What are the 4 crucial steps to buying and selling at the same time?

What are the 4 crucial steps to buying and selling at the same time?

1.   Do Your Research and Hire the Right Agent!  Are they a REALTOR®? If so, they are trained and certified in the highest code of ethical standards. Does your agent have deep industry experience, especially in assisting people selling and buying property at the same time?

2.  Ensure Your Agent Has Access to MLS. Searching on Zillow, Trulia, and Realtor, for instance, gives limited information on the marketplace. All REALTORS®, however, use the ‘gold standard:’ MLS. This database has much more detailed (legally valid) information. When you hire your agent, they will set you up to receive daily email feeds of all new properties that come on the market meeting your criteria.

3.  Get Preapproved for a Mortgage!

Before you start searching for homes with your agent, get preapproved. This is especially important when buying and selling at the same time. Your mortgage broker will calculate what you can afford based on the projected sale price that your agent has estimated for your current home. If you think your home could sell for $500,000, have them also calculate scenarios for $475,000 and $525,000. This will give you a good understanding of your buying power, whichever price your home sells for. As all selling agents require a pre-approval to accompany an offer, you’ll be ready when you find the right home.

4. Be Proactive and Take Action!

Do not become someone who regrets what they didn’t do. A pro-active person is the one who can make life decisions, whereas others let things go to a point where life makes your decisions for you. Wouldn't you rather be in the former group, as it's a better hedge against unexpected costs, potential legal risks, and family security. Factors such as your urgency, financial situation, and the time of year are the usual motivators. It’s an anxious time, but trust your agent’s advice, as they are working on your behalf. Taking one step to start the process is better than staying stagnant.

Bottom line, it’s crucial to actively search listings, focusing on your preferred communities. Ensure that you’re fully prepared to strike when the right house comes on the market. At the same time, be proactive and start taking all the necessary steps to list your home for sale. Whether you’re prioritizing buying or selling first, being fully prepared on both fronts is essential!

For more information on the transaction process, and how to protect yourself whether selling or buying, look for my future posts. For help, reach me at 617-275-6240 or Lesley.Palmiter@gmail.com.

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