“I currently own a home which I would like to sell, and then buy another. What is the best sequence of steps in this process?”
Depending on what you are in the market to sell/buy, this question can be answer. Your first step would be get the market analysis from your Realtor. Understand how long it typically takes to sell i.e. Days on the market and the market condition in your neighborhood and the area. Also, if you get a chance go by and check out your competition.
Next big questions is can you afford to purchase before you can sell? I had few families where the home was bit over crowded with their kids and personal belongings. It was advisable & affordable for them to first purchase a larger home and then sell their current home. We staged the home for a quick sell.
Start by talking to your lender and get a prequalification. Some lenders will require a copy of the contract from your primary home inorder to process your loan for new purchase.
Concerning our Real Estate contracts, you can either make the home:
a. Contingent on Home Sale: which means if your home does not sale you will not purchase your new home. For any contingencies your buyer walks out on you, you can void the contract.
b. Coinciding settlement: which means if buyers of your home walk away right before settlement, you can either reschedule the settlement or void the contract.
Some may argue that the seller of the new home may not accept a home sale contingency but if they have been on the market for a while and don’t have any potential purchaser for their home it won’t hurt for them to take up the risk and accept your contract.
I personally like using both the home sale & coinciding contingency. What happens once your purchase on your home removes contingencies but run into a personal life-changing situation and cannot come to the settlement table? If you have coinciding contingency you will be covered in the worst-case situation.
Personally having done many dual sided transactions (buy & sell) it takes a good Realtor to pull all the parties together to come to the settlement table. Laying out the strategy and understand each family needs will help this win-win situation.
Contact Ritu Desai,
REALTOR, Ecobroker, ABR,ePRO
at Samson Properties
Cell: 703-625-4949 or Email: Info@eNOVAHomes.com
You are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Loudoun County, Fairfax County, Falls Church City, Prince William county.
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