Blog :: 02-2020

How to Sell Your Current Home and Buy a New Home at the Same Time

Buying and selling a home at the same time can be a complex process.  Many people can be very perplexed, but an experienced Realtor can guide you and keep your stress levels as low as possible.  A Waltham Realtor suggests a few options when it comes to buying and selling at the same time that can hopefully keep all moving along smoothly

Home Sale Contingency

One option suggested by a Waltham Realtor is home sale contingency. When putting a home sale contingency in place, the closing is contingent upon the sale of the buyer’s home. If the buyers current home sells by the specified date, the contract will move forward. If the buyer’s home does not sell by the specified date, the contract will be terminated. Unfortunately in this case, most sellers will not accept this. They will continue to show their property to others and not wait for you. Although this is an option, it is not Waltham Real Estate’s top suggestion.

Buy First/ Bridge Loan

Another suggested option from a Waltham Realtor is to take out a bridge loan. A bridge loan is a short-term loan used by a person or company until they secure their financing. In this case, a bridge loan would allow you to have the money to buy a new home before selling your current one. The pro to this option is that you will not have to worry about possibly having to find a temporary home during the process. The con to this option is that if you don’t sell your current home fast enough after you buy your new one, you may have two mortgages that have to be paid.

Delayed Closing

With Waltham Real Estate’s delayed closing option you can place your current home under contract with a later closing date so that you give yourself more time to find a new home. The pro to this option is the security of knowing your home will be sold and you won’t have to pay two mortgages. The con to this option is that if no home is found to buy, you still need to move at the end of the delayed closing date. This will force one to have to find a temporary home in the meantime.

Hire a Waltham Realtor

It is important to hire a professional Waltham Realtor to help you along this process so that you get the best outcome for your situation.  A Waltham Agent will allow you to stay stress-free during this process as they will be able to walk you through every step. Contact Hans Brings today!

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    4 Steps to Take Before Buying Your First Home

     

    Buying your first home is a significant event in life. Although this event is an exciting milestone, the process of buying a home can be intimidating and stressful. Figuring out how much you’re willing to spend, how you’re going to fix any flaws in your credit, and saving for a down payment can all add up quickly. Instead of rushing, take your time to do proper research and take some advice from a Waltham Realtor who is ready to help you figure out all of your finance options when it comes to buying your first home. Here are 4 steps to take before buying your first home to ensure your finances are in order and you’re ready to take this big step!

     

    Boost Your Credit

    Your credit score is a huge factor in whether or not you are ready to buy a home. Your credit score determines if you are qualified to have a mortgage and if so, for how much. To qualify for the lowest down payment you must have a credit score of at least 580, although that will not get you the best interest rates. Waltham real estate suggests having a credit score of at least 740 to get the best interest rates possible.

    It is important to take the steps to boost your credit before you start the process of buying a home. The higher your credit, the more money you will save in the long run. Waltham real estate agents can assist you in ways in which you can boost your credit.

     

    Know Your Budget

    It is important to know what you can afford and what you cannot before starting the process of buying a home. The down payment is just one of the many payments you have to make when you are purchasing a house. Each month you will have to pay insurance, interest, principal, and property tax and all of these must be considered when you are figuring out your budget. Hiring a Waltham Realtor can ensure you are budgeting for the proper amount which will allow you to find the perfect home for the perfect price for you.  

    Do your research beforehand and learn about the average cost of homes in the neighborhood you are looking in. It is recommended by Waltham real estate to always do home research outside the neighborhood you are looking in. Keeping your options open can surprise you and result in finding a bigger home that is still within your budget.

     

    Understand the Process

    When going through the process of buying a home it is important to not rush. Sometimes the process can take longer than expected but one must remember that the best outcomes sometimes take the longest. Once you make an offer on a home your Waltham realtor and the lender will be able to give you a timeline of what to expect going forward and how long things will take. Always take a Waltham real estate agent’s advice when it comes to searching for a lender to work with.

     

    Let Your Lender Work for You

    Once you have made it to the stage of your offer being accepted, this is when things start to get busy and there becomes a lot of moving parts. You’ll have to fill out many forms and documents as well as find a settlement date. Inspections will also have to be done and then you’ll need to start the process of the move itself. Let your lender guide you through all the moving parts so nothing is lost in the process and you’ll be able to complete everything on time.

     

    To begin the home buying process contact Hans Brings, your #1 Waltham real estate agent! Your Waltham Realtor will ensure you get the best home for the best price and everything in between goes smoothly. Call today at 617-968-0022 or email Hans at hans@hansbrings.com.

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