Coming and going at the same time can be a little overwhelming. You’re trading off one large obligation for another large obligation with little to no time in between. Logistics are very important in this situation. You’ve got a lot to deal with, and you want your transition to be as smooth as possible.
Chances are, you won’t be able to sell your old home and buy your new home on the same day. The required paperwork and different processes won’t allow for overlap.
What you want to do is complete these actions as close together as humanly possible. Which should come first depends on your current plans and resources going forward.
It won’t work the same for everyone, but there is one path that most sellers looking to buy a property out of state will find to be the most convenient.
Look at Your Timeframe
You don’t want to throw a dart at a map at the last minute and decide you’re going to start a new life. You probably know what general area of the new state you’d like to move to. What you need to figure out is how quickly you intend to move there. If you’re relocating for your career, you probably already know when you need to make the jump.
If it’s a long way away, you probably have enough time to sell the home however you please. If you know you want to move to another state next year, a lot of the pressure is off. You can make the move at your leisure, and you’ll never feel like you need to beat the clock.
If it’s just around the corner, this is going to change how you approach the situation. You have a lot to do, and almost no time to do it in. Moving takes a while. Both selling and buying a house on the traditional market have a tendency to be lengthy processes, and you’re in store for two of them.
The worst thing you can do is put it off until the next moment. You’re going to need a plan of action as soon as possible if you want to take control of the situation.
Selling Before You Go – The Pros and Cons
Selling before you go comes with quite a few distinct advantages, but it can also make the process more complicated. Everything has its ups and downs. If you’re considering selling before you go, there are a few things you should think about when you’re making the big decision.
Pros
You’ll have money when you move. If you plan to buy a new home when you move out of state, it will be easier and a lot more affordable when you have the ability to throw in a large down payment.
You’ll be there for every part of the process. When questions come up or you need to negotiate with a potential buyer, you can handle everything immediately.
It’s easier to plan for the future. When you’re at home considering offers, you know how much you’re willing to accept and you’re able to plan accordingly. If you have outstanding debts to handle before you leave, you can pay them off while you’re still there.
Cons
You might need a transition place to live in. After you’ve sold the home and before you’ve purchased the new one, you’ll probably need to stay with someone else or find a short term rental. This effectively means you’ll need to move twice.
If you’re waiting on the sale process, you could be waiting a while. There’s no guarantee the first offer you accept will lead to a sale unless the person who made the offer was pre-approved for the home loan.
Most people actually need to sell before they leave. Not everyone has a wealth of cash on hand to pick up and move into a new house without selling their former home. Though it may create some complications in planning and scheduling, most people still find it’s their best option.
Selling After You Leave – The Pros and Cons
Not everyone will be able to sell after they leave, but those who can generally find it to be the more convenient option.
Pros
You don’t need to wait. You can get where you’re going without being held back by the housing market or the lengthy closing process.
Since your house will already be packed up and all of your belongings will be moved out, it’s easier for prospective buyers to check out the property.
Cons
You won’t have your sale profits to use as moving funds.
While you don’t need to be there for the closing process, you might have other matters to settle. This might mean returning to the state unless you’ve given someone the power to fully act on your behalf.
You’ll need to remotely manage and maintain the property until it sells, which can be costly to accomplish from afar.
Unless you already have a substantial nest egg or your employer is providing you with a ton of relocation assistance to move out of the state, it may not be possible for everyone to wait on that sale to be completed. It can become costly and complicated, especially if you need to pay people to handle things in your absence.
Making the Process Easier
For the overwhelming majority of people, selling before they leave is a must. In terms of time and finances, a lot of people are counting on the money from the sale of the home and they need to have it quickly. If you need to relocate in a short time frame, Easy Outs Homes might be able to help you.
We can buy your home in cash and close within seven days. If you need to relocate and you’re counting on the money to purchase a new property, we can help you come up with a smooth transition plan. We’re not regular buyers, and we don’t plan to live in your home. We won’t be as picky as regular buyers, and we understand your special needs.
Give us a call today to learn more: 443-347-3556 or submit a request for a cash offer above!
