Ideally, a home sale and home purchase transaction takes place simultaneously. However, it doesn’t always transpire that way. There are many steps involved with selling your home and purchasing a new one. Some aspects of the home sale or home buying process take longer than others. To make the transition as seamless as possible, consider these tips from the best loan officer Las Vegas.
One advantage of selling before buying, a mortgage lender will tell you, is that you won’t have to juggle two mortgages at once, which is especially appealing if you have a below-average credit score. By buying first, however, you won’t feel rushed during the house-hunting process, which might lead to a better decision when selecting your next home.
Preparing Your Home for Sale
Your home will inevitably need some work before you sell it. It’s a good idea, notes a loan officer Las Vegas, to start repairs well in advance of your intended sale date. You may even be able to get financial assistance for your home improvements through a loan.
The entire home purchase and home sale process has many moving parts. You might not see a delay coming in advance, but you can at least create a backup plan for emergencies, such as securing a short-term rental.
Buying Too Big
In the excitement of buying a new home, first-time homebuyers may neglect to get a preapproval for their loan. This is a common but significant mistake, as it can make it more challenging to pay off your fixed-rate home loans in Las Vegas.
Too Little Cushion
When selling a home, you might need some extra time to make repairs or fix the plumbing. A seller may also need time for the same. Showing a willingness to accommodate a seller’s needs during the process makes for an easier and more amicable transaction.
Using Different Real Estate Agents
Hiring a real estate agent for a home sale and purchase transaction is recommended. But hiring two agents can get tricky. Exceptions apply if you’re moving out of state, or your preferred agent only works with sellers or buyers.
Timing Your Closing
Timing is important for a home sale. It’s best to avoid closing on Fridays and late in the afternoon, as it takes longer for a bank to process the transaction.
Buying and selling a home simultaneously can be tricky. Along with these tips, a loan officer Las Vegas is a great resource for facilitating the overall transaction. Contact us today for expert assistance.