Do you own your home & are thinking of selling and buying another home? How do you do that?! I will show you how.
I’m Glenn Heslop.
I’ll show you how I’ve helped lots of people seamlessly sell one home and buy another.
Send me a message for other questions you would like to have answered.
How do you sell your home and buy another without ending up homeless or with two homes? Here’s how it works in 6-easy steps:
Step#1: Plan the sale of your existing home. Before you do ANYTHING else, you need to know how much cash you have to work with.
Establish what your home is worth right now in today's market. This is done by finding other similar homes that have recently sold and then adjusting those sale amounts by adding and subtracting the value of the differences between those homes and yours. Example: a similar home sold down the street but it doesn’t have a garage and yours does; add the value of a garage to that sale amount.
After you’ve established a close estimate of market value, deduct the costs of selling the property: legal fees, real estate fees, the cost of a new or updating your Real Property Report. Do you have a mortgage, loan or line of credit registered on the title? Deduct the balance of these plus any applicable early payout penalties (call the lender and ask).
You will now have the net cash-in-your-pocket from the sale … the money that should be available to move on to your next purchase.
Step#2: With this cash, can you buy what you want?
Make a detailed list of what you want (& don’t want) in a home. Style, size, features, location etc. I use a pre-printed worksheet/questionnaire when interviewing clients. Then search home listings and see if you get possibly acceptable matches in the areas you’d like. Maybe even go preview a couple to confirm that what you want is out there.
Can you buy what you want with the available cash? (Size, Style, Age & Location etc.)
Step#3: Consult with an experienced and competent mortgage professional and confirm that you will be able to qualify to finance your next purchase. This is a critical step! Ask the mortgage pro about whether you should consider porting (or transferring) your existing mortgage to your next home … this can mean significant savings if you are looking at a big early payout penalty on your next purchase.
Step#4: Roll up your sleeves and get your place ready to sell:
Staging: many mistake staging as only furnishing an empty and vacant property to make it show well. Staging is also using the furniture and decorations you already have to best present the features of your home to a prospective buyer. It is usually best to have someone experienced at marketing properties go through the property with you and make pointed suggestions … we are all so used to our homes that we really don't see them objectively anymore.
Photos & Video: Gone are the old days when homes were listed for sale with a single grainy photo and the statistics summarized on one sheet … or simple snapshots taken. Almost 100% of buyers start their home search online, so it is super-important to bring in a real estate photography expert to create interesting and artistic photos to show off your home.
Additionally, a captivating home tour video will also capture the interest of buyers and bring more buyers to come and tour your home.
Yes, your home should be listed on the MLS … but not just passively listed on the MLS and wait for something to happen. Your home should also be actively promoted with photos and videos on social media … it’s where the buyers are.
Step#5: Now that your home is being well marketed to potential buyers, it’s time to get in the hunt for your new home. Get out there and tour homes you might like.
Step#6: If you find THE home before yours is sold, then you might make an offer on a new home, conditional on your getting your current home sold and line-up the sale and possession dates so you can move from one to the other, you might not know, but there is a way you can line up the dates so you have two homes for a few days, to make moving easier.
Find your new home before the existing one sells?
Consider making an offer conditional on the sale of your existing home
Line up the dates
I’ve found that usually, the best way is to do this all at the same time like I’ve outlined above.
DONE: Get packing to move!
Do you own a home now & are considering selling and buying a new place?
Invite me for a free consultation. I’ll go through your situation with you and help you to decide whether you are in a good position to sell and buy your next home.