Sell and Buy a House Simultaneously
Hey, Dave Edwards, Treasure Valley Dave here in Nampa, Idaho. How do you sell your house and buy a new house at the same time? There’s so much we need to cover, so let’s dive in!
Today, we will discuss an overview of your different options when it comes time to get from one place to another.
3 Typical Options for Home Buyers and Sellers
People have three typical options when it comes time to go from one home to another, and each has pros and cons. There might be some elements in there that are not right for you. We will deeply dive into those three options in some upcoming videos.
This video will give you a 30,000-foot view of those options:
- Sell then buy
- Sell and buy
- Buy then sell
So, let’s talk about those briefly.
Option 1: Sell Then Buy
“Sell then buy” is just that: you sell your home and move. If you’re relocating from another state or still in the area, move to a rental. There are some pluses and minuses about that.
Option 2: Sell and Buy
So, the second option we have is “sell and buy”. This is a bit more stressful. There are a lot more moving parts that are happening all at once. This is where you sell your current home. In the same process, you offer and get accepted to buy your next home.
Option 3: Buy Then Sell
Another thing is to buy your new home and then sell your old home. This is only right for some, but it decreases the stress for those it is suitable for. After all, you can take your time selling, moving, and finding your next house.
5 Biggest Mistakes When Buying or Selling a Home
Here are the five biggest mistakes from realtor.com that way too many people make when buying or selling a house simultaneously.
Buying Too Much
Number one is buying too big, too much house, too much money. Maybe because afterward, they have a regret about buying a home that they can’t fill up. Or it’s more house than they need, and they feel like they went too far at once.
Working With Little Cushion
Number two is working with too little cushion. They mean money, not pillows. It can be stressful if you’re down to the last dollar and trying to get everything together with your earnest money, closing costs, and enough money to have a rental truck. And then you have to stay one night in a motel, which blows everything. So, a little cushion is going to be a great thing.
Failing to Compromise
Number three is failing to compromise. Sometimes, people’s ego gets in the way, and if you’re the seller, you may say, “My house is perfect. Why should I have to replace the GFCI outlet?” Well, because it’s only a few bucks, it’s a health and safety thing essential to the buyer.
Or when you’re the buyer, the seller goes, “Well, my house is perfect. I’m not going to fix anything.” Well, at that point, you say, “You know what? All right, I want this house. We’ve invested this much time, money, and effort. After we close, I’ll have somebody come out for 50 bucks and handle whatever small problem.”
Using Two Real Estate Agents
Number four is using two real estate agents. Say you’ve got your house listed with one agent. That agent’s working with the buyer for your transaction on selling your home.
But then, if you use a different agent to buy your next house, it can add more complications to things. If you’re using the same agent, coordinating all the moving parts, all the bells and whistles that have to come together, is much easier.
In the Treasure Valley Dave team, not only do we have me, but we also have Treasure Valley Mareen. We work together to make sure that all these moving parts do happen.
Plus, we also have a great TC — that’s a transaction coordinator — and that’s Kelli. She ensures that all the paperwork gets done on both sides of the transaction, from your selling to your buying, to ensure that everything gets coordinated. So yeah, we’ve got this dialed in.
Closing on a Friday
What about number five? This is huge: closing on a Friday. So, we put down the proposed closing date when we go under contract. We don’t want to put a Friday on there, especially if it’s the last Friday of the month.
Why? Because there can be something that will slow stuff down, whether it’s a wire transfer of funds. The transaction’s not over until it closes — till it’s recorded at the county. So, once the county records it, they let us know it’s a done deal.
But what happens if the wire transfer is late, it doesn’t get to the county in time, and they can’t record it that Friday? It has to wait till Monday morning. Those are the five big mistakes from realtor.com. I concur with a lot of that there, and we will help you avoid those as much as possible.
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