Selling First

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.

One Stop Shopping

The big key to making this all work is having all your ducks in a row, in all the right timing, and working with a Realtor who can coordinate everything for you.  I have 10+ years experience as a Realtor in the Portland Metro area, and I am also a licensed Loan Officer with Sunset Mortgage Co. - a well known and respected company that's also been serving the Metro area for over a decade.  I can customize a package for you that helps you price your existing home appropriately to get it sold, get you approved for your financing so we know how much you can spend, and then help you negotiate a deal on your replacement home that's within your budget.  Having one person you can rely to keep on top of all facets of this type of transaction is a great benefit to you and gives you a One Stop Shopping resource for all your home sale, purchase and financing needs.