How to buy and sell at the same time?
How to make it all work?
Follow these 7 steps to will ensure you can reduce the uncertainties and create a successful plan for buying and selling simultaneously.
Step 1: Professional Realtor analysis - on a conservative net profit vs a home run net profit
It's critical that a seller understands very clearly what is the conservative net profit, after all fees, and the worst case senario offer. Then have a experienced real estate professional that sells a lot of homes (no weak generalizations) what is the highest price that a current retail buyer would be willing to pay for your home.
Step 2: Consult with a loan broker to determine purchasing power.
It's critical to build a relationship with a fiduciary loan broker that helps you to determine what to do to maximize your interest rate and cost of loans so that you can figure out all the different variations of purchasing power. Purchasing power is not just what is the best type of property you can afford, but all the different variations of properties and remodel costs and optoins. It's critical to understand the best and worst case senario so that you can accurately research all the homes for sale and all your different options.
Step 3: Identify the perfect neighborhoods and communities
With your local Realtor review all the different cities, communites and neighborhoods to discover the best ones that match your desired lifestyle priorites and make sense for your purchasing power.
Step 4: Prepare everything in advance to list the property
Your listing agent should have everything prepared in advanced so that once you have a property that you want to write an offer on, your Realtor can present you
Step 5: Find off-market opportunities that are NOT on the MLS.
Once you have identified which specific areas you are interested in buying your next home, then it's your Realtors job to got the extra mile and see if they can find a home NOT on the market in that neighbourhood. If we can find one for you these tend to be the easiest way to make the transition happen. Because all the timelines can be coordinated with both the buyer and seller in advance.
Step 6: work on an offer presentation that a seller would be willing to accept as a contingent offer.
If you offer presentation is well put together than your buyer agent can present you the buyer/seller as a viable option for them to accept. In a competitive market your buyer's agent has to go that extra mile and speak to the listing agents about the plans of the sellers and see if their is a way to put the deal together that's advantagous for all.
Step 7: a seller can always put their home on the market and accept offers with a contingency of finding a new property or a longer term rent back.
A seller always has options once they put their home on the market, the best one is to have you listing agent put into the MLS that the "seller has to find suitable house before COE" ... most good agent understand what this means. And this is where good buyers and seller agents can make the difference by being great communicaters and discussing what are the best plans to fullfill everyones goals.
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Listing information last updated on July 10, 2020 6:00 AM PST.