How to Sell & Buy a home at the same time
“How do we sell our current home and use the proceeds on our new home?” is a question I get quite often. It’s a tricky one, since there are so many moving parts. Luckily, we at the Magical Moves Team work mostly with buyers from around the country, so helping you plan the tricky stuff is our specialty. Here is our best guide to planning your move to Orlando:
1. Speak to a loan officer
Loan officers, like Realtors, know what questions to ask and what you need to be aware of financially when buying a new home while selling your current home at the same time. Lender will take into account the equity you have in your current home plus your current financial status. Lenders are happy to speak to you no obligation, they are hoping to earn your business. If you need assistance finding the right loan officer, we at the Magical Moves Team have many lenders we’d be happy to refer!
2. Hire Two Realtors at the same time
When you hire someone to sell your current home, it’s a good idea to simultaneously reach out to Magical Moves at the same time and let us know you’re looking to purchase a home here in Orlando, Florida. Depending on where you live in the country, some homes can sell in a few days, and some can take up to 6 months to sell. If you see homes selling quickly in your neighborhood, reach out to our Florida team a few months beforehand. Letting us know you need to sell a home before closing on a new home is important info! Once we know you need to sell your home first, that lets us know we need to add specific addenda to your Florida home contract to protect you.
3. Accept an offer on your current home
Congrats! You’ve now accepted an offer on your current home! But also, “Oh my gosh, Eric we’re selling our home in 40 days and have no place to live!” That’s when we come in! I usually recommend booking a trip to Orlando as soon as possible.
Because we’ve been in constant communication and you’ve shared your home criteria and favorites with us, we know more about your tastes and preferences. We can now book a house hunting trip!
Pro tip: If you are lucky enough to stay in Orlando for multiple days while house-hunting, we recommend driving through the areas you’re interested in on day one. Do not view homes on day one! Use this time to familiarize yourself with neighborhoods: the feel of the area, and the local shops and clientele. If you’re unfamiliar with neighborhoods, we’re more than happy to point you in the right direction while you discover what neighborhoods are a possibility. Once you’ve narrowed down a list, we will create a showing schedule and now we’re ready for the fun part: seeing homes!
4. Making an offer on a New home
You’ve found the one. The house that’s exactly what you wanted in the perfect location! Now its time to place an offer on the home! We at Magical Moves know protecting your interests is priority #1. It’s literally our job to look out for your best interest. That’s what makes the difference between a good and great Realtor.
We protect our buyers who have homes to sell first by using a special addendum we add to your Florida contract. A lot of buyers have homes to sell, and it’s perfectly common practice in Orlando to submit an offer contingent on the sale of your current home. This special addendum allows you to back out of your purchase in the event your current home doesn’t sell. We’ve got you covered.
Selling a home and simultaneously purchasing another home is incredibly stressful, but rest assured, we at Magical Moves are experts, and it would be our pleasure to help you move to the Sunshine State!
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