How a Realtor Can Help You Buy and Sell Homes at the Same Time

Lucas Haun

09/21/21

 
Do you want to begin looking at new homes for sale in Sequoyah Hills but also need to sell the home you currently have? This is a common situation for those who are not first-time homebuyers. Though it can be a tricky situation — especially if the timing does not go your way — you can reduce the stress by doing some planning and working with an experienced Knoxville real estate agent. 

Here’s how a professional realtor can help you navigate a simultaneous selling situation and get through the process with the least possible amount of stress.
 
 

They Can Help You Price, List, and Market Your Current Home

The Knoxville area is currently experiencing a buyer’s market, which means more homes are listed for sale than there are interested buyers. Listing and marketing your home effectively is the best way to appeal to those buyers and help you get offers before you commit to buying a new home. 
 
Your Sequoyah Hills real estate agent can assist you by performing a comparative market analysis to settle on a fair price, list it with high-quality images and complete descriptions, and market it online to appeal to those buyers who are narrowing down their options via social media or Google search.
 
 

They Can Help You Start Looking for Homes in the Area

Though you won’t experience as much of a challenge looking for homes for sale in Sequoyah Hills as you would in a competitive market, you will still benefit from working with a well-connected agent. Your agent can hook you up with homes that are newly listed, haven’t yet been listed, or will be pocket listed and not marketed to the general public. This will help you get a good idea of what’s available so you can make a quick offer once the timing is right.
 


They Can Assist You with Financing

Financing can be complicated in a simultaneous selling situation — especially if you want to buy one of the new homes for sale in Sequoyah Hills before you sell the one you currently own. In this case, your agent can help you find a way to make a down payment and cover closing costs without accessing the equity in your current home. Options can include securing a home equity line of credit, doing a cash-out refinance on your house, or taking out a loan on your qualified 401(k) plan.
 
If you are able to sell your home first, your realtor can help you get pre-approved for a new mortgage and gain access to your equity so you can make a strong offer once you find a new house you want to buy.
 
 

They Can Assist with Logistics 

If the timing doesn’t go perfectly, you may find yourself with two houses (and two mortgages) or no home to live in at all. An experienced Sequoyah Hills real estate agent can help you make logistical decisions to ensure your family has a place to live and that you’re not stuck with two mortgage payments for an extended amount of time.
 
Options may include:

◾ Renting out your current home. 

Can’t find a buyer in this market? Your agent can help you find those who are interested in renting rather than buying homes for sale in Sequoyah Hills. You can rent out your home short-term while you continue looking for a buyer, or you can rent it long-term to bring in another source of income.

◾ Doing a leaseback agreement

If you buy a home but cannot sell the one you own, you can offer the seller a leaseback agreement in which they continue to live in the house and pay you to rent for a certain amount of time. You can also request a leaseback from the buyer if you sell your home but don’t yet have a new place to live.

◾ Finding a short-term rental. 

If you’re lucky enough to sell your home quickly but don’t want to make a rash decision when it comes to buying new homes for sale in Sequoyah Hills, you can ask your agent for a list of homes that are available for short-term rental. This will take the pressure off the home search and ensure your family has a safe place to live.

◾ Securing a storage unit. 

Moving the bulk of your belongings to a storage unit will help you stage your current home for listing and assist in the moving process. It can also help cut down on clutter if you have to live temporarily in a rental or with friends and family members as you search for a new home.
 


They Can Help You Decide if Buying and Selling at the Same Time is Right for You

Buying and selling homes at the same time is not the right decision for everyone. Before you start the process, you’ll be able to talk to your Sequoyah Hills real estate agent about your unique financial situation. If you find that your finances will take a major hit if you need to pay two mortgages for an extended period or come up with the cash for a down payment and closing costs, you and your agent may decide it’s a better idea to sell your home before you begin looking for new homes for sale in Sequoyah Hills. 

If you and your agent discover your finances are really in bad shape, he or she may advise you to hold off on both the buying and selling processes until you’re in a more financially stable situation.
 
Buying and selling homes at the same time is stressful no matter the current real estate market conditions. When you work with an experienced Sequoyah Hills real estate agent like Lucas Haun, you benefit from the knowledge and guidance that will help you make the best possible decisions and reach your buying and selling goals.

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Our unwavering commitment to excellence & our reputation sets us apart. Lucas Haun & Sharon Laing is a premier real estate agent in Knoxville and has helped hundreds of buyers find their dream home in Tennessee and beyond.

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