馃攳
How to Sell Your Home While Buying Another House 馃彔 Realtor Advice - YouTube
Channel: Melanie Loves Tampa Bay
[0]
help I have to sell my current house
before I buy my next one where do I
[4]
start this is a question I get all the
time stay tuned and I'll give you my
[8]
tips
[13]
hey everybody Melanie Atkinson here
realtor with Smith & Associates in
[17]
beautiful Tampa Bay Florida do you
remember when you bought your very first
[21]
home and you were nervous about the
process but you made it through and you
[24]
got two closing day all you had to do
was worry about being a buyer in that
[28]
transaction now you want to move to your
second third or fourth home and now you
[33]
have to worry about being both a buyer
and a seller you need the equity from
[37]
your current home to purchase the next
one now the stress is multiplied add to
[42]
that a cross-country move to a city you
don't know and that stress can be almost
[46]
crippling and how do I know that because
I talk to a lot of you so today I'm
[51]
gonna do my best to help you tip number
one understand your finances there's a
[56]
difference between needing to sell your
current home to buy the next one and one
[61]
team to sell your current home before
you buy the next one of course you don't
[65]
want to pay two mortgages nobody does
but if you can technically qualify to
[70]
purchase your next home without selling
your other home that is a different
[74]
financial situation than those who have
to sell the house in order to qualify
[79]
for the loan on their next house if you
fall into the category of wanting to
[83]
sell your house before you buy the next
one then you have a little bit more
[87]
freedom when it comes to purchasing your
home you don't have to use the same
[91]
contingencies that somebody would have
to use who has to sell their house this
[95]
will give you a leg up in negotiations
especially in sellers markets sellers in
[100]
that type of market do not want to worry
about whether your other house sells or
[104]
not they probably have other buyers that
want to purchase their house that don't
[108]
have that contingency now you can still
sell your current home and use those
[111]
proceeds the difference is it's not
contingent on you selling that house to
[116]
buy the next one and that is a big
difference so if you fall in the other
[120]
category and you need to sell your home
in order to qualify for your next one
[124]
you are certainly not alone that's most
buyers however what you need to
[129]
understand that in order to protect your
escrow
[132]
posit your offers for the next home are
going to be contingent on the sale of
[136]
your current home this is an additional
contingency that not all buyers have
[141]
it's an extra hurdle in closing a lot of
sellers would really prefer to not have
[146]
to worry about that extra contingency
from their buyer a buyer that doesn't
[150]
have another home to sell is much less
risky however it's okay
[154]
if your offer is the only one that the
seller has and your terms are good then
[158]
most sellers will accept it so don't
worry
[160]
I do want you all to know that it does
get trickier in a multiple offer
[163]
situation so set your expectations
accordingly tip number two don't put the
[168]
cart before the horse the cart in this
scenario is your next home the horse is
[174]
your current home if you can't buy that
home without selling your current home
[179]
then you really need to focus on the
current home sale it is so easy for
[185]
people to be overwhelmed and I want to
be excited about their next city or
[189]
their next move that they spend tons of
time focusing and researching online
[193]
which is great I know that's probably
why a lot of you are even watching this
[197]
channel to begin with however in the
beginning of the process you really need
[202]
to spend most of your time and energy
focus on the sale of your current house
[206]
because you can't move to that new city
and buy that bigger house until you sell
[211]
that one so spend the majority of your
time focused on getting that house ready
[215]
so all the things that you need to do
decluttering and repair the items that
[219]
need to be repaired
get your agent involved in your current
[222]
city to come over and give you advice on
what to do to prep your house and do all
[227]
of those things it can be really
time-consuming and it might take longer
[230]
than what you think so start now and
when you have extra time you can
[233]
absolutely go browsing online and look
for houses in your new city watch videos
[237]
on your new city get excited about the
move but the priority has to be getting
[242]
your house ready for sale so you can
sell it quickly and for the most money
[245]
tip number three if you're moving to a
new city you need to find an agent in
[250]
that city so in the beginning of the
process is for you to do your first
[254]
reach out to agents in your new city now
some people are moving and they have a
[258]
real Oh company helping them that gives
them an agent
[261]
and other people are just flying blind
if you're one of those people that does
[265]
have a real Oh agent please keep in mind
that you do have a say in the agent that
[269]
they give you if you are having issues
with your agent make sure you call your
[272]
reloj rep and they should be able to
help you out and as you all know all
[276]
agents are not created equal so you do
need to do your due diligence if you
[280]
aren't using a relocation company and
you have an agent in your current city
[283]
that you love ask him or her who they
would recommend in your new city there's
[288]
a good chance they have referral
partners or you can ask your co-workers
[291]
in your new city if they have anybody
that they would recommend you can even
[295]
contact me regardless of the city are
moving to my brokerage has a whole
[299]
network of referral partners around the
country that we can set you up with a
[303]
great agent when you reach out to the
agent be very specific about the things
[307]
that are important to you and listen to
that agent for feedback that agent
[311]
should be able to focus your online
searches to areas that best fit your
[314]
needs
you will also be able to put together a
[317]
plan for your in-person visits which is
tip number four visiting with a purpose
[321]
if you have enough time before your move
to take multiple trips to your new city
[325]
please take advantage of that and if you
have that time your first trip to your
[329]
new city should be an introduction trip
not a house hunting trips why not a
[334]
house hunting trip because if you aren't
a ready buyer the houses that you're
[337]
seeing now are probably not going to be
available whenever you are ready
[341]
however touring neighborhoods talking
with builders and getting an overall
[345]
feel for the city is really the best use
of your time just remember that if
[349]
you're talking to builders and your
agent is not with you just let them know
[353]
that you are working with an agent so it
doesn't cause problems down the road
[356]
now you can visit it as many times as
you like but your last visit will
[360]
obviously be the home-buying visit and
when you come for that one your current
[365]
home should be under contract now why
does it have to be under contract that
[370]
brings me to tip number five making
offers you know which neighborhood you
[374]
want to be in you've been keeping track
of the inventory coming on and off the
[377]
market and most importantly your current
house is under contract you are now
[382]
ready to buy you set out with your
capable real estate agent to find the
[386]
perfect house and remember what I said
earlier about the contingency because
[391]
you have to sell your house to buy
next one there may be sellers that don't
[394]
want that extra hurdle with your
contingency try not to be offended by
[398]
that most builders are totally fine with
the contingency so new construction is
[402]
an option for you if your current home
that's under contract has already
[406]
undergone inspections and appraisals
make sure you're letting the sellers and
[410]
their listing agents know that because
that means you're farther along in the
[413]
process and your contingency is a little
less risky at that point and don't be
[417]
surprised if the listing agent in your
new city wants to contact your agent in
[421]
your old city to double-check on that
contract to make sure everything's
[425]
moving smoothly tip number six
navigating the move timing is super
[430]
important when you're dealing with two
transactions I always advise to make
[434]
sure you have a fairly long escrow
period on the sale of your current house
[438]
45 to 60 days works even a little bit
longer if you can you need that time to
[443]
get to your new city to find the house
to put it under contract and have enough
[447]
time to process your next loan if you're
gonna have a moving company make sure
[451]
you consult with them early on and find
out approximately how long it will take
[454]
them to get from your current city to
your new city if it's a few days then
[459]
that gives you plenty of time to close
on your old house pack up your car drive
[464]
to your new city by that time the money
will be posted and you can close on your
[469]
new house hopefully if everything works
out great the furniture truck will show
[472]
up shortly thereafter I do have clients
that try to do back-to-back closings and
[476]
they work they're definitely doable but
they are stressful because if there's
[480]
any hiccup there have been times where
furniture trucks have literally been
[483]
sitting outside of a house with nowhere
to unload it
[486]
in summary selling while buying is
tricky but it's definitely doable
[490]
getting agents to help you during the
process is key and also focusing on the
[494]
sale before you focus on the buy side
once your house is ready then you can
[499]
get super excited about your new city
remember that the more desirable your
[503]
current house is the more control you're
going to have over the process of that
[507]
closing you'll get a higher price you'll
be able to ask for a log or escrow
[511]
period and everything will go smoother
if you're looking for something else to
[515]
watch on my channel check out my video
called 5 home selling pitfalls you need
[519]
to avoid happy house hunting everybody
and thank you so much for watching with
[523]
love Melanie
Most Recent Videos:
You can go back to the homepage right here: Homepage