transaction—in other words, how to sell your current home and buy a new one at the same time.
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What does it take to coordinate the sale of your current home and the purchase of a new one, while also ensuring a great experience for you and your family? Here at the Tampa Home Group, we’ve helped hundreds of families make these kinds of moves, and we’re committed to making your next transition as smooth and painless as possible. There are three steps that you should take to ensure a double transaction goes well:
1. Consult with a professional real estate agent (like myself!). Instead of relying on online valuation tools like Zillow’s Zestimate, speak with a local real estate professional about the market value of your current home. A true professional can help you figure out exactly how much you’ll walk away with when you sell.
2. Meet with an experienced lender to find out how much buying power you have, what costs to expect, and in what price range you’ll be approved to purchase.
3. Get your current home listed and under contract before you buy a new one. In order to make your offer on the home you’re looking to buy appear serious to the seller, you’ll need to make sure that your current home has been or will soon be sold. In fact, do this before you even go shopping for homes.
But what should you do if, instead of purchasing another resale home, you want to build a home—a process that can take six, eight, or even 10 months? If this is your goal, you’ll still want to meet with a professional agent before going to the builder, as they’ll help you find out what your current home is worth. Builders these days will often allow the construction of your new home to be contingent on the sale of your current home, but these contingencies can be pretty complex; agents understand the ins and outs, and it’s our job to make sure you’re protected throughout the process.
If you have any questions about your own situation or would like help coming up with a game plan for your family, reach out to us. We’d love to hear from you.