Selling one home and buying another – Downing Frye Realty, Inc.

Selling One, Buying Anotherleft

In a perfect world, you sell your old home and buy the new one on the same day. Given that things rarely turn out perfectly, here are some things to keep in mind as you negotiate the sale of one house with the purchase of another.


Time it right

Fall and spring are the best times for homes to move and you want to consider the season of the year when buying and selling. In Naples FL, the high selling season is January through March. And if the closing dates aren’t going to coincide, a gap – rather than two mortgages – is the better. It’s easier and usually cheaper to find temporary housing than juggle two mortgages.


Selling First

  • Selling your home before buying a new one minimizes financial hazards. Even if you have to find temporary housing, it’s generally cheaper than two mortgages.
  • Get an appraisal first thing off the bat. That way you’ll have a good idea how the sale of your home will effect your purchasing power on the new one. This will help keep you from over extending your mortgage abilities.
  • Get pre-approved on a loan for the new home.
  • Until most of your contingencies have been met, wait to put an offer on a new house. You don’t want to be left holding the bag, or in this case, the house.
  • If you’re ready to accept an offer on your home, but haven’t found the right new home, negotiate a long escrow or a sale/lease back. This will give you more time to look for the new home. Otherwise, look for temporary housing.

Buying First
It happens. You’re only thinking of buying, and suddenly the right home shows up. Now you have to sell your old home quickly. Here are some tips on making things work in your favor:

  • Negotiating a long escrow on this side of the sale works, too. You can also make the purchase contingent on your house selling. This will work better in a slow market, but it’s worth a try in any market. You never know what may also work best for the seller of your new home.
  • Try and schedule the closing date of your current home prior to the closing on your new home. Temporary housing is generally a better situation than two mortgages.
  • Take a close look at what price you’re going to ask for your home. Make sure it’s realistic in the current market.
  • When you get an acceptable offer, check the buyer’s credit history. You don’t want any surprises that are going to delay things. If you’ve closed on the new home, but haven’t sold the old one, consider renting it out, or taking it off the market until the next season (or until the market improves).

Same Market or Across Country

Generally, if you’re buying and selling in the same market, you can negotiate closing dates to work for you. But when you’re dealing with a cross country move, it’s a lot harder. A real estate professional really comes in handy at this point. Legal documents can be faxed or sent via overnight courier and your focus won’t be stretched to the limit. You may end up renting one home or the other, or have to consider a bridge loan. But with someone local in the market on your side, it will hopefully be less stressful.

 

Show Me the Money

Make sure you have a tight hold on, and a clear understanding of, your financial situation. Cash reserves are always helpful, but never more so than during the purchase of a home. Two to three months is the recommended reserve, but if you don’t have it, this is where the bridge loan comes in handy. Some lenders are more inclined to make a loan if it’s for the purchase of a home. If you’re a smart shopper/seller, you’ll accept an offer from someone who’s flexible about move-in dates. It can save you money in the long run. Too many moves with storage costs can quickly eat up any profit you may have made in the transaction.

 

I understand that you may be in the information gathering stage and may not be ready to open up about who you area or your real estate needs at this time.  If you are not comfortable providing all your contact information that is perfectly okay.  Just enter your first name and your e-mail address so I can send you the material you requested.

Please be assured that your privacy will be kept sacred and your information will never be shared with any third party.

Looking to Sell?

Are you looking to sell your house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.
 
Your Information
*Name:
*Email:
Phone:
Street Address:
City:
State:
Country:
Zip/Postal Code:

Some Details
When Are You Moving?:
Where Are You Moving?:
Preferred Selling Price?:
Number of Bedrooms?:
Number of Bathrooms?:
Size In Square Feet?:
Any Comments, Concerns, Or Questions:

Note: Fields with an * are required

ContactUs Think Lynn Wilber when buying or selling in SW Florida !!!

Downing-Frye Realty, Inc. is a Florida licensed real estate brokerage

3411 Tamiami TRL N #100 Naples, FL 34103
Phone: Fax:

Why Choose Me | Radon Information | Contact Us | Insurance Closing Costs | Free Home Valuation | Find A Home! | Lambiance Site | Sailing in Naples | OPEN HOUSES | Golf Courses | Shopping | Naples Sightseeing | Naples Weather | Airlines | Airports | The Arts | Naples Area Links | Seller's Closing Costs | News Updates | Informative Links | Short Sales | Beach Cam | Lynn's YouTube | Foreclosure Help | Naples Schools | FaceBook | Neighborhood Sales Info | Closing Costs | Download Adobe Acrobat | News | Real Estate Glossary | Our Homes | Looking to Sell? | Our Featured Homes | Home | Applying for a Loan | Document Your Assets | Living Trusts | Neighborhood Prices | Staging Checklist | 9 Steps to Owning | ARM Calc | Fixed Rate Mtg Calc | 15 vs 30 Year Mtg Calc | Mtg Tax Savings Calc | Mortgage Qualifier Calc | Maximum Mortgage Calc | Mortgage Payoff Calc | Rent vs Buy Calc | Refi Breakeven Calc | Mortgage Calculators | Interest Only Calc | Request Industry Info | Your Dream Home | 9 Steps to Ownership | How to Sell Your Home | Staging Your Home | A holiday sale? | Holiday Saving | Be Accessible! | Buying Foreclosures/REO's | Types of Listing Contracts | The Listing Contract | Contingencies in Contracts | Listing Commissions | Should you paint? | Homeowner Warranties | Real vs. Personal Property | The Kitchen | Gated Communities | Improvements That Pay | Home Appreciation | Selling One, Buying Another | Naples FL Blog | Naples Buyers | Naples Sellers

Copyright © 2014 Downing Frye Realty, Inc.
Portions Copyright © 2014 a la mode, inc.
Another XSite by a la mode, inc. | Admin LoginTerms of UseSite Map
All rate, payment, and area information are estimates and approximations only.