Washington, DC (WUSA9) — One of the most stressful parts of buying a new home is selling the old one. There are always tight turnaround times for both moves. Here are ways to streamline the process from The Real Deal in Real Estate Pros.
- Understand the market. This will determine whether you buy or sell first. If there's low inventory, most sellers can't accept an offer with a home-sale contingency. This means your house would have to be sold before you buy the new one.
- Get your team in place. Your realtor, mortgage lender, and title insurance agent will all work to give you a competitive advantage. Often it's difficult to complete the sale of your old home before making an offer on a new one. A good mortgage lender will make sure you qualify for a new mortgage while still carrying the previous one for the time being. This will put you in a better financial position to place a bid on the new property.
- Use the same title company for buying and selling. Often times people use different title insurance agencies for the sale of their old home and the purchase of the new home. This complicates matters and causes funds to be tied up. To streamline the process have one company handle both the sale and new purchase.
This article is sponsored by The Real Deal in Real Estate.