Everything to Know About Buying and Selling Simultaneously

Buying and selling real estate simultaneously can be a juggling act of your time and energy, but the ability to predict what will come and prepare for it will make the transition much easier. There are many steps in this process that are not necessary when buying your first home or buying an investment property, so it can lead to undue stress if it is not carried out methodically and with the help of a good real estate agent and a good mortgage broker.

The preparation

While it may be tempting to start looking for the perfect house that checks all of your boxes, the likelihood of that house being available at exactly the right time is slim unless you are in a very strong buyer’s market, in which case it may take longer to sell your own property. If you live in Berwyn PA, one of the hottest markets along the Main Line, the first thing to do is reach out to an agent specializing in Berwyn real estate since they will be very familiar with the area and can start a game plan for getting your house on the market as quickly and refined as possible, assuring a quick sale.

The repairs and presentation

Buyers are more and more likely to be looking for a turnkey house, or a house that they have to do either no or minimal work on in order to start living in it. With people’s busy lives, the necessity of doing repairs or improvements is less and less attractive, and people are willing to pay for a house that is a “cherry.” This means that your agent may suggest repairs, upgrades, or even new appliances in order to make the house move-in ready. In addition, houses are being staged more and more often so that they can have that dollhouse feel when the potential buyers see them for the first time. Staging involves removing all of the belongings of the current owners and placing furniture and accessories chosen by an interior designer to enhance the appeal of the property. Depending upon the neighborhood and the price range, staging may need to happen. Your agent will know the market and do a cost-benefit analysis of this process.

The preapproval

In all likelihood, you have a mortgage on your current Berwyn real estate, which will need to be closed out and a new mortgage established for the new property. If you are preapproved, ideally for well over the asking price of the property you wish to purchase, this is much more attractive for a seller because they know that the likelihood of the loan falling through is greatly decreased. If the loan is barely over the asking price, then the appraisal might come back too low, giving the closing the possibility of falling through.

The search

This is what most people consider to be the best part of buying and selling Berwyn real estate: the search for the new property among the listings for Berwyn PA homes for sale that you will call home. The whole point of moving is to find a property that is more desirable due to square footage, better schools, or a quieter neighborhood. With your own house prepared for sale and ideally on the market already, and your preapproval for a loan, ideally well over your budget, you are ready to start your search.

The contingencies

It is perfectly normal for someone taking an offer for their home to know that they may need to accept a contingency, such as the sale of the buyer’s home, before the transaction can go through. This will normally involve a contract stating that when the home sells, the transaction will be followed through. There is normally a time limit set just in case the buyer’s home doesn’t sell in a timely manner, and the sellers need to entertain other offers. All of this can lead to stress, especially when you have your heart set on a certain house, so the aforementioned steps are critical in making your own home as attractive as possible.

The closing

Once the inspections, appraisals, title searches, and terms of the loan are done, and the applicable interested parties of Berwyn PA homes for sale are satisfied, most notably the lender, then the process can proceed to the closing at the title company. Your real estate agent should be on top of things so that he or she can handle the appointment scheduling for the signing of the paperwork at the title company. Although it would be great for the signing of all relevant paperwork to happen for both transactions, the selling and the buying, on the same day, this is rarely the case. Near the finish line, the level of stress can increase because you are anxious to have the process over so you can move into your new home. This is totally normal. Get the bubble bath ready. But once everything is signed and recorded with the county, you will be on your way to living in your new home.

Buying and selling Berwyn, PA real estate?

Once there’s a signature on the bottom line, the process of buying and selling is well worth the effort and toil in order to get set up in your new home. It is a process that often seems daunting and labor-intensive, but connecting with a great real estate agent and letting them handle the nuts and bolts of the process will get you into your dream home with the least possible amount of stress.

Ready to start the buying and selling process? Contact The Megan Chorin Team for assistance.

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