Here at Pat Robson & Co. we understand the stress and pressure when it comes to simultaneously selling your home whilst buying another. From financial complications to strategical timings, there are many elements to consider throughout the process. In this article we will provide you with our expert industry knowledge as well as an insight into how we can help make things run smoothly as an agent.
Top Tips:
1. Understand Your Financial Situation From The Start
The first step to take to climb the property ladder is identify your home’s value. We offer a free, no obligation, market appraisal to estimate the value of your property. Our valuations are conducted by Tim Nixon and Katherine MacGregor, Directors of Pat Robson & Co. Tim and Katherine both share a passion for property and strive to ensure the personal, yet professional, approach adopted by Pat Robson and Co. is upheld for you as a client to have the best experience possible. When you receive our detailed report from your appraisal, you will have an indication of your property’s current market value which will enable you to identify any equity in your home.
The next step is to get your mortgage in principle from a possible provider. This helps you understand your budget and what to look for when conducting your property search. Having your mortgage in principle before offering on a property is also a desirable attribute to sellers as it helps to speed up the process and show commitment towards a property.
With this clarity on your financial status, you now have a figure in mind that you would sell your home for in order to purchase your next home. Now is the time to start looking for your next home whilst instructing your agent to launch your house to the market.
2. The Key To Success Is With The Agent
With a simultaneous sale and purchase, it is important to choose an agent that has a wealth of experience handling complex transactions and that will help make strategic decisions when coordinating timing and negotiating terms. Pat Robson & Co. have been handling the sales and purchases of clients since 1998. Our dedicated Sales Progressor, Danielle McEntee, brings a vast range of experience to the role and is well equipped to handle any situation that may crop up during your sale or purchase. Click here to read more about our all inclusive sales service.
3. Buy First Or Sell First: Pros & Cons
We know the importance of timing especially with a simultaneous sale and purchase. Each situation is different and our team are always on hand to talk you through the pros and cons to buying first or selling first and help you make the right decision. Here are some general pros and cons:
Selling First:
If you choose to sell your home first, a benefit of this is knowing exactly how much you can spend on your new home. This will help narrow your search for your next property and give a clear picture of your finances. However, selling first may not be the right option for you as you may need temporary accommodation if you haven’t yet completed on your new home. The pressure of a quick sale may also make you feel rushed into buying your next home and not think as clearly of the prospects of your new home.
Buying First:
Whilst buying first requires your agent to set a threshold offer, which is the minimum offer you are willing to accept on your property, there is no risk of needing temporary housing. This instance also allows you more time to find the right property for you and your family, perhaps exploring a range of locations and styles of homes. However, buying first adds the possibility of owning two homes at the same time, which may put a strain on you financially and may require extra financing and contingency planning.
4. Stay Flexible
When juggling the sale of your home and the purchase of your new home there is a lot of documentation that your agent will require from you. Any delays in submitting your documentation can affect your timeline. Here are some things you can prepare in advance:
- Mortgage In Principle Offer
- Recent Bank Statements / Proof Of Funds (if any money is gifted, the person gifting the money will need to provide proof of funds and confirmation of the gift)
- Tax Returns (if applicable – usually last two years)
- Your Current Mortgage Statement
- Proof Of Ownership / Property Deeds
Having these documents readily available will help you answer the requests of your agent in a timely manner and show the prospective buyer you are committed to a smooth sale.
However, whilst you can be extra organised and respond to requests on time, there are other factors that may delay the process and be out of your control. Here are ways in which you can prepare for the unexpected:
- Build in extra time to your estimated completion schedule
- Consider a temporary housing solution should this be needed in between the sale of your current home and the purchase of your new home
- Be open to negotiating exchange dates
By keeping an open mind and flexibility with the process allows the sale to stay on track and can benefit you in your overall journey.
5. Communication Is Key
With multiple parties involved in the process, including Agents, Lenders, Solicitors, Purchasers & Sellers, it is important to keep everyone in the loop to help the process run smoothly. This helps to prevent any misunderstandings or delays with the process. Here at Pat Robson & Co. we pride ourselves on our clarity of communication and regular updates we are able to provide. To find out more about how we can help you, give us a call on 0191 20 90 100.
We understand that the processes involved with buying and selling a home can be confusing and complex. And making strategic and thoughtful decisions is key to its success. Our team at Pat Robson & Co. bring a wealth of experience to the task in hand and are ready to handle your sale or purchase.
Take the first step towards your new home and book your free property valuation today.
