The Process Of Getting Your Next Place After You Sell
We Make This Process Easy For You
We take you through each step and make it seamless and organized
As a homeowner who is considering selling their property, one of the biggest questions next to “how much can I sell for?” is “buying/renting your next living space.”
The good news is that YourHomeYourTerms.com team agents are trained to guide you throughout so it feels as straightforward as you may imagine.
Throughout this blog, you’re going to learn about the process which will include how and when to list your home for sale, when to actually begin searching for your next place, how to search for your next place, and ultimately securing your next place while selling your property.
Let’s begin!
Is It Truly The Right Time To Sell?
Deciding that it’s your time to take that next step into home selling
Deciding to sell your home is an important decision especially when the question is at what point you’re truly ready to sell and if it’s the right time to do so.
Here are some quick tips to help you determine if now, soon, or later is the right time to list your home for sale:
- Speak with your family about your potential decision to sell
- Decide whether you want to stay here in New York or not
- Determine what you feel your home is currently worth
- Take time to look into homes/rentals in the area you want to move
- Consider how much money you’ll have as a result of the sale
- Consider if there will be any employment changes
- Consider if there will be any lifestyle changes
When going over these quick tips, have a way to write down your answers and thoughts.
At this point, you should have an excellent idea as to how things will look and how you should proceed.
If You're Buying Or Renting Afterward
Listing your home for sale with the intent to buy/rent afterward
It’s perfectly normal to have some kind of concern when it comes to timing your sale and subsequent purchase thereafter.
Initially, many people feel that the best way to go about doing this is to find a home first, place an offer on that home and then let them know it’s contingent upon you successfully selling yours. While in theory this isn’t a bad idea, for the owner of the home you’re looking to purchase, it couldn’t any further away from “ideal.”
That being said, there actually is a correct method of which to transition from a sale into your next place.
–IF YOU’RE RENTING AFTERWARD–
If the plan is to rent afterward, the difficulty factor scales down a bit. Finding a rental isn’t very difficult depending on what your rental factors are. A great suggestion would be for you to spend some time on major real estate websites to look up what rentals are going for in the areas you’re interested in, and also to see if the number of bedrooms and bathrooms as well as rental type is typically available.
In this instance, we suggest that you consider getting your home listed onto the market for a couple of weeks prior to moving into a rental, at the very least. If it appears as though your home is going to sell quickly, then proactively moving into a rental so that the house is clear and available at closing is preferable.
If it appears as though your house may not be selling as quickly, then it’s suggested that you wait until you have a bonafide buyer that is signing the contract of sale before you begin any move into a rental.
–IF YOU’RE BUYING AFTERWARD–
If you’re looking to buy a home or apartment after the sale, then the correct course of action is to wait until you have a bonafide buyer who has signed the contract of sale before you consider placing any offers on your next living place.
The reasons for this are the following:
- You’ll know how much you sold for
(and therefore know how much money you’ll have) - We will inform the attorney to add extra time to the contract
(so that we have time to get you into your next place) - Homeowners will want to see that your home is under contract
(especially if you’re using money from the sale for this)
Agents representing homes for sale will ask whether or not the buyer has “a home to sell or a lease to break” as part of reviewing offers of purchase. If you do have to sell your home to purchase the next place you want to live, then the agent representing the homeowner will likely want a copy of your fully signed real estate contract of sale to review for timing and other factors.
Without being in contract, there is no bonafide way for an agent representing a homeowner to confirm that your home is going to sell aside from “your word,” which will not be good enough in these instances. No homeowner will be interested in tying their home up with someone who has not solidified a ready, willing, and able buyer to buy their home, first.
If the type of home you’re buying after requires that you get another mortgage, sit down with a mortgage officer as part of the preparing-to-sell process with your YourHomeYourTerms.com team agent. Your mortgage officer will need to go over the details of what you can expect from the sale of your home in order to property prepare the bank for your next mortgage.
Selling While Buying: The Process
Your YourHomeYourTerms.com team agent will have you fully prepared
Okay, so you’ve taken the steps and have spoken with your YourHomeYourTerms.com team agent about what your plans are and the fact that you’re looking to buy or rent afterward.
Enter the next step: Listing for sale.
Remember that your YourHomeYourTerms.com team agent will help you prepare your home before it’s listed for sale by doing the following:
- Tour your home and record important info you share about it
- Recommend staging ideas and prepare your home
- Take premium pictures, video, and drone pictures (if applicable)
- Create all digital and paper marketing and advertising
- Create a website for your home
- Prepare all videos and YouTube marketing for your home
- Discuss the selling agreement and terms that favor you
This will give you and your YourHomeYourTerms.com team agent the time needed to make sure you’re ready and that your home will outshine competing homes around yours.
During the time your home is publicly listed for sale and buyers have been making appointments to see your home, it would be a good time to put together a list of homes or rentals that really interest you.
Once offers are placed on your property, you have accepted an offer, and the contract is out for signing, you can begin seeing other homes for sale and placing offers on those properties.
It’s important to do it at this time. If you begin looking at homes before this point, agents who represent homeowners will likely advise their homeowner not to accept the offer unless the purchase of their home is not contingent on the sale of yours.
Buying A Home While Selling Yours
This is where the magic happens and why the timing makes sense
Congratulations! You’ve got your home “under contract” and you have placed an accepted offer on the next home you wish to live in!
One of the first questions that you and/or agent will receive is “is your offer contingent on you selling your home?” In this case, the answer is “yes,” and the good news is that your home is under contract, so the response would be exactly that.
The real estate agent representing the home (and/or their attorney) you want will likely request a copy of the contract of sale for your home which you can easily provide.
At this point you simply go through the mortgage process with the bank just like you would with any regular purchase. Once you get through the bank process, you can go to the closing table and move into your new home!
