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Do I Have to Sell My Home Before I Buy a New Home?

Many of our clients are MOVING up! They have been living in a condo, townhouse or small home and simply need or desire more space. The ideal way to make this move is to buy your new home and not have the pressure of having to sell your current home. Many clients just don’t have that luxury, so how do you sell your current home, find the next home and buy the new home without being homeless and super stressed.

Here are some tips that can help you through this process:

Talk to your realtor and lender at least 1 year before you plan to move. This is important because the gameplan, gameplan and I’ll say it again GAMEPLAN is vital. If you plan to buy a new construction, that process can take as long as 1 year. If you have kids that need to be in a specific school, that process needs to carefully planned. There are so many moving parts that if you, your REALTOR and lender aren’t on the same page you are setting yourself up for failure.

Make need repairs on your current home. We recently have found that many sellers don’t take care of their investment. Since you are a homeowner you are used systems and items breaking down and simply fixing them. That experience came with time, most NEW buyers haven’t had those experiences and tend to freak out over little things that experienced homeowners don’t. These issues can and do blow up deals. Imagine if you have your current home under contract and have found your perfect new home and home inspection items blow up your deal. Get in front of any issues and fix them now. Your process will be much smoother and you will likely make more money.

Pick the RIGHT AGENT. This type of deal, especially in the Metro DC area is the most complicated real estate transaction. 2 Negotiations have to go perfectly, 2 inspections have to be navigated, 2 lenders and settlement companies have to be coordinated and 2 closings have to sync perfectly. You can afford to experiment with inexperience. The agent that sold you your first home may not be the agent that can get this deal done.  Make sure to ask the agent for 2 references of clients that have recently SOLD a home to BUY a new home. In northern VA, you are potential putting $1 million or more in the hand of one person. Make sure it’s the right person.

Be flexible.  Real estate in this area is tricky enough. Nothing, including me and you, are every going to be perfect and neither will this transaction. You must have faith in the process and the real estate team you are working with. You are moving for a reason, understand that it will take work, bit of stress and discomfort to find that new perfect home for you and your family.

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