Buying a home and selling a home at the same time can be tricky, but you can minimize the difficulties.
Before anything else, bring your real estate agent and mortgage professional into the process. Your agent will have a lot of experience with buying and selling at the same time and can help make the process as smooth as possible. Your agent understands the market conditions—not only in the area you’re selling in, but also in the area you’re buying in. Your mortgage professional can help you navigate all of the options available to you, whether you need to get short-term financing or carry two mortgages for a period of time.
Next, start working on any pre-selling and pre-buying tasks. Anything that you can do ahead of time will make both transactions easier. This includes locking in the interest rate on your new mortgage, deciding on what you want in your new home, and prepping your current home for sale. You can’t do everything in advance, but try to build in some extra time close to your buy/sell date in case you need it. Your agent and mortgage professional can help you, as they know what can be done ahead of time.
Finally, make sure that you’re ready to pull the trigger when the time is right. In a perfect world, a buyer will make a contract offer on your current home at the same time you make a contract offer on a new home. However, that doesn’t always happen, so be ready to make decisions quickly and don’t hesitate. In the end, you may have to make some concessions—in terms of price or amenities—because of time constraints, but remember that your goals are to sell a home, buy a home and minimize the amount of time between the two transactions.
The keys to avoiding pitfalls are to plan ahead and to take an active role in the process. If you do, you’ll be much more likely to avoid problems.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671