How to sell and buy at the same time

- Mon 21 Jun 2021

Whether you haven’t moved for a long time and are a little out of touch as to how the moving process has changed or perhaps you are a first-time seller and therefore never coordinated a sale and a purchase, we will look at the best way to manage both and avoid a few common issues that can cause increased stress and worry.

This may be obvious, although it is important to investigate your options before marketing your home. Primarily you will need to know your affordability, and also whether you will incur any penalties with your existing mortgage product should you move. Mortgage lenders tend to be more flexible than people think when it comes to this, so contact a Mortgage Advisor who can access the whole market of lenders so you are sure of getting the best deal/product and ultimately confirm your options from a financial perspective.

The next step will be to look at the value of your home, which for a mortgage discussion could be sourced by one of the many online valuation tools, (there is one on our Bradleys website if you’re not sure where to look), particularly if you have a fairly typical home and by that, I mean a modern home or an older terrace where there will be plenty of examples of similar homes that have sold. If you have something a little more unusual or unique then you will want to get some local Estate Agents involved to identify the value and whilst there, find out what they can offer you should you choose to use them.

Having checked the value of your home and affordability it is important that you search the area you are seeking to move to and ensure that your move is a realistic one. Can you afford the type of property you require in the area for the funds you are able to source? Even if nothing is available, look at the properties that are sale agreed on the portal websites and local agents’ websites. You need to know your move is achievable before taking the next step. If in doubt, contact some agents in the area and talk to them about it and ask the questions that are important to establish how viable your move will be.

At this stage, you may be questioning whether you should try to find a home first and then market your home, after all the Estate Agents did say how nice your home was and how confident they are of selling it. Whilst this is likely to be true, the advice we always give is to get your house marketed or perhaps marketed on a low-key basis. The latter is where you have engaged an Estate Agent, you have produced all the marketing and then can market publicly the moment you see the home you wish to buy. The danger of low-key marketing in such a fast paced market like the one we have experienced so far in 2021, is that you may still miss the home you want. As a result, we would advise getting your home marketed first.

Now as an Estate Agent we’re obviously going to tell everyone that you should always instruct an Estate Agent to manage the sale of your home! So here we go; you really should use an Estate Agent, and ideally one with local knowledge and expertise, not solely to find a buyer but to help you manage the whole process and secure you the best price in the market conditions. Whether selling privately had crossed your mind, after all your friends have always said how nice your home is and they would love to live there, or perhaps using a quick buy company, online national agency with a regional sales rep located 50 miles away, all of these will have pitfalls which could lead to you not achieving the best price or your sale not being managed through to the successful completion.

Should you receive multiple interested parties in your home and offers quickly follow there are a few important points to consider; do not take the first offer as there may be higher offers and/or buyers in a better position offer shortly afterwards, equally don’t hold out too long or you could lose the interest. You should also consider your potential buyers’ timescales and whether that suits your position, particularly if you are yet to find a home you wish to buy. The more flexibility a buyer can offer could mean they are the best buyer for you even if they made a lower offer.

It is at this point where your agent’s skills are shown, both with ensuring you are getting the best price/best buyer for you and also explaining your position and communicating from here on with your buyer frequently to ensure they know exactly what is happening with your search for a home. A weekly update to all parties will be essential. If you are moving in and around the same location, you should also be discussing what you and your agent can do to help find a suitable home so that you can all move forwards.

We like to suggest a more traditional approach at this point and regularly phone the agents to discuss your search and check if they are about to launch a property that may be suitable. This will make you stand out against all the people that will wait for something to appear online as well as build a rapport with them, which could be really useful in the future.

Whether it is a week or two before you find a home or perhaps even several months, remind yourself as to why you want to move, keep your goal at the fore. Think carefully before considering alternatives such as moving into temporary accommodation or perhaps settling for a lesser home than you were originally planning to move for. These could be costly, particularly in a rising market, or perhaps result in another move quickly, therefore, incurring double the various associated costs. When you do find that perfect house and you move in, there will be a feeling of such contentment and joy you will realise it was well worth the wait!

Bradleys Complete Property Service is designed to help you with all your moving needs from whole of market Mortgage Advisors, experienced Estate Agents in 30+ locations covering Taunton to Penzance, Chartered Surveyors, local Conveyancers, and home insurance plus much more. If you are planning a move, please get in touch, we would be delighted to help you move.