6 STEPS TO SELLING & BUYING A HOUSE AT THE SAME TIME
CLIENT FACING SAMPLE VIDEO
VIDEO SCRIPT
Hey guys, [JOE AGENT] with Berkshire Hathaway HomeServices PenFed Realty Texas & I wanted to share the 6 Steps to take if you find yourself selling & buying a house at the same time.
This situation comes with many things to consider & it all begins with step 1…understanding what your current home is worth in today’s market. As your Realtor® I will create you a net sheet including your estimated closing costs & a realistic sales price so you can understand approximately how much money you should be walking away with after the sale of your current house.
Once you understand how much your current house is worth, it’s time to move to Step 2, understanding what you qualify for. Contact your mortgage lender to confirm if you need to sell first in order to buy.
Oftentimes, buyers believe they need to sell their current home in order to have the proceeds to buy their next one and sometimes, that is the case. However, one of my favorite lenders offers an incredible option for buyers who need the equity from their current home to put towards their downpayment. PenFed Mortgage offers our clients the ability to recast their loan. What this means is that you could potentially buy a home with a small downpayment prior to selling your current home. Once we sell your current home, you could then recast your loan with your proceeds. By recasting your loan, versus just paying money towards the principal, PenFed adjusts your monthly payment. There’s no waiting period to recast with PenFed and it’s only a $250 administrative fee. Recasting is a great tool that you can use in this scenario or in the future if you receive a large bonus and want to apply those funds towards your mortgage and reduce your monthly overhead.
Step 3, now it’s time to create our plan of attack. Based on what you qualify for with the lender and your unique situation, we will decide if we should start looking for your new home first or focus on getting your current house ready to sell. At this point, most of my clients are ready to go look at their options for a new home, regardless if they plan to sell or buy first.
Most of my clients hope to coordinate their closing dates so they can sell their current house and buy their new home within a few days if not hours of each transaction. The following steps will illustrate this scenario.
Step 4, it’s time to list your house for sale. It is a good rule of thumb to have your current house listed before you start seriously shopping for your next home. Sellers are more likely to accept a contingent offer if your house is ‘pending sale’ rather than sitting on the active market. But not to worry I can help you navigate this regardless of the situation.
Once we receive an acceptable offer, I will negotiate to obtain a temporary lease back so that you can close on your current house and have a few days to move into your new home. Our goal is to line up your closings so there is no gap where you must live in temporary housing.
It’s likely that Step 5 will occur simultaneously of step 4. I’ll help you find that perfect property for your next home & get it under contract. The ideal scenario is to close on the sale of your current house in the morning, then close on the purchase of your new home in the afternoon. If you have temporary housing set up in advance then your timeline can be more flexible, but the idea is to create as few steps from selling your current house, to taking possession of your new one.
The 6th & final step is closing. My team and I will be working behind the scenes to ensure your experience is as smooth as possible. Selling & buying at the same time can be one of the more complicated real estate scenarios, but don’t stress because I’m here for you each step of the way and together we can navigate this process to make it as painless as possible for you.
I hope you have found these steps helpful in understanding what it takes to Sell and Buy a new home at the same time. If you’re considering selling, buying or both, give me a call today & let’s discuss your unique situation.
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