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Juggling the simultaneous purchase and sale of a property is tricky, and it’s important not to make too many rookie mistakes if you don’t want to end up losing a lot of money. Avoid these four mistakes to help the process go smoother:
Sellers Sometimes Wait Too Long to Prep Homes for Sale
Even the most well-maintained property needs some attention before you put it on the market. This could include touching up scuffs and scratches on the walls, replacing worn decking or fixing a leaky faucet. Don’t hold off on minor repairs because buying and selling a house at the same time is stressful enough.
Working Within Too Small a Window Financially
There’s the price your house should sell for and the reality of the offers that come in. If the market softens, you may be pressured to take $20,000 less than your listed sales price.
If you are using the proceeds of the sale of your home for a down payment, you may be left in a bind. Give yourself a cushion on what you need to walk away with.
Closing on a Friday
Be sure to schedule the closing of your old home a few days ahead of the closing for your new property. Fridays are tricky since not much happens over the weekend.
You need a few business days because bank transfers can take that long. Ideally, close on the sale of your old home in the morning since there can be a delay on the transfer of funds late in the afternoon.
Using Two Real Estate Agents
Use the sale agent for the sale of your current home and purchase of a new one. This has a couple of advantages. First, an experienced agent will be able to time the closings to your advantage and reduce your stress levels.
They can also collaborate with other agents in their brokerage who may have homes for sale in your desired neighborhood and price range. Also, you can often negotiate a discount in the commission since they are making a commission on two homes thanks to you.