Buying a Home and Selling a Home at the Same Time: Total Nightmare!!
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- Опубликовано: 6 июн 2024
- Buying a Home and Selling a Home at the Same Time is really hard!! This video helps you figure out how to navigate the process when you are buying and selling a house and you are looking for a place to start. Many real estate agents tell you they know how to sell and buy a home at the same time, but Kati gives you the real honest truth and how to start when you are looking to buy a home and you decide to sell your home.
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Ever thought about moving to a bigger place because your current house is just too crowded? Imagine living in a busy home in a cool spot like Northbrook or Glenview, near Chicago, with six people and a pet, and everyone's fighting over one bathroom. You dream of a new house in a beautiful area like Lake Forest or Wilmette, but the idea of selling your old house and buying a new one at the same time seems super tricky.
In this video, we're diving into a real story shared by Kati Spaniak, one of the best realtors you can find on the North Shore, with Terra Lux Homes (formerly the Spaniak Team) at eXp Realty. It's not just for folks buying a home for the first time; it's also packed with tips for people looking to make smart moves in real estate, like selling a property they invested in.
We'll break down some fancy terms like 'home sale contingency' and 'home close contingency.' These are big words that basically mean making sure you can sell your old house before you buy a new one. It's super important for anyone looking to buy or sell in places like Deerfield, Highland Park, or Winnetka.
Selling your house quickly means doing more than just putting up a "for sale" sign. It's about making your house look its best, knowing the right time to sell, and figuring out all the money stuff. This video has tons of advice on how to make your house look great to buyers, and how to get ready to buy your next home.
If you're wondering, "Should I sell my house now?" or "How can I sell my house quickly?" this video has got you covered. We'll talk about everything from deciding to sell to understanding why the Chicago North Shore is a great place for buying and selling houses.
Follow along as we help you through selling your old house and buying your new dream home. We've got all the tips and tricks you need, from making your house appealing to buyers to knowing the best time to jump into the market, all shared by one of the top real estate experts around.
So, if you're thinking about getting a new place on the North Shore or selling your current spot quickly, this video is full of helpful info to guide you smoothly through the process. Watch it before you make any big decisions, and learn how to move from your old house to your new home in a breeze.
In Illinois or Florida? Kati can list your home! Get in touch with Kati directly by calling or texting 847-318-3431 today!
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Hey, Kati Spaniak here, I’m a top Chicago North Shore Real Estate Agent. Thanks for watching my channel your ultimate guide to selling and buying homes in the Chicagoland area. Specializing in the vibrant communities of Northbrook, Glenview, Northfield, Wilmette, Kenilworth, Winnetka, Glencoe, Highland Park, Lake Forest and Deerfield. I offer expert advice and insider tips to navigate the North Shore Chicago real estate market with ease.
Whether you're looking to sell your property for the best price or buy your dream home, my channel provides comprehensive support, market insights, and personalized services to meet all your real estate needs. Stay tuned for our latest success stories and invaluable advice from one of the top Realtors on the North Shore of Chicago, ensuring you make informed decisions in this dynamic market.
Subscribe for the latest updates and reach out for a personalized consultation to start your journey in the North Shore Chicago real estate market today!
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Kati Spaniak | Team Leader & Broker
Terra Lux Homes - eXp Realty
847-318-3431
www.TerraLuxHomes.com
bit.ly/ContactKati
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The key to getting a seller to agree to a contingency agreement is to offer more than their listing price to sweeten the sour
If you can make an offer that does not depend on the sale of anything else, or the closing of anything else, you go to the top of the offer list.
That’s the truth!
Years ago we bought and sold a house on the same day, the schedule didn’t leave time for a final walkthrough but the seller’s agent assured us the house was cleaned out. It was trashed with broken furniture left behind, a garage of weight equipment and tree logs. The agent ghosted our agent and we ended up clearing out the house ourselves.
Ugh!!! Would always have a walk through!! Obviously your agent didn’t understand the ramifications!!! That’s terrible!!
I don’t trust people not to do that because there’s too many shitty people out there. We’ve had it happen with a rental where the owners left all sorts of trash behind when they moved.
When I close on my condo I will be moving into my van 😀
This how I have always done this, except now looking for rural home so risky to sell in a good area but hard to find the right place.
Rural living is all about the adventure, right? Keep searching, the perfect place is out there waiting for you!
People buy and sell all the time. And the other people in the chain of sales are often buying and selling the house that your client is buying, etc, etc.
Love your stories, very helpful 👍🏼
Thank you Kathryn! As always!
We had to show the seller our home listing before it went live to demonstrate we were serious about meeting our deadlines.
It was a hot market and we priced about $25k below market value. The seller also knew we were selling our house because we specifically wanted their house, they accepted 90 days from accepting our offer until close.
We accepted an offer within 2 weeks after being flooded with showings, and it closed without any hiccups.
The seller of our new home did allow a home inspection which turned up some problems that had to be fixed so that ended up being expensive for them, we could have closed earlier if not for these issues, but our own buyers allowed for a rent back in their offer so we ended up using that since we couldn’t close early on the new home. But even so, we closed on time, exactly 90 days from offer.
Thanks for sharing!! You obviously have already sold and bought! Good story. What made you come to take a look at this video? I'm curious about my viewers! :)
@@KatiSpaniak I subbed a while ago, you were recommended on my home page, I believe it was a video about sellers overpricing their home (our seller also overpriced their home, which is also an interesting side story). Michael Jordan house not selling was interesting video from you too. Just watching whatever looks interesting on my sub feed, ha.
Hope that was helpful.
VERY HELPFUL!! thank you!@@jimmysaint8539
I am putting notes in mailboxes (we can do that in rural areas) on the houses I would like. I have found two house where the property is perfect. Seller changed their mind. Back to driving around. It works great in rural areas.
Really helpful, thanks.
Thanks for your comment!
We did this 6 years ago. We sold our condo and bought a house at the same time. It was easier than I thought. We were paying for the new house in cash, and the one we listed had an offer in 3 days and was in a very hot market and was priced at twice the price of the new home, so i think because of those factors, it went very smoothly and the seller accepted our offer quickly. And the new house didn't have an offer on it and had been on the market for 2 weeks. We have been considering doing something like that again, but the trouble now is that, while the house we're living in now has appreciated by 200K, so has everything else, but our budget has pretty much stayed the same, so we are no longer able to buy in all cash (unless it's some tiny cramped old condo in the nice part of town), but we really don't want a mortgage and we don't really wanna rent. So we're hoping to stay in this current house long enough to save for a full down payment on a new and even better home, buy it while we're still in the current home (with a mortgage), then sell our current house, get our cash back and another 100k or more hopefully (who knows where the market will be in 4 years), and then pay off the mortgage very quickly. And then end up in our forever, higher valued house in a better neighborhood. Gotta do it soon, though, because I'm 48 and my husband is 51.
Great video
Thank you!!
07:53 - Such great advice!!!!
Thanks!!!
My sister was a mortgage underwriter and ill-advised on Bridge Loans!
Thanks for another important & informative video! Yeah the logistics are scary… especially if moving from the state you have lived in for whole life ( 56 years )to one 14 hour drive that you have never even visited… alone😜 prayers please
Good luck!!!! Glad this was helpful!
Thank you...... I think I will be in this position June /July.... I hope I won t lose my summer holidays..... Evi, Athens Greece
It's great to hear from you, Evi! I hope everything works out for you!
Thanks for this information! Hubs and I may be planning a move to a different state about 150 miles away. I would love to hear how all that works. Our tentative plan is to sell our house first. I've already been looking at houses on-line.
Great job! Reach out if you need an agent wherever you are going and in your community!! bit.ly/Find-An-Agent-41
I moved 1200 miles away and rented for the first 6 months. It allowed me to check out neighborhoods to see what I preferred.
@@kathygann7632 good idea! I've thought about that.
After moving across the country, we rented for about six months. This allowed us time to decide where we wanted to live in proximity to our work. Best decision.
I'm in a tough situation. My husband filed for a divorce, and I make too little money to buy him out, so we have to sell. At the same time my disabled son and I need to buy. Inventory is low and prices are high. I'm very worried about this as we have a number of pets and therefore can't rent. I'm in the middle of pre-qualification right now, and I've been scouring the listings daily. Meanwhile, I rented a storage and have been packing and taking stuff over there regularly. What can I do about this?
You definitely need a good agent. Do you have one? But most likely you won’t be able to buy without your divorce being finalized. :(
As a new retiree, I expect to find a lender because I have a good pension, Veterans Affairs home benefit, and excellent credit score. I am mortgage-free in my current home. However, you mentioned the debt-to-income ratio and that it was challenging for retirees to get a lender. If I understood correctly, they had the cash but no income. Should I worry about the debt-to-income ratio in my situation? I'm subscribed to your channel because you have valuable content and I expect to learn more.
Thanks for your comment and for your sub!! Yes. You should definitely reach out to a lender right away to see what your buying power is. Because you are a Vet, you may have other perks that work for you. And if you have a pension, I believe that should help as well! @RyanSkaggs is a lender who is watching all my stuff and we work with closely. You can ask him. Hopefully this tag worked!! :) Good luck!
I asked about a short term loan like the bridge loan. I was told a 6 month loan for about $400,000 would cost $14,000 for the interest, not counting other fees.
Wow!!
@@KatiSpaniak That’s what I thought! And 5% for realtor’s commission plus a new heat pump and moving to a place that costs the same as the place I’m selling is getting real expensive.
I had a house sale contingency & got a bridge loan. 😂 great video!
Thank you!!
*Thinking about selling your home in the next 5 years. Join my Ready! Set! Sell! Masterclass and find out all the ways to prepare your home to maximize your profit!* bit.ly/TLH-PIN
Thanks Kati, love your videos 🫶🏻
@@Moving.To.Charleston Thank you!
Can you please talk about buying or selling a home with unpermitted additions/upgrades..? what's the process what happens..?
Typically you just need to disclose it to the buyer. It is what it is.
Good Stuff! By the content in her video's you can tell she's a competent Real Estate Agent. She's even applied those same brain cells to her RUclips presentation. 😉
Thank you!! Much appreciated!!
If you have a mobile home (not wanting to sell yet, (let my mother live there) but purchasing another home (understanding you have to own it two years to not pay capital gains if you sell it--knowing its to be your primary home---can you live in the new purchase somewhat part time and it still be considered primary home?
Thanks for your question. And that is a good question... I am going to guess the answer is "no." But I would definitely as your accountant.
What?! How do you screw up your credit right as you are trying to finance a new loan. 🤦😭
speaking with over 10 years of experience in lending it literally happens monthly to someone in my branch.
@@RyanSkaggs that's so sad. I wish schools and leaders would teach people how these things work.
1,000,000% agree. We should require some level of financial literacy out of HS and have more available resources for topics like this.@@fluffbabiesRcrazy
He didn't think about the ramifications when he was not paying his bills.
This couple's lender didn't have an underwriter to continue the loan? too many lenders rely on the ridiculous credit score.
We did this twice. I nearly had a heart attack the first time and we ended up being blackmailed for a thousand bucks on the morning of the joint closing the second time. Would not recommend it, but it did work.
Wow, that sounds intense! Glad it eventually worked out for you.
Can the lender fully underwrite before going under contract?
YES! and in this current market balanced toward sellers it is incredibly important to get fully underwritten prior to making an offer. This would leave the lender with conditions like sourcing of insurance, title insurance, and appraisal (if applicable). Its my topic for my video this week on my channel lol.
@@RyanSkaggs Thanks!
I was going to say "talk to your lender!" My thought was "no" but honestly things have changed so much recently. And I was going to ask @ryanskaggs about this!! So see, I didn't know! Thanks for your comment!
Thanks @ryanskaggs!!
@KatiSpaniak Maybe some will do it, some won't, perhaps.
I can tell that this is impossible if you have small kids.
It’s pretty hard…
Or just buy an empty house!
Could do that... but still need to close on their current home in order to buy.