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Sell & Buy At The Same Time In The Ponte Vedra Beach Real Estate Market?

Buying a home and selling a home are equally stressful, but what about when you are trying to coordinate both at the same time? There are a lot of moving parts and working with the best Ponte Vedra Beach real estate agents can ensure a smooth transaction for you. Here are some things to think about to make your move as smooth as possible:

:: FINANCING :: Truly simultaneous closings are possible, but rare especially when financing is involved. Regulations put in place to protect consumers have made simultaneous, or “double”, closings very difficult to pull off. If you wish to try, the best scenario is to work with the same title company and escrow office for both transactions. Usually, the sale of your home is closed first, your mortgage on your old home is paid off and then the purchase of your new home is closed.

:: SEQUENCE :: Selling your home ahead of buying is the most risk-free alternative, as neither transaction is contingent on the other. However, this might require your family to have a place to live while waiting on your new home to close, compromising some convenience and incurring an expense. Some families ask for a “lease back” meaning they pay the new owner rent to stay in the home for a short period of time until they get the keys to their new home.

:: CONVENIENCE :: Buying ahead of selling is a dream in terms of convenience. If you buy first, you can take your time moving, doing renovations and decorating before spending your first night in your new home. But will you qualify for a new mortgage without a contingency on the sale of your existing home? If you can pull it off, or are paying cash, buying first could be the best option for you. Remember to realistically consider how long you can afford to maintain two properties in case it takes longer than expected to find a buyer for your home.

:: COORDINATION :: Lastly, consider your buyers and sellers carefully when trying to coordinate a sale and purchase within a short amount of time. Beware of a seller or buyer who is displaying signs of being uncommitted to a deal. While no deal is guaranteed until the closing documents have been signed, when you need a purchase or sale to collaborate with your schedule, you should carefully evaluate who you sign a contract with. A contract with contingencies on other deals going through, a lender expressing doubt about final financing approval, or a low good faith deposit all show as red flags on an offer.

If we can answer any questions about how to pull off a double closing, or share some of our experiences as the best real estate agents in Ponte Vedra, please don't hesitate to contact us.

(Photos courtesy of the Young Fouraker Day listing at 120 Bent Pine Ct. in Marsh Landing Country Club in Ponte Vedra Beach, Fl)



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