A Simplified Guide To Survive Buying & Selling A Home At The Same Time

When you’re in the process of buying and selling a home at the same time, life can be a little crazy.

You’re juggling a move. A home sale. A home purchase. And, a move all at once. It can be pretty easy to get a bit nutty during the process.

In this post, we’ll provide a simplified guide to survive buying and selling a home at the same time.

Why It Happens

While selling and buying a home on the same day isn’t ideal, it is oftentimes a necessary scenario for many people. Either a person is unable to buy the home they want without selling. Or, they don’t want to be on the hook for owning two homes at once.

Regardless of the scenario, sometimes it’s the only choice a person can have if they want to move onto a new home. We’ll now cover some helpful tips to surviving this process.

Be Prepared For The Process

If you are in a situation where you must buy and sell at the same time, it’s essential that you be prepared. It will make the whole process much easier.

First, be sure to find an agent that can help you through the process. An agent can help talk you through what the selling process. An agent will be able to prepare you for what the market is like when you can sell and what a fair price would be for your home. An agent can also help prepare you for what to expect when you buy a home.

In addition, before you list your home or start viewing homes, it’s essential to talk with a loan officer. Securing financing is an essential part of buying. It will help you know what you can afford and have any of your questions answered before you begin your home search.

Buying and selling a home at the same time isn’t always easy. So it’s important that before you begin the process you address any potential concerns that you may have. There’s always the chance that something could go wrong, like a poor home inspection or a home not appraising. When something like that happens, it’s important to know what you’d do in that situation.

Be Flexible

Did you know that real estate transactions never seem to go as planned? Inspections go bad. Homes don’t appraise. And, financing can fall through.

There’s no predicting when things can go awry. It’s not something you can prepare for or safeguard yourself against. The only choice you have is to be flexible.

So what exactly does that mean?

It’s really a prepare for the worst, hope for the best scenario. You plan for everything to work out as it should, which hopefully it does. But in the off chance that things hit a snag, you’ll have a back up plan. This could mean that you have an alternative location to stay for a couple of days if your purchase gets delayed. Or, that if you purchase falls through you’re able to line up somewhere to stay in the mean time.

Being flexible can also mean working with other people in the transaction. It may mean being flexible with the close date or repairs. But the more you work with the others in the transaction to make the deal happen, the easier it will be to get to the closing table on time.

Focus On The End Goal

When the stress of buying and selling at the same time is weighing you down, be sure to focus on the end goal. Whether it’s the new house you’re dying to get into or the fact that you won’t have to worry about carrying two mortgages, it’s best to focus on what all the stress is for.

Are you thinking about buying or selling a Knoxville home this year? If you are interested in buying a home in Knoxville or in the greater Knoxville area, please do not hesitate to contact us. Rick can be contacted at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be contacted at 865-392-5880 or via email at Kati@KnoxvilleHomeTeam.com.