There may be times when you must sell and buy a house in Markham at the same time. This can be a stressful and overwhelming situation, but it is quite common and can easily happen to you. In an ideal world, the timing would work out perfectly. You would sell your Markham home quickly and you purchase your dream home shortly afterward. However, this is often not the case.
To help you better manage this challenging and stressful situation, here are a few expert tips.
Include a Condition to Sell
One popular solution is including a condition to sell when you place an offer on a new home. This states that you can walk away from the new home if your current home does not sell within a certain time period. This prevents paying two mortgages at once and struggling to obtain financing for a second home.
While a contingency is an excellent option for buyers, this can make many sellers hesitant to accept your offer as it is one more reason for a sale to fall through. This condition is not likely to be accepted in a strong seller’s market or if the property has good demand.
Meet with a Lender
If you can qualify for a second home loan, focus on purchasing your dream home and then worry about selling your current property. This can save you many headaches and a lot of stress. If your property doesn’t sell, you have other options to consider such as turning it into a rental to help pay for the mortgage, etc.
Meet with a lender before you begin the buying or selling process to see what options are available to you. You may be surprised at what you can afford and the different loan options that will simplify this process.
Make Your Current Home Appealing and Impressive
If you do not qualify for two mortgages at once, you will need to sell your current property — and quickly. This means you must make an instant impression on buyers and you can’t make little mistakes that will hurt your sale. To help you make your property appealing, you must take the time to complete home improvement tasks, clean, declutter, and stage the house. These tasks will not only make your home more appealing, but it can help you increase the amount of money you receive for the property as well.
Talk to a Real Estate Agent
You don’t have to work through this situation on your own. An experienced real estate agent, like Martin MacFarlane, has handled similar situations over and over again. He can offer advice and guidance depending on the current market, your home’s condition, the type of property you are searching for, etc. You will have a much smoother, more enjoyable, and less stressful experience with an expert on your side.
Contact real estate agent Martin MacFarlane for answers to all of your real estate questions and to begin the buying or selling process.