It is a very common practice in the real estate industry to buy and sell at the same time. The major trick is how to maintain the perfect balance and get the job well done at both ends. There are many reasons why people choose to buy and sell at the same time the major challenge is finding the best possible way to avoid paying two mortgages.
Contingency Sale: When there is time constraints contingency sale is one of the best approaches to adopt. In simple terms in a contingency sale the buyer's home must sell before the buyer is obligated to complete the purchase transaction. It may sound that things are in the favour of the buyer. In reality both the seller and the buyer are protected with equal. With the evolving real estate market contingency sales are becoming a common practice for both buyer and seller. Keeping this mind we have some handy tips that will help you maintain the perfect equilibrium.
Seller: Pricing your home appropriately is very important as this will not only help you find a prospective buyer quickly but also in a contingent sale pricing makes it easy sell quickly. As a best practice always have the buyer’s property in the escrow to avoid any risks.
Buyer: If possible research well and make an offer near the asking price of the value of the house on sale. By making the asking price close to the value of the property when trying to buy your next home, you make your job easier. How will this help? It’s simple the closer you put the offer to the asking price, the more are the chances the seller will accept the offer and the process will be completed quickly. Try to interact with the seller and build rapport this will help you not only help you to speedy the process.
Sometimes mutual understanding is the best way to getting things done. Don't forget to share your experiences when selling and buying and any simple tips you adopted.