Tips for Buying and Selling a Home at the Same Time

Buying and selling a home at the same time can be more daunting and difficult than completing a single deal, but with the right planning, you can succeed. And it can be worrying especially if you need the money from your recent home sale to put toward your next house. Take heart, though, because a little plan and work with a Raymond Kang real estate agent can help make both dealings run more easily.

Make sure to choose the same agent for the buying and selling process:

If you’re new to buying and selling a home at the same time, this is the first experience you may be wonder, “Should I choose the same real estate agent to buy and sell my home?”

A real estate agent is a professional who is licensed in real estate to assist in the buying and selling of real estate, in some cases, the agents will take special care whether it is listing or buying and selling. However, some agents will work on both sides of the transaction ...Raymond’s commitment to providing impeccable service will enhance your journey to find your dream home! He will be your partner in every real estate transaction whether you Buying and selling a home at the same time.

Benefits include:

• Coordinated closings
• easier to deal with one agent
• Comfort and trust in one person
• Reduced stress
• a single agent can help you save money

Make sure you cover your sale price with your purchase:

When setting your home price, consider what you will be spending on your new home and compare that to market value. Be sure to leave a margin when considering the budget for your new home. When you know the general price range you want for your new home. The next time you buy, talk to your realtor about what you need to get from the sale of your current home to cover it. Having a professional realtor agent will help you.

You need to stay in contact with your lender:

1) You can try qualifying for a new loan while keeping your original loan. This requires that you have enough income to cover both mortgages and still be within the approved limits. If so, the lender doesn't care if your first home was sold before the second closed. 

2) The second option is to qualify based on your Pending Sale status. Your existing mortgage would not be included; only the new one

Would be used to decide how much you can make use of. This allows you to be approved for a higher amount, but only if you sell your existing home. With this option, your loan will only be funded after you close your current home. House and mortgage are paid in full.

You now have your plan and you are ready to sell your home and buy a new one at the same time. You won't be without your curves, but the process will be a lot easier and more successful sell and buy!