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Trulia Phila…, Other/Just Looking in Philadelphia, PA

How is home buying different the second time around?

Asked by Trulia Philadelphia, Philadelphia, PA Tue Jan 29, 2013

When you have a home and will have to sell in order to buy the next, what are the proper steps to take to ensure the process (both buying and selling) goes smoothly?

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Ryan Garrity’s answer
I would suggest to first list your current home for sale. While your current home is listed for sale, keep your eye on the market and do your due diligence on homes/neighborhoods that you are interested in. I wouldn't suggest putting an offer in on a new home until you have an executed agreement of sale on your current home, you are through the inspection phase, and the buyer(s) have recieved their financing approval.

Once those steps are completed, it's usually pretty safe to put an offer in on a new home. You can try your best to coordinate the 2 closings, but I would have a backup plan just in case you have to settle on your current home prior to making settlement on your new home. Please feel free to reach out if you have further questions.

Best,

Ryan C. Garrity
U S Spaces, Inc.
2043 Locust St., 1F
Philadelphia, PA 19103
215-829-8850 x208
215-514-9424 (cell)
ryan@usspaces.com
1 vote Thank Flag Link Wed Jan 30, 2013
BEST ANSWER
I typically advise sellers to sell first and figure out an interim plan. In the past many people - me included - would put a property under agreement and then put their own property on the market - figuring it would all work out. Nowadays with so many financing issues it's best to do things one at a time.

If you sell first you're better off as a seller and as a buyer. You're not forced to take any offer just to get your place sold and you'll be a better buyer when you can say your own home is already sold.

In my market offers contingent on the buyer selling their house are very unlikely to be accepted. One solution I've found is to advise my clients to start looking for a place to buy once we're several weeks into their sale. That way we can see if we can get a home sale contingency accepted that will expire before the financing contingency on their purchase. They may need a place to live for a few weeks between their sale and purchase but the peace of mind exceeds the cost and the hassle.

Most homebuyers think it will be easier the second time around but it's actually more challenging. Good advice and counsel from an experienced agent will help you through the process.
1 vote Thank Flag Link Tue Jan 29, 2013
Buying a home the second time around is a breeze, right? You would learned from every single mistake you made buying your first home. keep in mind what have you done before, what are the actions you had taken according to your brokers and advocators and how they come into play and benefited you.

I would say, the second time buying houses and property is more complicated than the first one cause you know more than the first buying.

Carl Garcia
http://www.airsoftatlanta.com/
1 vote Thank Flag Link Tue Jan 29, 2013
Many people who are selling their current home and looking for a new property use their past realtor. That is the way that I get the majority of my business. If you had a decent experience that may be the way to go. If you had an upleasant experience I with my 28 years experience can walk you through step by step.
You will want to get a CMA (comparative market analysis) for your current home to see what your proceeds might look like. Once you determine a market value you can get an idea of what your next property value may be. As in your past deal you will need a mortgage pre-approval (if you are getting financing).
Please feel free to call me with any questions at 215 698 2024.
1 vote Thank Flag Link Tue Jan 29, 2013
OK....... research future neighborhoods,

Prepare your selling home to shine like a jewel so you can get an appealing and strong buyer that will give you a smooth transaction and a flexible settlement date... by doing so.... your paper trail that you have to show on your future purchase home .... will be solid and acceptable to your new seller of the future home with an offered flexible settlement date.

Its not always the money... its the way you structure the smooth transaction in the complex time scheduling world that we live in. Keep it smooth and simple.

All the best John Curci RE/MAX Properties Ltd 215-757-2889
0 votes Thank Flag Link Thu Jan 31, 2013
Every time is a different experience no sale no purchase is the name ,I learn something each day ,may I assist you in any way possible HENA MARTIN BROKER 760-251-2868
0 votes Thank Flag Link Wed Jan 30, 2013
it is different because the first time around you get a full education on the process.

Chris
0 votes Thank Flag Link Wed Jan 30, 2013
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