Do you want to sell your current home to buy a new one? Selling and buying property is an important change in your life that can cause a certain amount of anxiety! However, there are solutions to make sure that everything goes smoothly and ensuring the sale and the purchase of the property coincide will no longer be a source of stress for you.
So here are different scenarios to help you in your sale and purchase project.
Take advantage of the period between the agreement of sale and the final signature.
The ideal way to avoid any headaches is to take advantage of the time available between the preliminary sale agreement and the final deed. Here you will have the time to go and find something that corresponds to what you are searching for. You may want to conduct some research beforehand and draft a list of potential houses.
You Sold; What Happens Next.
Congratulations, your property has just found a buyer! Now all you have to do is to take advantage of the time between the signing of the preliminary sales agreement and the signing of the final deed to find your future home. This period is usually three months.
Your real estate agent can work with the buyers to extend this period by one month or more and make the signing of the deed of purchase of your future property coincide with the closing of the sale on the previous one. The real estate agent tries to adjust the timing of the purchase and sale, and the signing of the final deeds can be done the same day at the notary’s office.
You Have Found Your Dream Property; What Happens Next?
If you have not yet sold, but you have found the perfect house! The situation is the same as before but in reverse. It should be noted that in order to be able to position yourself on the property you have targeted, a compromise sale on your current home must be formalized! The real estate agent has a central role to play in this type of transaction.
What are the solutions when buying and selling do not coincide?
Selling before buying: the solution, renting.
You have sold before buying, but you still haven’t found the property of your dreams… the solution: renting!
Renting brings significant advantages:
You are financially secure: you don’t have to bear the costs of 2 homes or feel rushed and stressed to find a home quickly.
The maximum budget for your future acquisition is determined; no bad surprises if you have a crash.
And the icing on the cake is that you can position yourself quickly, and you should know that the market requires maximum responsiveness.
There is one small drawback: two moves close together in time will be necessary. A piece of advice: don’t unpack all your boxes.
Buying before selling, what are the options?
Often the result of a crash, buying before selling is not the ideal option if you don’t have the funds to finance your new acquisition… but you can’t wait, or the property of your dreams will pass you by! So if you were counting on the sale of your first home to finance the purchase of the second, you would only have the solution of going for a loan.
Buying and selling at the same time is definitely not a piece of cake and you should not expect it to be. The different aspects we go through in this article will help you but there will be some things that you have not expected. To avoid surprises you may want to prepare yourself for any eventuality. Let us know in the comments if you think that buying and selling at the same time is a good idea…