When you’re buying a house, you make a lot of big decisions. When you’re selling one at the same time, it’s even more complicated. But it doesn’t have to be a nightmare! Learn from those who have come before you and avoid these common pitfalls.
Falling in love with a home before you have a plan.
Finding your new home might be the most exciting thing about selling one home and buying another, so it makes sense that you’d start looking for it as soon as you decide to make a move. However, if you find a home you love before you know how you’re going to sell the one you already own, you’re probably not going to be able to buy that home.
There are a few reasons why it’s difficult to commit to a new home when you own another. You might not be able to qualify for a mortgage without selling first. You might not have the down payment. And, even if you can swing it financially, you probably don’t want to pay two mortgages for the period where you own both homes.
Save yourself from heartbreak and tour homes after you’ve got a plan for how you’re going to sell.
Thinking you have to sell first.
You have equity in your home. As we pointed out above, you likely need that equity to purchase your new home. So, you have to sell before you buy, to get the money out of your home … right?
Not anymore! Flyhomes has a program called Buy Before You Sell that lets you turn that thinking around. You’ll qualify for a short-term loan to buy your new home based on your financial picture with the equity included, then move into it while Flyhomes sells your current home. Once that’s done, you’ll refinance into a long-term mortgage.
Wondering what happens if your original home takes a while to sell? If it sells in 90 days, Flyhomes will purchase it from you for a price you agreed to up front. Or you can leave it listed and wait for another offer. Either way, your home is guaranteed to sell.
Hesitating to make an offer.
Even during the slower fall and winter months, the best houses on the market in Seattle get a lot of interest. When you have a short-term loan through Flyhomes, you’re ready to make an offer as soon as you find a home you’re excited about.
Acting fast not only keeps you competitive with other buyers, it shows the seller that you’re serious and you’re going to be easy to work with. Those are powerful messages to send.
Assuming you can’t compete with cash offers.
If you haven’t lost a bidding war against a cash buyer, you’ve heard stories about other homebuyers who have. Here’s the thing: you don’t need a suitcase full of cash to make a cash offer. (In fact, there’s no actual cash involved in a cash offer. It just means you’re completing the purchase without a mortgage.)
Flyhomes turns qualified homebuyers into cash buyers using that handy short-term loan. The loan funds your purchase and can close in as few as 10 days. A mortgaged offer often takes up to 45 days to close. Speed is one reason sellers love to choose cash offers.
Making it difficult for buyers to tour your home.
Living in a home while it’s on the market is a challenge. Potential buyers will want to tour it at unpredictable times, so you need to vacate it often on very short notice.
Of course, you also have to keep it show-ready. Many sellers with the best of intentions struggle to stay on top of everything needed to make a home shine at all times.
Are you ready to make it easy for buyers to see a spotless home at any given time? If not, bear in mind that if you buy first, you won’t have to live in your home while it’s listed. You’ll be happily moved into your new place.