If you are looking to upsize or downsize your Camden, NJ real estate, this is a good time to do so. Understanding the process of buying and selling a home at the same time will help make the process easier on you and much less stressful.
Here is your guide to simultaneously buying and selling a home.
Understand your finances
You can use a home equity loan or line of credit to cover the down payment on the new home. Just be sure you close on this loan before you put your home on the market. Some lenders will not issue a home equity line of credit on a home that is up for sale.
Bridge loans are designed to fill the gap between the purchase of your new home and the closing of your old home. Because they are short-term loans, the interest rate is often higher than what you will get for your mortgage. However, you will pay off the bridge loan as soon as your real estate transactions are complete.
Talk with an experienced local real estate agent to gain an understanding of what your home may sell for and the price ranges of the Burlington County homes for sale with the features you want. Then talk with an experienced local lender to determine what you qualify for and which lending option is the best for you.
Understand the current real estate market
Prepare your home to show
To prepare your home to show, you’ll want to make all necessary repairs and have your home professionally staged. This entails clearing out the clutter in the home, packing away your personal items, and reducing all your cupboards and closets down to less than half full.
Be ready to compromise. The person buying your home and the person selling the home you are buying are both under the same pressure you are. All of you are working on a timeline and juggling several responsibilities. If someone suddenly needs another week or asks for a contingency, work with them to find a solution.
Get the timing right
Be prepared for a gap between the two sales, though. You may need to stay somewhere for a couple of days, or even a couple of months, in between home buying and selling. Having a plan in place will make it much less stressful.
Have a backup plan
When you are buying and selling Camden, NJ real estate at the same time, there are a lot of moving parts — many of which you can’t control. The person buying your home may also be trying to sell their home at the same time. The same could be true for the homeowner of the property you are buying. Anything can set off a chain reaction that affects the timing of your transactions. Have storage units and rental properties in mind in case you need them during the gap period between buying and selling.
Choose an experienced realtor
If you can, use one real estate agent for both transactions. It will be much easier for your agent to control the timing of the transactions to suit your needs when they are handling both sides of the transactions. If you are moving out of state, ask your local realtor if they can recommend someone. Using realtors from the same brokerage will facilitate communication between the two agents and make things easier for you because their processes and procedures will be similar.