When you already own a home moving up to your next home is a completely different experience from the one you had as a first time home buyer. It is very important to consider the issues that can complicate this situation. The timing of your present home sale and the purchase of the new home is a juggling act that requires your constant monitoring.
Follow some simple steps to keep the process moving forward so you don't get left out in the cold or dealing with the ownership issues of two homes.
•Working With Your Real Estate Agent - When staying in the same general area you will probably be working with the same agent or agents on the same team. This is a true benefit your agent and his team will have one agenda that is getting from one home to the next with as few hassles as possible. If you are moving out of the area you have all the juggling to do yourself. You are now working with two different agents and teams whose agendas don't match. One works to help you get out of your present home while the works to get you into your next home but they are not working together.
•Buy First or Sell First -You must sell first no matter what your buyer agent says or even if the selling agent says don't worry it will sell. Sure it will, but if its not sold before you buy you will not be in the best position to negotiate with the owners you are buying from. When you have your home sold first you can make a solid offer on the new home with no contingences and get a better price and plan your closing date. If you buy first your offer is weak includes contingencies and you may have to pay top dollar. The sale of your present home now becomes a burden you must get off your back and you may end up taking a lower offer your negotiating position is very weak.
•Closing Date Coordination - This is the area where it all can fall apart. There are large groups people of involved with each transaction each transaction is completely separate. The buyer of your home has his agent, attorney, title company, survey engineer, home inspector, pest control inspector, may have city or county inspectors, mortgage company loan officers, and Uncle Louie who knows everything about houses anyone of these can delay the process. You and your agent and closing coordinator must double check that everyone is doing their job on the buyer's side making sure ever deadline is completed on target. You as a home buyer have the same group of people involved. Your diligence in following up with and pushing all these people that you are paying is very important.
Your agent and team closing coordinator in both transactions should make this process go smoothly with the least amount of hassles for you. But don't get out of touch with either of the sale or purchase process no matter how well things are going. If the agent or coordinator don't call you with updates call them, keep them on their toes.
