Looking for a real challenge? Try buying and selling a home at the same time! For homeowners, buying a new home while you are trying to sell your current one can be quite tough and without proper planning this can truly become a nightmare. Regardless of whether or not you are in the Tampa real estate market! But, lucky for you the Kelly Parks Team is here to save the day. Our real estate agents can help you with buying and selling a home in Tampa. Our team of real estate agents right here in Tampa also put together a little guide to help you along the way. These are some tips you should keep in mind when thinking about how to plan for buying and selling at the same time. Here’s how to juggle buying and selling a home at the same time:
1. Find Yourself an Excellent Real Estate Agent
You are going to need to bring out the big guns on this one. Find yourself an experienced real estate agent that can help you with buying and selling a home. They should be on top of making sure all deadlines and requirements are properly handled and met.
Once you find the house you want, have your agent draft up an offer letter. But, if you still haven’t sold your current home, think about including one of these two options:
a) Have your agent put in a contingency clause in the contract that ensures that the contract is dependent upon the sale of your current home.
b) No restrictions and that you have the ability to have two mortgages in the event that your home doesn’t sell right away.
You also always have to option to wait until after you sell your home, but be prepared to find temporary housing while you wait to close on your new home.
2. Become Best Friends with Your Lender
While you are searching for your new home, it is very important to stay in close contact with your lender. This is so that you can get prequalified or pre-approved for a loan – which shows sellers that you mean serious business and that you know what you want. They will appreciate this forethought. Again you have two options here:
a) You can go through the qualifying process of trying to get a new loan why still carrying your original loan. However, you will have to provide that you can adequately cover both mortgages within the lender’s restrictions. In this instance, the lender doesn’t care if your home sells before you close on your new home.
b) Your other option is to qualify for a pending sale loan. This entails that your current mortgage (for the home you are selling) does not get included. Only the new loan will be used to measure how much you will be loaned out. The benefit to this is that you will be approved for a higher amount. The catch is that you must sell your current home. This route means that you will not get your loan until you sell your current home and pay off the mortgage fully.
At first glance, this may seem like a massive undertaking. But with the right real estate agent behind you, buying and selling a home concurrently can be achievable. This will make the process much smoother for you and allow for a shorter in-between period for you.