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Real Estate
Reply to "first time selling and buying at same time - how do I start?"
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[quote=Anonymous]I would interview a number of agents who know your area well to get an idea of comps, how fast homes tends to sell if reasonably priced, what they would price your place at, and what they'd want you to do to get your home ready to sell. Assuming you'd also be using the same agent to buy your new place, you'll also want to know how often a bigger "upgraded" home goes on the market, how quickly you'd have to move to bid on one, whether having a contingency to sell your place would likely be a turnoff to the seller, whether you likely could negotiate 60 days closing on the new house (would shorten the amount of time you would need a bridge loan if you can sell your place and close on that within 30 days), etc. The realtors you interview should be seeing enough contracts for homes in your area to answer these questions; if they can't, keep interviewing. Then come up with a plan to get your place ready to sell - do all repairs, paint updates, etc., declutter; figure out what you'll need to move into storage, and find a facility and a way to do that. That way, once you put a bid on a new house, you can move clutter into storage, have your realtor do the staging and take photos, and get your place on the MRIS within a week. We did this - you just need to be sure that you've hired a realtor who is ready, willing and able to get this done and start holding open houses ASAP. In terms of moving costs, I'd budge 1K for moving and packing (someone else may have more recent costs for this). And in terms of costs for fixing up your current place, you may be able to do much of it yourself, but you should know better once you've talked with some realtors.[/quote]
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