Buying or selling a house requires a lot of effort, and doing both at the same time makes it more difficult and complicated. As a result it requires a lot of maneuvering and focus.
We help many home owners and investors succeed in real estate. As a result, we are a go to resource for all thing related to real estate in Northern Nevada. With these simple tips you will be able to buy and sell a house at the same time in Reno, Nevada with little or no difficulties.
Do Your Research
Since you are looking into buying and selling your house at the same time, you need to make sure you are doing the right amount of research on the local market. You will need to know what house are selling for. Knowing the market will help you make the right decisions. First look to see what your house is worth then check to see what homes are selling for.
Check to see what your house is worth. You can do this by looking at homes that are similar to yours and what they are selling for. Narrow your search down as much as possible to get a better idea of what your house is worth.
Look for homes that the same as yours using the following criteria: locate a property within a one mile radius. Ideally within the same subdivision if possible. Same bedroom and baths. Equal square footage. After you do this, look are the condition of the house. Also, see what features that house has. Compare it to yours to determine what the value. After look at local market condition and trends to see where the market is going and adjust accordingly. Makes sure you are not pricing you house too high so it stays on the market without getting sold and pricing it to low where you are leaving money on the table.
There are many online tools you can use to help you. If you want to get a free home evaluation on any property in Northern Nevada, use our free home evaluation tool. We analysis any property you want and determine its value. All free and now cost to you. If you take the time to work out what your house in worth, it can take some of the tension off and then you will be able to concentrate on buying the right property for yourself.
After finding out what you can sell your house for, research what homes are selling for in your area. This is very simple. Doing this will let you know what house are selling for so you know what you can afford. Which leads us to the next step.
Narrow Down Where You Want To Buy
After you done the necessary amount of research, you will need to locate the area your want to buy in. The last thing you want to do is sell your house and not have an idea where you want to move to. Consider the neighborhood, schools, distance from work, etc.
With the high demand and low inventory in the Reno, Nevada area, this can be difficult. If you are not finding a particular home you wan to put an offer on, locate the area or neighborhood you want. So if something becomes available you can put an offer in right away. Especially if there is a lot of demand in that particular area.
This is where is can get complicated. When you buy and sell a house at the same time, you will most likely have to make your offer contingent on you selling your house before you offer goes into escrow. Unless you qualify for a loan or have the cash available to buy a property without selling your first house. If you do you might want to consider hiring a Realtor to help you formulate an offer. A lot can got wrong when you make an offer contingent. As we will discuss later, getting the assistance from someone who is qualified vital.
Know You Financial Situation And Create A Budget
Whenever you are looking to sell your house or buy one, you want to go over your finances. Talk to your lender and see if you qualify for a second mortgage. Make sure you improve your credit score as much as possible. That way you may qualify for a loan with better terms.
You will be in a unique situation. Like we mentioned above, there are many way to go about buying and selling a house simultaneously. If you plan on getting a loan, you will ned to creat a budget and stick to it. Real estate in unpredictable and a lot came come up at once. You could be in a better place mentally if you are able to budge and weather out any unforeseen situation that may come up.
Normally when approaching any sort of property sale or purchase you want to carefully comb through your finances to budget realistically and patch up any holes in your credit history. Due to the special circumstances involved here as you buy and sell a house at the same time, you want to be extra careful and have a very specific budget to which you hold fast.
One of the reasons you want to be disciplined at the point is timing. Depending how you write your offer, you could be dealing with two mortgages at the same time. If your first house takes longer to sell you will have the available finances.
Get Help From A Professional
As mentioned above, there are many ways you can go about this process. In order to properly structure your deal seek the help from a real estate agent in Northern Nevada to assist you. Get help form an agent who is familiar with the process and now house to properly put a deal together that will benefit you and mitigate your risks.
Since it will not be the first time they were involved in this situation, they will have plenty of useful information and knowledge to make things much easier for you. Your real estate agent will also do much of the legwork for you. Unless you have a lot of experience selling and buying real estate, consider hiring a Realtor to help you navigate the process for you. You can look at our infographic about the Buying and Selling Process so you have a better idea how a transaction usually happens.
Each offer you send or receive is important and gets you closer to moving into your new home. Keep in mind that you offer is worth more than and value that was negotiated. Yes you wan to get a great price on a house. That’s important to many buyers. You also need to focus on the terms and conditions of the contract.
Unless you are able to buy a house without selling your first home, you will be in the situation of trying to jump from one property to the next. With as little disruptions to you daily life as possible. Lining up your closing dates as close as possible is important. Also, having the right contingencies can be the difference between you buying a house and losing it. Along with your deposit.
Both sides will need to come to an agreement but it is possible. Structure the deal depending on your unique circumstance. This is another reason to seek the help from a professional who can help you from start to finish.
Have A Backup Plan
Even with the best help things can go wrong. You might have to change closing dates, you will have to make a make an offer before your house sells, or sell you house before you find another house. This is why it is important to have a backup plan ready to go. Planning out each possible scenario will save you stress and headaches down the road if something unforeseen happens.