Buying and Selling a House at the Same Time
If multitasking is your forte, you may view buying and selling a house at the same time as a normal everyday occurrence. For most people, however, it can be quite a challenge. The fears are real — if you buy a new house before selling your existing home, you could end up with multiple mortgage payments and upkeep expenses; if you sell your existing home before buying another, you could be homeless for a while and have to crash at a family member’s house.
Buying and selling a house at the same time in South Carolina is possible, even feasible, with the right Realtor®. Jeff Cook Real Estate is rated as Best Real Estate Agents in Charleston for 2022 by Expertise.com. Over 3,000 reviews on Zillow, Facebook, and Google have rated us at 5/5. This is for one primary reason: we help our clients buy and sell their homes. Period.
Our clients average only 27 days on the market, and receive 99.7% of their original asking price. We have the knowledge and expertise to help you, even when buying and selling a house at the same time. In fact, it happens more frequently than you may imagine.
Get Ready to Sell
Begin where you are and get your existing home ready to sell. This means making recommended repairs and upgrades that make your home more attractive to potential buyers. The key is knowing what to repair or upgrade that will raise buyer interest and overall home value without too much investment.
Cleaning and decluttering from top to bottom is another key component in making your home attractive to potential buyers. They want to see the spaces available when viewing your home in photos online or in person, so remove all your stuff but the basics of furniture and some basic decor.
After deep cleaning and decluttering, it’s time to take good quality photos and videos for use online when you’re ready to list. Your agent from Jeff Cook Real Estate can help with this, as well as providing time-tested recommendations for repairs, upgrades, and more to get your home ready to sell.
Get Ready to Buy
The number one priority in getting ready to buy is to have your personal financial picture in order. This includes being up-to-date on your current mortgage payments and other financial obligations, eliminating any debt possible (especially credit cards), and generally making sure your credit score is as high as possible, with no ambiguities or problems.
Two important aspects of the financial process to purchase a home are your overall credit score and your debt-to-income ratio. Even with a good credit score, your debt-to-income ratio can be too high, making lenders nervous about providing you with mortgage credit. Of course, it will help that you are eliminating one mortgage to obtain another. But the mechanics of this can be tricky.
All this is key to making it through the preapproval process, so you can begin house shopping in earnest. It also helps to have a downpayment in addition to any profit you expect to make from the sale of your existing home. Selling your home is not a sure thing; cash on hand is a solid credit in your favor.
Focus on the Timing
The real challenge comes with obtaining your financing, locating a home you wish to buy, and finding the right buyer for your existing home. Timing all these is critical to not leave you or the other involved parties waiting too long, or leaving you balancing too much expense. A seasoned agent from Jeff Cool Real Estate can work with you to coordinate house showings, negotiations, paperwork, and other necessary factors.
Remember, this will include home inspections, back-and-forth negotiations about the home you wish to purchase and with the home you wish to sell, any repairs needed to make the deal, requests you have for the sellers, and coordinating closings on both transactions. And don’t forget packing, loading, and moving from one location to another.
Get Seasoned Help from Jeff Cook Real Estate
Buying and selling a house at the same time is much easier with a talented agent from Jeff Cook Real Estate by your side. We deal with these issues every day and know how to help streamline the process at every turn, while providing superior service and guidance for every situation.
Contact Jeff Cook Real Estate today if you need to sell your home and purchase another at the same time. We have the knowledge and experience to make that happen smoothly while getting you the best deals in both transactions.