if you're getting ready to sell your
house that you can buy a new home what
whether it's because you're downsizing
or upsizing or maybe you're just
relocating to a whole new area
it really doesn't matter the point is
it is possible to to sell your home and
buy a new home at the same time and i'm
going to show you how let's get started
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hi my name is jose i'm a realtor with re
max here in the inland empire in
southern california and well if this is
your first time to the channel first of
all welcome always honored to have you
here
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you this is a question that i do get
quite a bit hey jose how do i sell my
house so that i can buy a new one and
can i do that at the same time honestly
believe it or not it might be a little
easier than than you might think it is
however the first thing you need to do
is you need to consider the housing
market what is the housing market like
both where you're selling your house at
as well as where you're looking to buy
your new home at because that will
affect the plan that you're gonna need
to have to to pull it all together
because well if it's a seller's market
then sure you're probably going to find
it a little bit easier to get your house
sold than it is to find the right home
for you to buy and well if it's a
buyer's market then you know vice versa
before i go any further though if you
have the ability to go out find a home
buy a new home then afterward turn
around and go and and sell your existing
home then sure that that's
that's going to make things a little
easier for you sure i mean if you can go
out and do your home shopping and find
the home that you love and fall in love
with and and and put a uh put an offer
get it into escrow close escrow
then come back over here and put up a
for sale sound in your existing home to
sell it
i mean sure that that's obviously going
to make things a little easier because
you don't have to time anything please
explain sure what i mean by that is this
is if you're trying to sell your house
and you're trying to buy a new home
at the same time you're probably going
to want both of the escrows to close at
the same time this way when they close
now you can go ahead and move all your
stuff over to your your new home uh or
or
if you don't mind moving twice what you
could do is is even sell your home
take the money take your stuff
move into a temporary location whether
that's renting or whether it's a family
or friends whatever the case may be but
staying there while you're looking for
your new location find it buy it close
escrow and then now move your stuff to
the new home of course though these are
two options that are not always doable
for everyone yeah because if you're
buying a new home before selling your
existing home that means you have to be
able to qualify for having a mortgage on
two homes
both at the same time and well the other
option meaning i was saying how if you
decide to sell your house move to a
temporary location and then move into
your new home well
that means you're moving twice and who
loves moving twice so if you're not able
to carry two mortgages at the same time
and you're not excited about the idea of
moving twice
what can you do well fortunately there
are a few options for you first of all
be sure to include a contingency on the
house that you're selling meaning this
you put your house up for sale but it's
contingent on you being able to find a
replacement home in in other words you
put your house up for sale a buyer comes
in makes an offer says hey we want to
buy your house that's contingent your
sale to them it's contingent on you
being able to find a replacement home so
if you know if you're not able to find a
replacement home in the agreed-upon time
that you both already had at the
beginning then yes you have an out
you're able to back out cancel the sale
if that's what you need to do
also though with the the house that
you're trying to buy the offer that
you're making be sure that the
contingency is there meaning if the
offer is contingent
on you being able to get your household
so if for some reason your house doesn't
sell then
again you do have an out as long as it's
within the agreed-upon time frame that
you and the uh the people are trying to
buy the house from as long as it's
within that time frame then yes you do
have an out again you are able to cancel
out and
not uh go forward with purchasing that
house the idea for these contingencies
really is to protect you
uh to make sure that you don't find
yourself getting stuck with two
mortgages you know in the event that
something didn't go right
however however word of caution uh
depending on the housing market there is
always the chance that that you could go
and make an offer and that seller
decides and they don't want to accept
your offer if it has that that
contingency in there that says you know
this offer is contingent on my house
selling
it included in your offer but
but
don't let that scare you honestly
that's not what typically happens one
final word though when it comes to
contingencies is when you're making an
offer to purchase a home contingent on
your home selling
you really want to be an escrow for the
the sale of your house already before
you you go and make that offer if you
were to make an offer to purchase a home
contingent on yours selling
but it's not an escrow yet or worse it's
not even up for sale yet
i mean they're probably not going to get
too excited about your offer you're
asking them to pull their house off the
market and wait for you to get your sold
they don't know how long that's going to
take they don't know anything about you
or your agent or or the marketing you're
doing or
or is it priced right because i mean if
it's overpriced it's probably going to
take a while it's probably going to sit
for a while before it finally sells
in a buyer's market sure you might be
able to get away with that otherwise
no they're they're probably not going to
take your offer too serious another
option available to you is you could
have a longer escrow on the sale of your
house a typical escrow is about 30 days
oh however believe it or not i mean
there are some cases where sometimes a
buyer might be able to actually close a
little faster than that but uh 30 days
that that right there that is the
industry norm my recommendation is
make the escrow a little longer maybe at
minimum i would make it 45 days honestly
i'd probably say 60 days and here's why
i say that let's say you go into escrow
for the house you're selling on may 1st
a standard escrow again 30 days would
mean that you're scheduled to finalize
the sale of your house on june 1st
but if you make it a 60-day escrow now
you have until july 1st before the sale
of your house is final so what this does
is now it gives you the first 30 days
from from may 1st until june 1st to find
your new home and go into escrow with
that so now again you go into escrow on
may 1st for the sale of your house you
look at homes for 30 days and now
on june 1st you go into escrow for the
home that you're buying now 30 days
later
everything closes and it's final on july
1st
nice
hold that thought though because well
yes it it is very doable but it
definitely requires some some planning
ahead and and definitely some attention
to detail by your agent or or you if you
choose to do this alone in order to make
everything line up like i just showed
you but again the point is it is very
doable and actually this happens all the
time another option would be to use a
rentback if you've never heard of this
one don't don't worry don't feel bad
you're not alone
actually not a lot of people have in a
nutshell a rent back is when you you
sell your house the buyers they they
bought your house but the home that
you're trying to buy it's not going to
be ready for another
let's say two weeks let's say it's going
to be two more weeks before the home
that you're trying to buy is is going to
be ready for you to be able to to take
possession and move in so what happens
is you rent back from the new owners the
people that bought your house you rent
it back from them you become short-term
tenants it and in this example for the
next two weeks
so uh and before you're worried you know
about you know
jose what what's the ranking of how much
are we paying for this don't worry i
mean you're not about to you know start
renting from slumlords or anything crazy
like that no typically you're looking at
a monthly rate of whatever it is that
the new owners the buyers of your house
whatever their monthly mortgage payment
is so
in this example again if you're you're
only renting for the next two weeks then
your rental amount is going to be about
half of whatever their their monthly
payment is now is this an option that's
used all the time no not not necessarily
but the thing is it is an option that's
available for you to help you
in in getting everything to line up to
get the the the escrows to close
simultaneously the one uh escrow for the
house that you're selling as well as the
new home that you're buying again to get
those escrows to close simultaneously
but i i just i can't stress enough you
can't go into this blindly you have to
have a plan on how you're going to do
that how you're going to get everything
to close like that to close
simultaneously to make sure that you
have a nice seamless transition from one
home to the next hey i'm glad you're
still here because as i mentioned at the
beginning i do have a free gift for you
and that is my free home seller's guide
it it's packed with great information to
help walk you through the process of of
getting your home prepared for sale
all the way up to and including
successfully selling go ahead and click
on the link in the description section
below to download your free guide of
course though if you do have any
questions about anything i covered here
in this video or maybe you are thinking
about selling your home here in the
inland empire in order to make a move my
contact information is below give me a
call or text i'm always here to help
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