Ridgefield Connecticut Real Estate Talks with Anne Scott - Leading Ridgefield Connecticut Realtor - RidgefieldTalks.com
  22 March 2010

Trade Up Strategies

The secret behind selling one home and buying another is coordination - knowing the sequence of what comes first, second… and knowing your options should things not materialized as planned.  Consider some techniques which can help you juggle to your advantage:

1. Create a Game Plan Based on Facts

How much can you afford, what will the market bear, cash flow - best to work with the pros early in creating a solid plan of attack.

2.  Sell First

This will help you avoid purchase deadline pressures and allows you to buy with no strings attached; a contingency clause in the sales contract could allow for time to find your next home; renting your home in a down market and selling it later is also worth considering; if you do buy before selling, a bridge or swing loan against equity in old house may cover your down payment and closing costs in new property.

3.  Coordinate Closings

With several entities involved in real estate transactions (e.g., appraisers, loan officers, underwriters, attorneys, closing officers, title companies, pest and home inspectors) the risks of miscommunication is exponential with multiple transactions - furthermore, when several families are involved, a hitch with one affects the others, thus the fewer people involved, the better - e.g., with a local to local move, try to use same professionals.

4.  Consider Short Term Solutions

Interim/temporary moves may help you negotiate (e.g., faster close for better price) - consider moving everything but essentials into transit storage so as to avoid hassles/expense of moving twice - alternatively, you might be able rent your home back to yourself from new buyer.

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Ridgefield Talks In and About Ridgefield Real Estate with Anne Scott - Leading Ridgefield Realtor in Fairfield County Connecticut
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