Even under the best of circumstances, buying and selling a property is a stressful experience. When you do both at the same time, the stress, as well as the worry that comes with it, is amplified. However, there are methods to make the process go more smoothly and lessen stress if you use the correct tactics and strategies. To assist you, here are four strategies to consider when purchasing and selling a home in Dallas Fort Worth.
1. Plan Ahead
While it’s common to talk about purchasing and selling a house at the same time, these two events nearly never happen at the same time. In most cases, either the buy or the sale takes place first (although there may be very little time separating the two).
The thing to do then is to plan ahead and determine which you want to happen first and how you will handle the process. So let’s take a look at the pros and cons of each . . .
Buying first ensures that you’ll have a place to live when you sell your current home in Dallas Fort Worth. “There’s nothing more aggravating than trying to find a short-term rental with pets, children, or big furniture like a piano. If you’re a new tenant, many establishments don’t allow month-to-month rentals, which means you may have to pay for multiple months of rent even if you only need one. You won’t have to pay for moving charges twice if you have a home to move into. You won’t have to worry about living in boxes either.” The disadvantage of buying before selling is that you may end up with two mortgages to pay off. And if it takes longer to sell than you expected, that might be a significant financial setback.
The main benefit of selling a home before buying another is that you won’t have to pay two mortgages at the same time. You also won’t have to make any hasty and potentially costly selling decisions. And if “you have somewhere to stay after closing,” you can “take your time and make sure your next home purchase is the appropriate one.” The disadvantage is that selling a property before buying one “leaves it up to chance that you’ll discover something that matches your lifestyle and your budget.”
You can consult a Dallas Fort Worth to determine the strategy that best meets your needs. To discover more, just call 972-284-9713.
2. Get a Sale Contingency
Getting a sale contingency when you buy a home in Dallas Fort Worth is a tried-and-true approach to handle buying and selling a home at the same time.
“This is the ideal situation for many people. You make an offer on a new home, but the sale of your current home in Dallas Fort Worth is contingent on finding a buyer. You only have to relocate once, and you won’t have to deal with two mortgages.”
Many sellers are willing to accept an offer that includes a sale contingency. However, depending on the market, some sellers may not be ready to wait until you sell. “A home sale contingency also hurts your offer,” says the author. “If you’re up against a buyer who doesn’t have any stipulations, the seller will most likely choose the other buyer.” If this is the route you intend to take, be sure to contact a Dallas Fort Worth agent at 972-284-9713.
3. Delay Closing
Another tactic that can work when buying and selling a home at the same time in Dallas Fort Worth is delaying closing.
“You might be able to postpone the closing of the home you’re selling and write an offer to buy your new home without a contingency to sell once it’s ready to close. You can be quite certain that the sale of your house will go through if the buyer is fully approved by their lender.”
Another option is to postpone the closing on the home you’re selling so that it coincides with the closing on the home you’re purchasing. However, you must be certain that the buyer will complete the transaction, and she must be ready to wait.
4. Try For a “Rent-Back” Contingency
And then there’s the “rent-back” contingency as a tactic when you’re buying and selling a home at the same time.
This works like this: you “ask the individuals who are buying your home to rent it back to you for 30 to 60 days following closing.” This way, you’ll have a place to live while you look for a new home to buy and move into, without having to go through the inconvenience of moving. You also avoid having to include a home sale contingency in the purchase contract, which many sellers dislike.
Work With a Dallas Fort Worth Agent
These strategies for purchasing and selling a home at the same time are effective. It’s just that some of them are a little more difficult to carry off successfully, and some of them may involve some danger. However, having an experienced Dallas Fort Worth agent on your side greatly increases your chances of success and greatly reduces your risk. So, if you’re planning on purchasing and selling a home in Dallas Fort Worth at the same time, give us a call at 972-284-9713.