Buying and selling your house can be very hectic. There can be several reasons that may push you to sell or buy, which include a growing family, work issues, or you wish to invest in a better home. On these occasions, one of the first questions that come to mind is whether it is possible to sell and buy a house at the same time? Although it may seem complicated, the answer is yes.
When you opt to move to a new house but do not have enough funds to afford two houses, then you must first sell the house you are currently living in. You may be wondering why do I need to sell my house quick? Well, you must tell your real estate consultant that I need to sell my house quick because the price fluctuations of property can make it impossible for you to do so in the long run.
Following a series of tips, you can sell your house and buy a new one quickly. Keep reading to find out the dos and don’ts of a home sale and purchase process.
1. Analyze the Real Estate Market in Your Area to Sell/Buy Simultaneously
Before starting the process of selling so that you can buy a house, you need to know what is happening in the current real estate market. You must take into account the following factors:
Price of property in the area you are going to sell.
Price of property in the area you are interested in buying.
You must consider the evolution of the price in recent years. For example, in 2019, prices have risen and the trend is expected to continue growing until 2021. Therefore, it is better to buy now since it will be better to sell later.
The expanding areas also matter. Although there are neighborhoods that are not very attractive to you now, it is essential to look for the zones in which development is underway. The reason is that they are now much cheaper than they will be in the future. Also, years from now, they will be more developed with more services to offer. A clear example of this is Colorado, 20 years ago, it was one of the cheapest areas in the center and is now one of the most expensive.
Knowing all these factors will help you make the right decision by taking some benefit out of this investment. One way to see the market price is by using the Housell tool. Thanks to it, you will be able to know about the cost of property in your area and in the areas where you want to buy your new home.
2. Sell Your House and Reinvest in Housing
Although it seems obvious, when we consider selling and buying at the same time, the first thing we have to do is sell and then buy. By selling your house, you will first have funds to reinvest in another house. In this case, the order of the factors does alter the product and also complicates it because if you decide to buy first and sell later, the following drawbacks arise:
You will not be able to settle the previous mortgage until selling your new house or having sufficient funds to do so.
It will be tough for the bank to grant you a new mortgage without settling the previous one and if they do allow you, you will have to face two mortgages or, at best, a bridge mortgage.
There is a possibility that you cannot sell your house fast. In this case, you will have to maintain two houses with a relatively high economic burden.
Therefore, it is better to go with caution and analyze each step and decision you make.
3. Negotiate the Time with the Buyer When Selling/Buying a House
Time is the most crucial factor when you are selling and buying a house at the same time. It is essential to decide on a period in which you will hand over the house keys to the new owner. It is recommended to request a period of at least six months so that you can look for the house of your dreams and make improvements in it if necessary.
4. Analyze All the Costs of Selling/Buying a House
When you are selling and buying a house at the same time, there are many expenses and taxes that must be taken into account:
- Expenses derived from the sale of a house.
- Taxes on the transfer of housing for sale.
- Possible liquidation of the mortgage in progress.
- Expenses derived from the purchase of a house.
- Home transmission taxes for the purchase.
- Possible need to constitute a new mortgage.
- Moving expenses.
- Likely need to carry out reforms in the new home.
5. Sell a House with a Mortgage
It is not usually possible to pay all the debt at once before selling a mortgaged house. Therefore, it is better to go to your bank and ask for advice from a mortgage expert. This way, you can clarify all the doubts regarding your current loan.
In any case, the main options when selling a house with a mortgage are:
- Cancel the lease if you sell for a higher price: By signing at a legal office, a part of the money from the sale will be used to settle the existing mortgage, leaving the debt at €0.
- Cancel the lease if you sell for a lower price: In this case, the total money from the sale of your home will be used to pay part of the mortgage. However, what remains to be paid will become a new loan, with new commissions and monthly payments.
- Subrogate the mortgage: In this situation, the mortgage is transferred to the buyer. For this, it is necessary to have the approval of the bank. This does not mean that you get rid of the mortgage; it will follow your name. But instead, the buyer will appear as a debtor and will be responsible for paying.
6. Reinvest in Housing
Once we have solved the whole issue of the sale, it is time to buy a new house. When we buy homes for cash and the new home in less than two years from the sale of our old residence, it is legally agreed that we are reinvesting in housing. As mentioned, reinvesting in housing has tax advantages that can save you a lot of money. Finally, there are several things that you should keep in mind when buying a house. Few things to remember are as follows;
See what help you can receive
How to negotiate the price with the seller?
Know if it is a good time to buy
7. Look for a Cash Home Buyer Who Buy Houses Fast
Now that your initial queries have been answered, you may wonder where to look for a cash home buyer? Who can be so efficient to buy houses fast? I need a cash home buyer who does not guide me wrongly. Then you may also want to make sure that the house buyers cash should not be misleading. House buyers cash is what you might need on an urgent basis if you have already set your eyes on another house to buy.
So let us ask you, have you decided? Do you want to sell to buy? If yes, then you can contact MitchPainter.com. We buy house for cash and have bought over 650 homes in Cincinnati in the past 19 years. We are the real estate experts with more than twenty years of experience in this sector that can help you create a sales strategy, fast and without complications. In any such case, we are here to help you. After analyzing the current situation of your house, we give you honest and professional feedback. We deal in houses for cash.
8. Get Quick House Buyer Cash
We buy homes for cash without burdening you to make repairs to your home or clean it. We buy homes for cash on ‘as is’ basis so you don’t have to worry and we buy house at competitive rates to facilitate our clients. Since we buy houses fast, you don’t have to wait for a long period. Do you want to sell your property for cash and relocate somewhere else? Are you thinking about starting a new life? Do not worry; we give you different options so you can get rid of all the doubts and solve problems that may arise in the process.
If you are looking to find a cash home buyer who will buy fast, we help you by paying you the most attractive price for your home. Also, we solve any doubts you may have, about expenses, financing, location, regulations, or any other complexities that may bother you. Within ten days of the deal closing, you get the house buyer cash. This house buyer cash can be given to you in the form you desire.
We believe that all actions have consequences, and ultimately, you need to move out and grow both in terms of property and style. We firmly believe in people, and therefore, we would like to contribute our bit to society and particularly to those people who need the right guidance. For this reason, we do not pressurize or guide you in the wrong direction; we buy house on an immediate basis and save you the trouble. In this way, we not only support you, but we also give you access to the market you deserve.