How to Buy and Sell a Home Simultaneously

 How to Buy and Sell a Home at the Same Time

If selling and buying simultaneously is the only way to go, here’s what you need to know to make sure both processes go as smoothly as possible.

KNOW THE MARKET FIRST

Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you’re planning to buy). Is the market weighted toward buyers or sellers?

Find multiple suitable options. That way, you’re less likely to find yourself in trouble if your purchase falls through—your newly sold home won’t leave you stranded.

Similarly, make sure to hire an appraiser and price your old home fairly. Now is decidedly not the time for delusions of grandeur: Two extra months on the market because you couldn’t humble yourself to lower the price means two months you’ll be paying double mortgages.

PLAN CAREFULLY

Should you buy first, then sell—or vice versa? Both have their risks and rewards. Selling first makes getting a mortgage easier, but it also means you’ll need to find a temporary place to live. Buying first means moving will be easier, but it also skews your debt-to-income ratio, making it harder to qualify for a new mortgage—not to mention the difficulty of juggling two monthly house payments.

When determining whether you should sell or buy first, think beyond  “How can I make the move as easy as possible?”  Instead ask: “Can I handle two mortgages? What if my home sells for less than its listing?”

Whichever option you choose, make sure you’re prepared to accept the consequences: having to store your stuff and rent temporarily, or undergoing the financial burdens of dual mortgages.

DON’T RELY ON TIMING

Remember: You’re not the only party in this equation. For every seller there’s a buyer, for every buyer a seller. While things might appear to be working smoothly when viewing your master plan from above, that doesn’t take into account the variability of other people. Closings are rife with delays. Your buyers might have difficulty securing their mortgage; your home inspector may bring up issues that need to be fixed before you can move in.

So even if you’ve planned to sell your home first and are prepared to rent while buying, know that even the best-laid plans go awry—and you might end up juggling both mortgages. Preparing yourself for this (however remote) possibility ahead of time will ensure a smooth transition.

KNOW YOUR FINANCIAL SOLUTIONS

For those who choose to sell first, the process is relatively straightforward other than the additional cost of a rental between homes. However, there is the option of a rent-back agreement, where you negotiate with the lenders and buyers to be able to remain in the property for a maximum of 60 to 90 days—often in exchange for a lower selling price or rent paid to the buyers. This can relieve some of the pressure of finding a new home, giving you additional time to house hunt.

But if you’re buying first, talk to your Realtor about ways to decrease your financial burden and risk. Here are the two most popular options for buyers:

Contract contingency: Buyers can request that their new home purchase be dependent on the successful sale of their existing home. If you’re looking in a competitive market, this may not be a good option. In a market when listings are selling fast with multiple offers, no listing agent would advise a seller to accept a contingent offer. However, if the seller of your intended home has had difficulty attracting interest, this may be a good deal for all parties involved—assuming you can convince them that your home will sell quickly. Usually, selling a home takes much longer than it takes the average buyer to find a home to purchase. 

When you list your home for sale it takes some time to get the home ready and advertised online, then have agents and buyers to view it. Therefore, having your home on the market while looking for a new home will save your time and make your buying position much stronger. If you receive offers on your current house before you find a new home you have lots of options to extend your time in negotiations over these offers by: Negotiating a longer closing period or Negotiating a lease-back from buyers after closing.

Bridge loans: Bridge financing allows you to own two homes simultaneously if you don’t have deep pockets for a second down payment. This option is especially attractive if you’d planned to sell your home first and use the proceeds to buy the second. It functions as a short-term loan, intended to be repaid upon the sale of your original house.

DON’T LET FEAR RUSH YOU

If your home has sold but you haven’t found a new place to live, don’t let anxiety push you toward a bad decision.

Found the perfect home right on schedule? That’s great. But don’t feel like you have to compromise on things that are important to you just because you need to find a home. Conversely, don’t accept a bid that you feel is too low just because your finances are strained by two mortgages. If you have a temporary apartment set up, you’re less likely to compromise.

Certainly, selling and buying a house simultaneously can be stressful—but carefully considering and planning for the risks and hurdles should reduce the stress.

Realtor.com 

Sold in 1 Day at Full Price $6,595,000

159 S Gretna Green Way, Brentwood, Los Angeles, CA. 

5 bed/8 baths, 5697 SQFT, 10993 SQFT Lot.

Sold at $6,595,000

Video: https://youtu.be/7kXJJxFlVgI

Exquisite Brentwood estate situated on a spectacular large lot with gated grounds. Resort-style living in this newly constructed masterpiece with quality craftsmanship throughout. Enter into an open, warm floor plan where soaring ceilings and exceptional amenities abound. Four en suite bedrooms upstairs including a sumptuous master suite with walk-in closet, spa bathroom, and private balcony. Chef's dream kitchen with top-grade appliances, huge center island, and banquette opens to an enormous great room. Pocket doors lead to a spacious backyard for seamless indoor/outdoor entertaining with pool/spa, cabana, and private guest suite. A large grassy lawn with mature landscaping further complements the outdoor living space. This Crestron smart home also features a home theatre, glass wine room, office, and lower level bedroom suite. Other amenities include a new outdoor deck with lounge area, dining area, BBQ, and fireplace. An opportunity to enjoy the prestigious Brentwood lifestyle.

Spectacular Home for Sale in Los Angeles, CA

                             Gorgeous Home on a corner lot in Los Angeles

 Spectacular Solar-powered home on a corner lot, perfectly situated in a quiet neighborhood south of the Ventura Blvd in a prime Woodland Hills location. This warm estate features 5 bedrooms, 3 remodeled baths, a huge playroom with den, sparkling oversized swimming pool, 3,489 SqFt of living space and it sits on a 15,755 Sq ft lot. The first floor features an open floor plan with a large living room and dining area flooded with natural light and a gorgeous view of the backyard, as well as a separate large family/playroom with a wet bar and den, office with a library, hardwood oak kitchen with granite countertops, double oven, built in Sub-Zero refrigerator and breakfast area. Upstairs you will find a spacious master suite with an entrance to the large balcony. Upgraded master bathroom has a double vanity, tub and walk in shower. There are three additional second floor bedrooms and a modern bathroom. The private entertainer's backyard is a perfect place for hosting large groups of people. The spacious swimming pool uniquely conforms to the natural surroundings. Four car attached garage with additional driveway parking and plenty of room for storage.

Call Elena for more information and showings: 

949-202-84-97

           

                      

How long does each step of the home-selling process take?

There’s more to the selling process than just listing your home, waiting for the perfect offer to come in, and closing the deal. After you’ve done everything to prepare for the listing, here are the key milestones of selling, and how long they usually take:

• List and show (and wait for offers): How long do you need to have your house on the market before you go under contract? If the average length of time an American house sits on the market is 65-93 days, and you assume a standard 30-day close, that means a home will be available for 1-2 months before you accept an offer.

• Accept an offer: When you receive an offer, it’s courteous to respond as quickly as possible. While actual rules related to response times vary contract by contract, the buyers submitting the offer will typically include an expiration — 24, 48, or 72 hours after submitting.

• Home inspection: Again, this all depends on the contract between buyer and seller. Typically, the buyer has between 5 and 10 days after offer acceptance to complete their home inspection. How long does a home inspection take? The process itself takes only a couple of hours, plus a day or two for the inspector to write up their report. Note that in fast-moving real estate markets, buyers will sometimes waive the inspection to make their offer stand out among other offers.

• Counteroffer after home inspection: Based on the findings of the home inspection, buyers often present an adjusted offer or request repairs to be completed. This re-negotiation process usually takes 24 to 48 hours. Hopefully, after negotiations, you and the buyer have come to an agreed-upon purchase price and the deal can continue.

• Closing: As mentioned above, the average time to close on a house is 30 days from the date of mutual acceptance to the day you hand over the keys to the new owner. This gives the buyer’s lender, the title company, and the county records department enough time to complete all the necessary paperwork. If you’re looking to speed up your closing, there is an option to sell to an all-cash buyer who can close more quickly.

Avoid being the house that sits on the market forever by watching out for these pitfalls:

• Too many days on the market: Buyers are wary of homes that have been on the market for a long time — especially those that go pending and then go back on the active market. Before your listing starts collecting dust, talk to your agent about making a new strategy.

• Priced too high: If you’re not receiving any offers, or if you’re receiving only offers that are far under asking price, it’s possible that your home price is too high. Pricing your home right is a bit of an art form, and it’s worth the extra time and research to find that perfect price.

• Undesirable location: There are plenty of things about your home you can fix, but some things can’t be changed — proximity to the neighbors or round-the-clock highway noise, for example. You may have gotten used to these less-than-ideal conditions over the years, but buyers notice. Make sure your home is priced accordingly.

• The poor condition of the home: If multiple big-ticket items need repairs, your home is going to be harder to sell, and you’re in danger of having a deal fall apart after the inspection. There are a few strategies to consider, like addressing the biggest repairs ahead of time, or lowering the price so that buyers can do improvements on their own.

• Lack of curb appeal: How your home looks from the street is crucial, as it’s the first impression buyers will have. And, if your home looks bad from the outside, buyers might assume the inside of the home is similarly run down and skip a showing. Take a look at your curb appeal with an objective eye and see if you can make any improvements.

• Off-season: In the vast majority of the country, late spring is the best time to list a house, because most buyers are looking. Unsurprisingly, winter is the slowest, because of holidays and weather.

There's an average of 50-65 days to get an offer on the home, however, this varies greatly by location and time of year, so there's no one right answer to how long you'll wait for the first offer.

Your home can be sold in one 1day (as we recently did) if it is priced right and your agent has a unique marketing strategy before it goes on the open market.

Brentwood, Los Angeles Real Estate

Brentwood is a quiet, upscale neighborhood and one of the most wonderful places to live on the Westside, Los Angeles.
This neighborhood offers its residents a suburban feel and really stands out as unique. 
Its population of approx 235,000 includes affluent professionals, political figures, and celebrities.

It is conveniently located close to 405 Fwy and only a few miles from the Pacific ocean, where you can take a bike ride down San Vicente boulevard. 
The main artery, San Vicente Boulevard features classy Italian eateries and warm cafes, plus the historic Brentwood County Mart, next to the Santa Monica city limit, is a shopping and food center that first opened in 1948. The striking Getty Center museum boasts a world-class art collection and expansive city views.

Brentwood is one of the best places to live in California.

Brentwood offers parents access to great, top-rated schools. 

It is a walkable neighborhood, very family-friendly and safe.

Brentwood real estate is primarily made up of medium-sized (three or four bedrooms) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner-occupied. Brentwood median real estate price is $3,469,077, which is more expensive than 99.4% of the neighborhoods in California and 99.9% of the neighborhoods in the U.S. 

Currently, the most expensive home for sale on the market in Brentwood is at 12255 Sky Ln and it's priced at $42mln.

There are homes for sale available off-market as well.

Call me 949-202-8497 with any questions if you are interested to learn more about the area or looking to purchase a home in Brentwood.

Welcome to Brentwood! 

Successful Home-Sellers' Habits

7 Habits All Successful Home Sellers Have in Common

What’s the secret of selling your home fast, and for top dollar? 

Keeping your house looking fantastic, of course! To achieve that, most successful home sellers have certain key habits in common, whether it's clearing out their mail pile every day or doing a monthly deep clean. 
So if you've resolved to sell your home this year, here are the best habits you can adapt to proactively maintain your home all the way to a successful sale. 

Tidy up

When your home is on the market, it's best to always have it “show-ready,” which means in tiptop shape, since buyers love an impeccably clean house. The best way to declutter your home is by getting a storage unit while your house is on the market. 

The daily checklist will help you get into the habit of making sure beds are made, clutter is put away, countertops are wiped down, blinds are left open, and fliers are left on the table. 

Respond to offers

Successful sellers are in the habit of responding to offers quickly. "Buyers get antsy when their offer isn't responded to and begin to doubt it because so much of real estate is emotional." Prepare yourself by figuring out in advance what you will and won't accept. This includes the lowest offer you will take and what contingencies you'll allow. 

Weekly: Do a deep clean inside and out

Pick a day each week to do a deep clean of your home, to keep the daily maintenance to a minimum. If you have a pet, this might include a weekly refreshing of carpets and upholstery that may harbor unpleasant smells. 

Purge your closets and cabinets

 "Closet and storage space is extremely important to buyers, and a seller needs to make them look as spacious as possible." Getting into the habit of eliminating clutter will make it easier for you to keep your closets show-ready. 

Maintain your exterior

Establish the routine of ensuring your home's stellar appearance by replacing outdoor light bulbs and cleaning the front porch. Freshen up exterior paint, get a professional window-cleaning and plant new landscaping if needed. "Most buyers fall in love with a house before they even enter" so this area is especially important to maintain on a regular basis.

Monthly: Review with your real estate agent

Even though you'll regularly be in touch with your real estate professional on the progress of your home sale, get in the habit of having a monthly review. You'll want a breakdown of the activity going on in your neighborhood and on your property in particular. This will keep you alert to anything that needs to be adjusted, such as changing the price or marketing if you aren't seeing the results that you would like. 

Annually: Make sure your home is in good repair 

Once you know a sale is in your future, it's time to get a presale home inspection so you can get in the habit of keeping your property in shape until you list it. An inspection will allow you time to make any major repairs, meaning that you'll be able to keep the negotiation power on your side instead of the buyers.

All these habits add up to one thing: demonstrating pride of ownership. After all, you only get one chance to make a first impression.

Ref: Realtor.com

Elena Akinshina, Luxury Home Specialist in Los Angeles & Orange County

International Clients Buyers, Sellers Connections 

Multilingual, Multicultural

Luxury New Construction Homes

Relocation

 Short Sale Certified

 First-time Buyers

 Celebrity Clients

 

Master's Degree in Business Management and Economics.

Current resident of Santa Monica, Newport Beach areas and Westside LA for 19 years.

Selling Real Estate along the coast from LA to OC since 2005.

I love helping my clients and lead them through every step of a home buying or selling process, making it as smooth as possible.

Call, text or email me anytime with any of your real estate needs:
 

949 -202-84-97 (direct)
Email: ERealtorCA@gmail.com