Buying and Selling a Home at the Same Time in Los Angeles

 

Selling_and_Buying_in_a_down_marketIf you’re relocating for a job, trying to move before the school year begins or even hoping to avoid making payments on two mortgages, you may find yourself in the unenviable position of buying and selling a home at the same time in Los Angeles. While it may certainly be easier to buy a new home, move and then sell your old home, there are many instances where that just isn’t possible.

So how do you deal? This is what you should do to prepare to make sure the process goes as smoothly as possible.

Strategize your timing

If you need to buy and sell at the same time in Los Angeles, it’s essential that you know the market in both locations. Is each market favoring buyers or sellers at this moment? You’ll need this information to strategize the selling of one property and the buying of the other. Knowing in which position you’ll have the most leverage will help you make timing decisions.

Understand your finances

Even if you plan your timing to the best of your ability, your current home may not sell before you move into your new home. It’s important to take a long and honest look at your current financial situation and come up with a plan should this scenario play out. How will you handle making two mortgage payments? Will you have enough money for the down payment on the new home if your previous home doesn’t sell first? If you’re not sure you can swing either of these financial possibilities, you may qualify for a bridge loan. This is short-term financing that is backed by the equity in the home you’re selling that can be used for the down payment of the second home.

Consider contract contingencies

While contract contingencies may not always work in your favor in a competitive market, you could find yourself in a situation where it will work for you. You can ask for a contingency in your purchase contract stipulating that the sale is contingent on selling your previous home first. If you’re buying in a seller’s market, this may cause your offer to be rejected. But if the home you are interested in buying has had difficulty selling, this may work for both parties.

Prepare for some tough decisions

Buying or selling in Los Angeles alone can be a process fraught with anxiety and careful decision-making. Doing them at the same time means double the number of decisions – which could exponentially heighten your feelings of stress. Be aware going in that you’re going to be faced with making some tough decisions so that the anxiety doesn’t cause you to make a choice you’ll regret later. Have a plan in place should you decide you need a short-term rental. Knowing that you have a back-up plan can really diffuse some of the pressure in the moment.

Work with a trusted real estate agent

Navigating the buying and selling process in Los Angeles can be complex, and doing them at the same time even more so. In times like these it can really benefit you to work with a trusted real estate agent. They can prepare you for what to expect, help you with decision-making, and be an ally and an advocate for you every step of the way.

Brought to you by Jerry & Rachel Hsieh

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Buying and Selling a Home at the Same Time in Los Angeles

Jerry and Rachel Hsieh

In the past 13 years in real estate and at the age of 38, Jerry has had the good fortune of experiencing all of this at some point and has established himself as one of the premiere AWARD WINNING Realtors in the industry. Jerry began his career at Coldwell Banker with incredible heat: He was named the top “rookie” agent his inaugural year with over $4.5 million dollars listed and/or sold (Most 1st year agents don’t complete any transactions). Since then, his real estate career has been non-stop and he has quickly become the realtor that other young realtors talks about. In 2010, in a down market, Jerry and Rachel sold 24 homes within a 1 mile radius of the Pico/Fairfax area. They have sold over 50 homes in the Picfair Area in the past 4 years, more than any other realtor. From 2011 until now, Jerry and Rachel’s Team has grown, as has Jerry’s experience and expertise.