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buying

Is buying before you sell the right move?

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For many homeowners, the prospect of selling their current home before purchasing a new one is daunting. This can be due to the uncertainties around finding the right home, timing mismatches, and general uncertainties involved. However, buying a new home before selling your existing property can offer a seamless transition, eliminating the need for temporary housing and ensuring a smooth one time move. With real estate becoming more competitive, its important to do everything you can to stand out from the crowd on both the buying and the selling side. Let’s explore various strategies and considerations for homeowners looking to buy before they sell, ensuring a stress-free and coordinated moving experience.

buying a house
1. Bridge Loans

A bridge loan is a short-term financing option that allows homeowners to leverage the equity in their current home to finance the purchase of a new property. This loan essentially “bridges” the gap between the sale of your old home and the purchase of your new one. Bridge loans are ideal for those who need to move quickly, such as for a job relocation, and can’t wait to sell their current home. While bridge loans offer flexibility and speed, they also come with higher interest rates and costs, so it’s essential to consider your financial situation carefully.

2. Home Equity Lines of Credit (HELOC)

For homeowners with significant equity in their current home, a Home Equity Line of Credit (HELOC) can provide the funds needed to purchase a new home before selling. HELOCs typically offer lower interest rates than bridge loans and provide flexible access to funds. However, you’ll want to fully repay the HELOC with the sale of your home, so its important to compare your equity to what you’ll need for your next down payment.

3. Contingent Offers

Placing a contingent offer on a new home means your offer is conditional upon selling your current property. This strategy can provide peace of mind, ensuring you won’t be stuck with two mortgages. However, contingent offers are less attractive to sellers in a competitive market, as they carry more risk and uncertainty. It’s essential to work closely with a real estate agent to navigate this approach effectively.

4. Leveraging Technology and Real Estate Platforms

Several real estate platforms and services now cater to homeowners looking to buy before they sell, offering innovative solutions that streamline the process. Some services provide cash advances for new home purchases or offer to buy your current home outright, allowing you to move on your timeline. Researching and leveraging these options can significantly simplify your transition.

Regardless of the strategy you choose, careful planning and preparation are crucial. Start by assessing your financial situation, understanding the value of your current home, and exploring your new home’s market. Working with a knowledgeable real estate agent can provide you with the insights and support needed to navigate these options successfully.

wanting more ideas? Check out our handy guide with even more tips HERE

Why Use a Realtor

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So now that you are ready to buy a house why on earth should you use a realtor? Well, watch the video below to find out! Or skip ahead and read about it!

I get it, realtors have a bad reputation and tons of people think we are under qualified and over-paid.  So why would you hire one when you can just do it yourself online?  Well, here are our top 5 reasons that you will want to hire us. 

#1 – It’s Free

That’s right, as a buyer, you don’t have to pay me. If you could get 10 years of sales experience for free wouldn’t you want to use it? I only get paid when we successfully find and close on a house and the seller pays that fee so there is literally no cost to you for using me. 

#2 – Home Tours

You need a realtor to get access to most houses.  You can’t just knock on doors and expect to get a  tour, you could try, but people will think you are crazy and that is not what you want when you are trying to convince someone to let you buy their home.  Of course you can go to open houses, but not everyone hosts them, and some houses sell before they have had a chance to be open on the weekend.  Hiring me means we can go see that house anytime that suits your schedule so you can e one of the first people in the door. 

#3- Pocket Listings

Not all houses get listed on the market.  We see houses all the time that are offered as office exclusives that sell before they hit the market.  If I know what you are looking for I am going to be searching within my network to see what they have coming up.  This can give you the upper edge if we are able to get into these homes before the reset of the public sees them. Zillow can’t offer you that. 

#4- Paperwork and Contracts

I can help you understand and write a way stronger contract.  Real Estate contracts are no joke, it’s a 13 page document that outlines all the important timelines, who pays for what, who gets to keep what, and when you get to move into the house.  There are also over 30 addendums that could apply to your transaction.  We know the paperwork and how to write things so you are getting as much as you possibly can, even in a seller’s market.  

#5 – Gifts!

Lastly, you’ll get a cool present. I love giving gifts, so you’ll get something nice when you close on the house, plus a home-anniversary gift, plus a holiday gift or party, plus some random thing  at some point during the year.  We love our clients and believe in taking care of them before, during, and after the transaction.  We won’t pick up a paycheck and then disappear on you, we like you too much! 

Now you might be thinking, this all sounds great, but I don’t want to buy a house right now. Even if you aren’t quite ready, we can start narrowing down neighborhoods and keeping our eyes on good deals for you, you never know when they will come up or when you will be ready to jump in.  The more we know about you, the better we can help you!  If you want to set up a zoom call to just going over basic questions and criteria, we would love to chat, just send a message over! 

I appreciate your time today, be sure to follow us on facebook and Instagram to stay up to date with what we are doing!  You can also search for homes with the button below, or fill out the contact form and we will get in touch with you!

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