People who have experienced buying a house already know that just buying a house is already a complicated process. Add to that the need to sell the house you're currently living in so that you can buy a new one and you have a major task on your hand. If done incorrectly, you could end up paying two houses at the same time or selling the house without having a house to live in because you haven't finished the buying process yet.
Let's say that you are thinking of moving to New Jersey and have decided on buying Princeton real estate. However, to afford the downpayment, you need to sell your existing house first. Before you look at Princeton homes for sale, it's good to keep a few pointers in mind so that the whole buying and selling process will go as smooth as possible.
1. Organize your timeline - If there are time-sensitive activities that you need to consider, it's best to plot them out on a timeline like a notebook or in a calendar. Do you need to transfer to a different location for work? Do you need to get a few things done so that your children can enroll in a new school in Princeton on time? List down all the things that you need to get done and when you need to get them done. Having them all up in your head and not written down makes them just as easy to overlook or forget.
2. Use the experts you will work with - In a home buying and selling process, you'll need to work with a few professionals along the way. For example, you'll work with a real estate agent, the lender/mortgage broker, home inspector, appraiser, and more. It would be best to let them know your needs and your timeframe so that they can work within this timeframe too. Being on the same page with them will help them give you what you need, when you need it. If they cannot meet the deadline, they would at least let you know ahead of time so that you can make changes accordingly.
3. Put your house on the market - Do this as soon as possible, especially if you're living in a time when it's harder to find a buyer for a house than it is to find a house to buy. It's advisable not to make any offers on any house unless you have accepted a good, solid purchase offer as well.
4. Be on the same page with the buyer and the seller - In the purchase contract, you can discuss inserting time-sensitive contingencies that will protect your interests during the process. For example, you can state in the contract that the purchase of your home will be contingent to the purchase of the new home. Or you can include in the purchase contract with the seller that you will only be able to buy the house once your current house is already sold.
It definitely takes a lot of effort to coordinate buying a house when there's selling the current house involved. Keeping a notebook where you can store all the information and timeline that you need to follow as well as things you need to remember during the process can help you organize your thoughts more, making it less likely to forget something during the home buying and selling process.