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HOMESMART EVERGREEN REALTY, MISSION VIEJO, CA 92692 | Phone: 949.350.4555 | Fax: 949.666.5363 | TParrott@courtroom911@gmail.com


Here Is How To Sell Your Present Home And Buy your Next Home At The Same Time In California

Is it possible to buy a home and sell your home at the same time anymore?
It's a Buyer's Market and most of them are bargain hunting, looking for a Short Sale or Foreclosure/Bank Owned REO to buy at a huge discount price from the the Fair MArket Value of the property. Investors are buying up the foreclosures for all cash and reselling them at huge profits. This is preventing Homeowners with equity from getting a sale without taking a huge hit on most of their equity.

So, what should you do 1st?
Should you list your home for sale, go through months of Open Houses with unidentified strangers wandering through and casing your home for valuables, Low Ball offers, and wait to get an approved buyer into escrow on your present home, or even close escrow before you start to find a new place to buy?
Should you find the home you want before putting yours on the market?
Will a bank even start to finance you to buy without your selling your present home first, allowing you to have 2 house payments at the same time ?

The answer is YOU DON'T NEED TO go through all this when you EXCHANGE or PERMANENTLY SWAP your home ! It just has to be done in an organized manner using the right professionals, such as an Exchange Real Estate Attorney/Broker

These questions are all valid because real estate has changed so drastically since the real estate banking crisis and meltdown in 2008, when it was very easy to borrow against the equity you had in your current home. By opening a home equity line of credit (HELOC), you could borrow up to 95 or even 100 percent of your home’s value and use that money as your down payment for the purchase of your next home. You could close on the new home and then sell yours afterwards.

Today, the equity in your home has likely been depleted and much of it is gone. It’s a new market and we have found a new way to do things. It was stressful before and it can be even more stressful now if you don't know what you are doing. It’s difficult to precisely time a real estate transaction and for most, the financial stakes are high.

Even though there may be more coordination and the process can be more difficult, there is a way to buy and sell a home at the same time. It has always been used, but, when home equity was high and homes were selling quickly there was no need to use the Exchange to move from one home to another. But, that has all changed homes are sold just as fast now only when you do a an Exchange or Permanent Swap. However, before you begin, you need a well thought-out plan, a good Real Estate Exchange Broker and Attorney on your team, so you can have all of your ducks lined up in a row in advance.



Of course, there are things you and your agent can do to increase the odds that your multitasking will pay off. Here are five tips to get you started:

1. Know your finances inside and out. This is a no brainer. You need to know not only what you can afford to buy, but also, what your house is worth before you even get started. Talk to your real estate agent and consult a mortgage banker or broker for loan pre-approval.
2. Start packing. Start boxing up stuff you don’t need easy access to. Get rid of all the things you won’t need until you’ve moved into your new home. This will help make your home show better and starting the packing process now will make it that much easier to move later. You may need to rent a storage unit temporarily for your stuff.
3. Do whatever quick fixes you need to do to sell your home. Do you have a toilet that constantly runs? Is your kitchen right out of the 1950s? If so, get busy fixing those things that could cause your home to sit on the market longer than necessary or affect your home’s value.
4. Start home shopping and learning the market. Start going to open houses and seeing what’s out there. Begin the process of elimination: What are the must-haves and the deal killers?
5. When you’re ready, list it. Depending upon your situation, you might want to list your property toward the higher end of its value range, once you’re actively in the market. This can buy you time while you shop for your next home. And who knows? You might get more money. (It still happens.) Starting now helps reduce the stress later From this point on, the situation can play out in any number of ways. For example, you might find a home you love before you’ve got a firm offer on your house. In that situation, you could make the seller an offer with a contingency that your offer is subject to the sale of your home. On the other hand, let’s say you’re the seller and someone has made a solid offer on your home. Great. But you haven’t found your next home yet. Here, you might ask the buyer to let you stay in your home for a month or more as a renter, while you continue your house search.

There are hundreds of variables and the possibilities, depending on your local market and your personal and financial situation. The main thing is to work with a professional Real Estate Exchange/Swap Attorney Broker who will handle most of the work for you. Your most important responsibility will be to locate a property you would like to buy and let your Broker know which they are. Choose 1st, 2nd and 3rd choice. Your broker can help you find homes that fit your needs by giving you access to the MLS from the comfort of your home computer with a service he has known as LISTING BOOK. You will be able to see all the homes on the market in the areas you select without wasting your gas driving around, up and down the streets in the neighborhoods you like. This way you can do most of the home finding homework up front. This will help you move more quickly later when your Swap/Exchange Broker gets you inside of the homes you have preselected. And most of all, you’ll be less stressed.