Friday, October 6, 2017 / by Josh Cooley
How to Juggle 2 Real Estate Transactions at Once
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How can you buy and sell a home at the same time?
Buying and selling at the same time can be a smooth transaction. We do it all the time in this market because many people need to sell their current homes in order to purchase a new one.
Sometimes, though, these deals can fall through. We’ve heard some horror stories of people who had to move two or three times before they could close on their next home. It is an incredibly frustrating experience to pack and unpack your belongings or stay on someone else’s couch until your new home is ready just because a small detail was overlooked.
The best thing to do is to get a plan in place for selling your home first. Once your home is on the market, you need to be prepared to find the right home. When negotiating between buyers and sellers, it’s important to make sure that everyone is on the same page and heading toward the same outcome.
Keeping everything straight during negotiations with multiple parties is the hardest part. When the lines of communication break down, or a buyer or seller doesn’t expect the same thing as another buyer or seller involved in the transaction, deals go wrong. That’s how you end up staying on someone else’s couch.
A qualified agent like myself will sit down with you at the beginning and assess the entire situation to make sure that nothing gets overlooked. Once we know the outcome you are looking for, we will go into every negotiation prepared.
One strategy that’s been very successful is to market a home for sale, get an offer, and then give the seller time to look for a home of their own. Slowing the process down is not easy and it doesn’t work for everybody. That said—when it works, it works.
If you have any questions about your specific situation or would like to learn more about our current market, just give me a call or send me an email. I would be happy to help you!