How to Buy and Sell a Home at the Same Time—Without Losing Your Mind

Ah, to be a first-time home buyer again: How easy it was to buy a home when you weren’t carrying another mortgage on your back!
If you’re looking to graduate from first-timer to repeat buyer, you know things are about to get much trickier. Unless you’re a bona fide house collector, you’ll have to sell your home in order to buy anew—adding a whole separate layer of anxiety to what you already know is a stressful home-buying . 
In an ideal world, you’d buy a new home, move, and then, and when all the dust settles, deal with the turmoil of selling. But for most people, that’s totally unrealistic. Not only does it cost significantly more, since you’ll be paying two mortgages, but sellers might be quick to judge if you’re holding on to your current home. Another words if it’s NOT on the market. 

You can do this! If selling and buying simultaneously is the only way to go, here’s what you need to know to make sure both processes go as smoothly as possible.
Know the market first.
Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you’re planning to buy). Is the market weighted toward buyers or sellers?
Only then will you be able to fully strategize. As is so often the case, the best plan of action may differ depending on exactly who has the power.
That doesn’t mean to find one house you like and call it a day: Find multiple suitable options. That way, you’re less likely to find yourself in trouble if your purchase falls through—your newly sold home won’t leave you stranded.
Similarly, make sure to hire an appraiser and price your old home fairly. Now is decidedly not the time for delusions of grandeur: Two extra months on the market because you couldn’t humble yourself to lower the price means two months you’ll be paying double mortgages. Two very long months…
Plan your schedule carefully…
Should you buy first, then sell—or vice versa? Both have their risks and rewards. Selling first makes getting a mortgage easier, but it also means you’ll need to find a temporary place to live. Buying first means moving will be easier, but it also skews your debt-to-income ratio, making it harder to qualify for a new mortgage—not to mention the difficulty of juggling two monthly house payments.
“It’s like walking a tightrope ! Your finances will be on the highwire, too. When determining whether you should sell or buy first, think beyond “How can I make the move as easy as possible?” Instead ask: “Can I handle two mortgages? What if my home sells for less than its listing?”Whichever option you choose, make sure you’re prepared to accept the consequences: having to store your stuff and rent temporarily, or undergoing the financial burdens of dual mortgages.
… but don’t rely on timing
When buying and selling a home simultaneously, “there are so many external circumstances. “I’ve yet to see it really work smoothly and efficiently.”
Remember: You’re not the only party in this equation. For every seller there’s a buyer, for every buyer a seller. While things might appear to be working smoothly when viewing your master plan from above, that doesn’t take into account the variabilities of other people. 

Closings are rife with delays. Your buyers might have difficulty securing their mortgage; your home inspector may bring up issues that need to be fixed before you can move in.
“You’re relying on the seller of the place that you’re buying to be ready to move in concert with the buyer of your house.
So even if you’ve planned to sell your home first and are prepared to rent while buying, know that even the best-laid plans go awry—and you might end up juggling both mortgages. Preparing yourself for this (however remote) possibility ahead of time will ensure a smooth transition.
Know your financial solutions.
For those who choose to sell first, the process is relatively straightforward other than the additional cost of a rental between homes. However, there is the option of a rent-back agreement, where you negotiate with the lenders and buyers to be able to remain in the property for a maximum of 60 to 90 days—often in exchange for a lower selling price or rent paid to the buyers. This can relieve some of the pressure of finding a new home, giving you additional time to house hunt.
But if you’re buying first, talk to your Realtor about ways to decrease your financial burden and risk. Here are the two most popular options for buyers:
Contract contingency: Buyers can request that their new home purchase be dependent on the successful sale of their old home. If you’re looking in a competitive market, this may not be a good option; however, if the seller of your intended home has had difficulty attracting interest, this may be a good deal for all parties involved—assuming you can convince them that your home will sell quickly.
Bridge loans: 

Bridge financing allows you to own two homes simultaneously if you don’t have deep pockets for a second down payment. This option is especially attractive if you’d planned to sell your home first and use the proceeds to buy the second. It functions as a short-term loan, intended to be repaid upon the sale of your original house.
Don’t let fear rush you!
If your home has sold but you haven’t found a new place to live, don’t let anxiety push you toward a bad decision. Sellers should pre-emptively plan on a short-term rental “so they don’t feel stressed or pushed into something that they would not normally be interested in,” he says. “They shouldn’t make a purchase because they felt like they were pressured from the time constraints.”
Found the perfect home right on schedule? That’s great. But don’t feel like you have to compromise on things that are important to you just because you need to find a home. Conversely, don’t accept a bid that you feel is too low just because your finances are strained by two mortgages. 

If you have a temporary apartment set up, you’re less likely to compromise.Certainly, selling and buying a house simultaneously will be stressful—but carefully considering and planning for the risks and hurdles can mitigate the stress.

Lead Paint: Do You Have It in Your Home?

Lead poisoning is a serious health issue for both children and adults. It can affect anyone, even affect a fetus in the womb, if the mother inhales or ingests lead from paint.
And if you think you can’t come into contact with lead paint, think again. If you live in an older home, your walls, doors, trim work, and handrails may be covered with lead paint. And even if the original paint has been painted over many times, you may still be at risk for lead poisoning. Old paint that chips off can pose a problem, as can dust from lead paint that is sanded down.A Short History of Lead in the Home

Lead is a highly poisonous material, and lead paint is not the only culprit. Before the dangers of lead were fully recognized, however, many commonly used materials like paint and gasoline were made with lead. Lead is everywhere and, unfortunately, you can’t see it or smell it. Lead can be found in:
House paint made or used prior to 1978
Plumbing materials like faucets and pipes in homes

Dirt and soil

Utensils, plates, and other serving ware made from pewter

Some batteries

Paint and art sets for children

Items like fishing sinkers and bullets

Furniture and toys that were painted prior to 1976

Some painted toys and household items that were made in countries other than the United States

Small figurines

Health Problems Caused by Lead Paint

If lead paint chips are ingested or dust from sanding off old layers of paint is inhaled or swallowed, lead poisoning may result. Lead poisoning can cause these symptoms and complications:
Lack of energy
Frequent headaches

Insomnia

Constipation

Abdominal pain (usually from ingesting a large amount of lead)

Moodiness and irritability

Problems paying attention

Behavioral issues

Hearing difficulties

Damage to kidneys

Lower IQ

Delayed physical and mental development

Affected senses

Adults may experience:

Pain in joints and muscles
Concentration and memory deficits

High blood pressure levels

Problems with nerves

Reproductive issues

Know Your Lead Paint Risk

Every home, before it can be bought or sold, must have a lead paint disclosure that states what the owners know about the history of the home and the presence of lead-based paint. You can check the disclosure on your home to see if there is any known history of lead-based paint use in the house.Getting the Lead Paint Out
Paint samples from your home can be tested to determine if they contains lead. Though there are do-it-yourself home tests available, the U.S. Consumer Product Safety Commission (CPSC) recommends lab tests as the most reliable method. If you are concerned that you or your children have been exposed to lead, ask your doctor about blood tests to check for signs.
If tests confirm that there is lead paint in your home, the best thing to do is get rid of it … safely. Here are some ways to address the situation:
Remove lead paint. Professionals can strip or sand away lead paint from your walls, and take care of dust and other lead contaminants that may be left behind. For a very small area, you can do it yourself, but use paint thinner or other wet methods to avoid dust.
Cover up lead paint. Don’t just paint over it — you need to seal in lead paint and its dust and flakes with a special sealer.

Replace trim containing lead paint. If you have a door, windowsill, or other trim pieces that have been painted with lead paint, remove them carefully to avoid creating dust and replace them with lead-free materials.

How to Successfully Buy a Home in a Tight Seller’s Market

If you’ve decided to buy a home this spring ,good luck to you ! Your challenge will be not just finding a home you like, but also beating out all the other home buyers who like it and want to make an offer on it, too.

The number of homes for sale is low nationwide, particularly in the price ranges desired by first-time home buyer’s.. The latest figures from the National Association of Realtors show that that there was only a 4.4-month supply of homes for sale in February, which is lower than the six-month supply that indicates a balanced market. One-quarter of February’s transactions were all-cash sales, according to the NAR, and investors bought 18 percent of the homes that were sold.

“A well-priced home in good condition will usually move very quickly and often have multiple offers.That means that if you want to end up with a nice home, you need to be strategic. Expecting to find the home of your dreams by nonchalantly walking into a few open houses or pursuing some online listing’s is not realistic in this seller’s market.

Finding a good real estate agent who knows when and how to negotiate is crucial in today’s market. While everything is negotiable in real estate, sellers are often less inclined to deal if they have other offers waiting in the wings. Plus, if you’re a buyer,working with an agent usually costs you nothing because the seller pays the full commission.

These days, most would-be buyers come to an agent with a list of homes they’d like to see based on their online research. While that often serves as a solid starting point, a quality agent may find additional options. After buyers have seen a few properties,skilled agents can typically gauge what they’re looking for in a new home and may have other properties lined up. “It’s advisable to listen to your Realtor”.

Here are nine tips to help you get the house you want this spring.

Get your finances in order first. Several months before you intend to start looking, you should get copies of your credit reports. to make sure you’re in a financial position to buy. Shop for mortgage financing before you start looking at houses. “I will not take anybody to see any house unless they have a preapproval letter or proof of funds.

Move quickly once you find the house you want. That often means rushing out to see new homes within hours of them being listed and writing up an offer immediately if you like the house. Things are gone in a matter of hours.. “You really have to move fast.”

Don’t make snap judgments based on listing photos. A house that doesn’t look appealing in photos  could still be a great house. Homes being sold by an estate or homes with tenants inside often yield particularly poor photos. Plus, photos fail to convey the feeling of a home or the floor plan. “Unfortunately, the pictures don’t tell a true story. “You have to be willing to look past some of the pictures.”

Be realistic about the inspection and repairs. The more competitive the market, the less likely a seller will be to make repairs, though some sellers may lower the price if the inspection reveals expensive defects. The purpose of the inspection isn’t to get the seller to repair every small problem but to find out for sure that the house is what you thought it was. “They’re not buying a brand-new home.“What we are looking for are major defects we were not initially able to see in the walkthrough.”

Start with your best offer. A competitive market is not the right environment to negotiate a bargain. You may get only one chance to make an offer, and your offer may be one of several the seller will choose from. “You really need to come in with your highest and best offer. ometimes adds an escalation clause, offering to pay up to a certain amount in cash if the appraisal comes in lower than the purchase price. Another type of escalation clause offers a specified amount above the highest offer received, usually with a cap. Remember that the offer includes not only the price, but also your financing package and other terms such as the closing date and contingencies.

Write a personal letter to the sellers. Some sellers are interested only in how much money their home sale will yield, but others love their home want it to go to a new family that will love it just as much. If you really like a house,include a personal letter and a family photo with your offer. “It doesn’t work for everybody, but I have seen it work for many, many people,” Hebert says.

Make a big earnest money deposit. The expected size of the earnest money deposit, and the rules about when you get it back, vary by locality. But sellers often see a larger deposit as a sign that you’re serious about the deal.

Make a backup offer. Many prospective buyers don’t want to make an offer on a house that has a pending contract. But deals fall apart over inspections, financing and other terms. If you found the perfect house, you can make a backup offer that will put you in first place if the initial buyer walks away.

Consider waiving or shortening contingencies. Most offers are made contingent on the buyer getting a mortgage, the appraisal being equal to the purchase price and the buyer approving the inspection.. Waiving any one of those contingencies can be risky, but may be the right move in some circumstances.You can also beat other offers by shortening the time periods, such as promising to do the inspection or get financing sooner – assuming you can make those things happen. “If you can shorten your contingencies, you can make your offer look better to a seller. “Nobody wants to wait three weeks for a deal to fall apart.”

 

White clock with words Time to Sell on its face                                                     Hot-sellers-marketimg_2320