Simultaneously Selling and Buying A Home
Simultaneously Selling and Buying A Home
Arranging the simultaneous sale of your existing home and purchase of a new home can be a complex process. We have a 30 year successful track record of assisting people who are changing homes because we manage the details of the entire process providing you with the most professional results oriented service available. When you hire Fraida Varah Real Estate Group you get the benefit of our experience and skill in managing the details of the process for you, your transactions will successfully close and be much smoother. Our team is always just a call away when you have questions.
1. Before you sell your home: Getting pre-approved for a home loan
It may sound strange however it is important you know what you can afford to buy before you sale your home. With our Mortgage Pre-Approval Program, we will have you pre-approved for your mortgage, thus providing you a competitive advantage in potential multiple offer situations when you purchase your next home.
2. Determining your mortgage payoff
Contact your lender to check the current balance of your home mortgage. You'll need this figure to complete Step 5.
3. Determining the value of your home
Several factors determine the fair market value of your home. They include location, condition, and price.. Pricing your home correctly is one of the most important decisions you will make (along with the realtor you select). Once you have selected us as your realtor, we will provide you with a detailed competitive market analysis and most importantly our analysis of the market and advice on how to position your home in the current market.
4. Estimating you’re the transaction costs to sell your home
New York State Transfer Tax (deed stamps)
Real estate brokerage fee
Miscellaneous county and state recording fees
5. Estimating how much you will net from the sale of your home
As your realtor, we will help you calculate the expenses associated with selling your home. We even provide you an easy-to-use form called the “Home Sale Net Proceeds Estimator” that will help you determine the net proceeds from the sale of your home.
6. Estimating the costs associated with buying your new home
During this step we will help you estimate your moving cost, the mortgage loan costs, your down payment and closing costs, the cost for home inspection homeowners insurance, and closing attorney. Once we have completed this step you will have the financial road map for your home sale and purchase transactions.
7. Getting your home prepared for the market
Most houses require a little spiffing up before they are shown to potential buyers If you have been procrastinating about completing a repair job, get it repaired prior to placing your home on the market. Buyers will spot broken fixtures, leaking faucets and cracked tile. Items in disrepair give potential buyers a reason to offer you a lower price. Great curb appeal includes a fresh coat of paint indoors (and sometimes out); organized closets and cabinets, sparkling clean windows and appliances and a clutter-free look are essential if you want the house to appeal to buyers. Be sure to avoid the things buyers hate most about houses like odors, pets, dirty bathrooms and dimly lit rooms. As your realtor, we will provide you home staging advice that will help you get your home sold quicker and for more money.
8. While your home is on the market
When Realtors begin to show your home take our advice, vacate the premises. Buyers feel intimidated by sellers who lurk nearby. Plus buyers feel as if they are invading your space when they are inspecting your home, so making them feel relaxed and at home is important. We will schedule all of your showing appointments and request feedback from the showing agents and their prospective buyer clients. We will provide regular market updates and advice about repositioning your home in the market if necessary. When we receive an offer we will, with our skill and experience, negotiate the best possible price and terms.
9. Getting to the closing table
Once your home is under contract, we will ensure that your rights are protected and that you are properly advised during the due diligence (home inspection) phase. We will make sure that all the details necessary for the closing to take place are handled properly including coordination with the mortgage lender, appraiser, lender’s attorney, seller’s attorney, your attorney, and the buyer and their realtor. Closings do not occur without the timely attention to a myriad of details. Our team includes the specialists who are responsible for the detail follow-up necessary so that your closing can occur when it is supposed to.
10. Finding your new home
Once your home is under contract, we will help you find your new home quickly. Our buyer specialists are dedicated to taking care of your every need “out in the field”. They research the information highway (MLS) each day to find homes that meet your criteria and arrange times to show you these and any other homes you might wish to see.
11. Writing and negotiating the offer
When you find the house you wish to purchase we will advise you how the sellers’ asking price relates to current market value by comparing it to similar homes that have recently sold. We will then advise you on making an offer and negotiate to get you the best possible price and terms.
12. Getting to the closing table…again
Just as in step 9 above we will manage this transaction from contract to closing concurrently with your home sale transaction in order to ensure two smooth transactions that will close on time.
We have designed this chart to assist you in understanding the entire real estate process of selling and buying your new home. We understand the many questions and concerns of home sellers and homebuyers and we will be here to help you through every step in the process. We will provide you with the most professional and informative service available. Remember, our team is always just a call away when you have questions.