How to Sell A Home and Buy Another Home
The bulk of home sales are often be accompanied by a home purchase. This can sometimes be tricky if you’re trying to time the closing of your current home with the closing date of your future residence. The good news is that there are a few things that you and your Realtor® can do to help to make this transition a little less stressful.
The first thing you’ll want to do is to ensure that the buyer is qualified to purchase your current home. This is something that your real estate agent should do when you receive an offer on your listing. You should ask your Realtor® if they’ve received a pre-approval or pre-qualification letter from the buyer’s agent or lender. Your real estate agent should take some time to contact the buyer’s lender and ask a few questions about how thoroughly the lender has qualified the buyer. Sometimes a lender does a “soft approval” on a home buyer and doesn’t take the time to actually verify income and debt-to-income ratios. This can cause problems if the buyer hasn’t been completely honest with their lender or if the buyer is just unaware of items that may show up on their credit report. Be sure to ask your Realtor® if they’ve looked in to the true status of your buyer’s approval.
The second thing you can do is to be sure that your real estate broker has included contingencies in your offer on your new home to protect you should the offer on your current home fall apart. Here in Spokane, we can include addenda that limit your obligation to purchase a property if the offer on your current home falls apart. Even though most experienced real estate brokers will know to include these addenda when your purchase is contingent upon the sale of your current residence, it doesn’t hurt to ask your Realtor® to explain your obligation to follow through with your purchase and sale contract should the buyer of your home fail to perform.
The third thing you’ll want to be aware of is the timelines of both the closing on your current home and the closing on your future home. If your real estate agent structures your offer correctly, you shouldn’t find yourself homeless between closings. Although your agent can take every precaution in timing your closings, things can still go wrong. You should know that once the inspection contingency is satisfied on your current home, the buyer’s lender could be delayed in finalizing the buyer’s financing if the lender’s underwriting department is overwhelmed. This can be a common occurrence in the Summer months when the real estate market is typically busier in the Spokane, WA. Furthermore, the buyer could be unorganized or just overwhelmed themselves. Sometimes delays in finalizing a buyer’s financing can be due to the buyer not getting all of the necessary documentation to their lender in a timely manner. This can prevent a buyer’s loan package from making it to the underwriting department in enough time to hit the proposed closing date.
Our job as real estate brokers is to limit the stress that you’ll feel in making such a large transition. You’ve already got enough things to worry about in packing, moving and getting acquainted to your new domain. As we’ve already mentioned, there are some factors that your Realtor® just cannot control but for the most part we can help to minimize potential problems by taking the right precautions. If you’re thinking about selling a home and buying a home, we’re here to help and we’ve got enough experience in managing these types of transitions that we’re pretty confident that we can make this easy and as stress-free as possible for you.
Thinking about selling but not sure if now is the right time for you? You can start by asking one of our Spokane real estate professionals to conduct a FREE market analysis on your current home. This will give you the information you need to determine if selling right now is not just right for you but also financially sensible.
Before you’ve made the decision to put your home on the market, you’ll want to take a look around to see if there are homes for sale that would meet your needs. If you can’t find anything that really gets you excited, then you may want to hold off and consider selling at a later date. It does stand to reason that you shouldn’t always wait to list your home if you can’t immediately identify your future home. When you make an offer on a home that is contingent upon the sale of your current home but your current home is not currently listed, it can make your offer seem less appealing to the seller. So if you’re pretty sure that you’re ready to move, you should list your home immediately.
If you’d like to see what’s currently for sale in the Greater Spokane Real Estate market, you should take a look at www.SpokaneRealEstateSearchEngine.com. This outstanding Spokane Real Estate Search Engine will show you all of the homes that are currently for sale in the Greater Spokane market and it updates with the Spokane MLS every hour, so you’ll always have the most up-to-date information on every home for sale, listed by any company or real estate agent and you’ll always see newly listed Spokane homes as soon as they hit the market.
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