Coordinating the purchase of a new home while selling your current property
One of the more challenging sales to execute is selling your primary residence AND purchasing a new home during the same time frame. This transaction type can become even more complicated when the sellers are owner occupants of an investment property.
When you live in a multi-family, you need to work with your existing tenants and the whole process can be a bit messy if you don’t have someone on your side to help navigate the situation.
I find that owner-occupant investors tend to have much closer relationships with their tenants when compared to buy and hold landlords who do not live on the premises. This makes sense since owner-occupant investors are often living right above or below their tenants.
This close relationship can make communicating to the tenants about the sale a bit difficult. If you have a good relationship, the tenants are often scared of the unknown - what if the new owners aren’t cool? What if the new owners want them out? The process creates a lot of anxiety and setting proper expectations about what can and can’t happen and HOW it will happen goes a long way.
And if you have a bad relationship with your tenant, it can be an even bigger challenge. What if the tenant refuses to allow you in for showings or open houses? What if they let people in but only if they remain present? And then what if they go on to speak negatively about you and or property? All kinds of challenges can come up.
We haven’t even gotten into buying the new property while selling your existing one. If you need the funds from your sale to buy a new property, the process can feel overwhelming.
I pride myself on helping clients navigate through all of the above. I often take a front seat in communicating with tenants and do my best to make the process as smooth as possible for all involved.
I also help navigate both sides of the transaction to ensure we have enough time to sell and buy within a narrow window. I also have some tools we can utilize (i.e. bridge loans, the help of trusted local loan officers, etc.) to ensure we get from point A to point B with minimal stress.
So if you’re considering a sell and a buy transaction, give me a shout and we can talk through the entire process together!