Many Myrtle Beach real estate agents and realty professionals agree that most home sellers also need to buy a new home. This is often because their reason for selling is moving to a new location. While many would find buying and selling at the same time difficult and extremely challenging, realty professionals say the key is planning well in advance. The whole process will be smooth sailing with proper planning and preparations as well as working with a trained and experienced real estate professional.
According to professionals, the tricky part in buying and selling a home at the same time is the transition between the buyers and sellers. If you find yourself in a similar situation, below are some helpful reminders that you should keep in mind.
Reminders From Real Estate Agents
1. Accept that this is not an easy process.
There are lots of things to worry and stress about when buying and selling a home at the same time. Doing each is already stressful, what more if you are doing both at the same time. You need to make the sale in time for the purchase of your new house. Otherwise, you continue to worry about your finances and stay up all night considering the proposals you receive for the house that you are selling.
Knowing up front, accepting, and expecting all the challenges and hardships before they happen will make them more bearable. Do not think that you are alone in the process. Everyone who buys and sells a home at the same time goes through the same hardships. Plus, you can always work with a Myrtle Beach real estate agent to assist and represent you.
2. Find a trained and experienced professional to work with.
If you are buying and selling at the same time, it is highly recommended that you work with a trained and experienced Myrtle Beach real estate agent. Once you find an agent to work with, you need to commit a lot of time to meet with them to discuss your home’s market value and marketability. Be sure that you hire someone who is highly knowledgeable of the neighborhood you are currently in as well as the present state of the real estate market.
3. Become knowledgeable in the market where you are buying.
Once you and your agent have identified and decided on the value of the house you are selling, you can now proceed with scouting for a house to buy in the area where you are moving. Provide your agent with as much information as you can regarding the house that you are looking to buy, including the number of rooms and your other needs. When discussing these with your agent, you need to consider your budget as well. Discuss the financing with your agent and how it will work between the sale of your house and the purchase of a new house.
4. Consider available financing options.
There are financing options that will allow you to buy a house before you are able to sell your current home. This is especially helpful if you are not able to sell quickly and if your finances are not enough to allow you to buy before you can sell.
Seek recommendations from your real estate agent on a mortgage professional that you can work with. You will have to discuss your mortgage options with the broker or lender considering the value of the home you are selling and buying. Inquire during the pre-approval process whether you would be able to buy before selling your house or not.
5. Layout your plan
As mentioned earlier, having a plan for your buying and selling venture is helpful and key in ensuring successful transactions. In creating your plan, it’s important to consider the state of the market where you are buying and selling. If you are buying in a competitive market, you should not probably wait for the house to sell before buying a house in Myrtle Beach and if you are selling in a competitive market, consider negotiating with the buyer a longer escrow, which will help give you enough time to buy a house.
There is a lot more to consider when buying and selling a house at the same time. Make sure you work with a trained and experienced real estate professional who will guide you all throughout the entire process.
Call Full Potential Real Estate today and speak with their real estate agent.
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