How to De-stress Your Coinciding Home Sale & Purchase
As a boy, I saw my father buy, renovate and sell investment properties — over and over. Can you imagine a life where real estate closings become routine?
Here’s what I learned from him and over the past 30 years: when you’re buying and selling at the same time, it pays to coordinate!
I always take the time to manage the moving parts and anticipate outcomes so a purchase and sale closing can happen in sync.
The unique SF challenge
The built-in stresses of supply and demand in San Francisco’s housing market make a home purchase complex enough. Add in the sale of your existing home and without someone heading off snafus and obstacles, you can end up with a full-blown drama on your hands.
I’ll admit, I’m one of the oddballs who likes the challenge of coordinating the vast array of details. I’ve helped dozens of clients pull off a smooth simultaneous sale and purchase, allowing them to trade up or down pleasantly and efficiently.
A few ways to minimize your stress and create success:
- Calculate the upside and downside
I run parallel sale and purchase scenarios based on best, worst and likely transaction prices. Then I take into account potential fluctuations in interest rates and asset valuations after liquidation, if applicable.
- Allow at least three to four weeks for prep work
Decluttering, painting, resurfacing and inspections need to be factored in and finished before listing your owner-occupied home.
- Launch your new home search early
Start looking at least two months before you plan to make a purchase offer.
- Don’t believe the myth that concurrent transactions are impossible
My practice has proven you can often get your purchase offer accepted before the home you’re in sells.
- Save time where you can
Efficiency counts, especially with your mortgage lender. I refer my clients to funding resources that consistently allow them to close in 14 days.
Dual transactions, under control
Are you expecting to be in this complex, but quite manageable, position sometime soon? Let’s make your transition as calm, organized and advantageous as possible. Email me or give me a call on my cell (415) 730-3030 to get started.
All the best,