Buying and Selling at the Same Time in Long Island

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Today we’re back again with another edition of our blog, where we share the latest real estate trends, tips, and strategies to help you succeed in the market. This time, we’re going to talk about what you can do if you need to buy a new home and sell your current one at the same time. 

If you’re a seller, the first thing you need to do if you’ve found a buyer for your home is make sure that the buyer has obtained a pre-approval letter from a bona fide lender stating that they are not required to sell their home in order to purchase yours. This way, you won’t be left in the lurch at the last moment if they fail to sell their home.

One way to be absolutely sure about your buyer is to ask their agent if they have a valid buyer for their home with a pre-approval letter. You can even ask to see a copy of the contract. It’s not 100% guaranteed, but you would have a better chance of knowing that your sale will go through.

What about if you’re a buyer that needs to sell first? Well, first off you need to know that many sellers will not be interested in talking to you until your home is at least under contract. However, if you are a buyer, you could target a home that has been languishing on the market without many offers. These are the kinds of sellers that would entertain a contingent offer from you.

In any event, it’s a brisk market out there on Long Island, and it’s a great time to buy or sell. If we can help you in any way, or if you have any questions for us, give us a call or send us an email. We would love to hear from you!