old house was sold. Unfortunately, that is not realistic for many homeowners today. You may also come across sellers who have the perfect home for you and they just don't want to accept your offer because they may think you are not serious since you have not listed your current house for sale. So, how do you buy a home and sell your current house at the same time?
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I work with many homeowner's in Snohomish County who are in the same situation as you. Here are the steps you will need to take so that you can buy a new home and sell your current house at the same time.
First - Know The Local Market
You need to have a good understanding of what is happening in the local housing market, both where you live now and where you want to buy a home. You need to know if you are in a seller's market, a buyer's market, or a neutral market.
A seller's market can be great for you in terms of getting more money for your current house and being able to sell it quickly. This can impact your ability to buy a home though since houses are selling fast and there may be bidding wars or multiple offers on the home you want to buy.
A buyer's market gives the power to the buyer. In a typical buyer's market, there are a lot more houses listed for sale. This can drive down prices and take longer for you to sell your current house. On the other hand, when you are buying you know that you may be able to find a great deal on the home you want to buy.
Come Up With A Strategy
Work with your real estate professional to come up with a strategy. Your real estate professional is working the market every day and has a really good understanding of what is working today. They will know how fast houses are selling, who is buying, and what causes buyers to make an offer.
You should also decide what you are going to do if your current house sells and you have not yet been able to purchase your new home. There are many reasons why this could happen. You may decide to put your current house on the market and you get a great offer that wants to close quickly. This could mean that you would be selling your current house before you have purchased your new home. You could ask the seller if they will extend the closing date, they may or may not.
If you sell your house before you have purchased your new home, you need to know if you would be able to rent until you purchase your new home. Or maybe you will put everything in storage and stay with relatives/friends or in a hotel.
Or maybe part of your strategy is that you will not sell until you have purchased a new home, knowing that you may lose that new buyer and have to find another buyer for your current house.
Don't Rely On Timing
You are not the only party to each transaction. When you are selling your current house, you have to consider the new buyer and their situation. Are they able to wait to make the purchase? Or do they have a house they are selling in order to purchase your house? If they are selling a house so that they can purchase yours, they may have time constraints they must meet for the sale of their other house.
When you are buying your new home, you have the seller to consider. Are they able to wait for you to close on the sale of your current home? Or do they need a quick close?
Even with all the planning, there may be delays. There can be delays due to inspections, appraisals, underwriting, and personal situations.
Get Professional Assistance
There are many factors that come into play when Buying A Home And Selling Your Current House At The Same Time. Speak with your real estate professional to help you through the process. They work with these situations all the time and can negotiate with the other parties on your behalf to get you the best situation possible.
You can also work with your lender to get a bridge loan so that you can purchase your new home if your current house has not sold yet.
Your real estate professional can negotiate the purchase of your new home to be contingent upon the sale of your current house. Seller's will also be more likely to look at your offer to purchase their house when you are working with a real estate professional to sell your current home. Otherwise, sellers may not take you seriously and reject your offer.
In addition, when buying a home it is important to get pre-approved if you are going to need a mortgage to purchase your new home. If you need a referral to a loan officer, click here to contact me and let me know that you need a referral to a loan officer.
How To Buy A Home And Sell Your Current House At The Same Time in Snohomish County is about staying calm, having a plan, and working with professionals that understand the process from start to finish. Contact me for a no obligation consultation to discuss your specific situation.
Keller Williams NWRE LLC
PS – Want to find out what your home is worth today? Now CLICK HERE for a FREE, No pressure, No hassle, valuation of your house.