“Mitzi is the very best broker I have ever encountered, and is also one of the nicest and most knowledgeable people I have ever met. She almost single-handedly arranged for the sale of our home in California, as well as the purchase of our new home in Washington. She is a champ!” Dr. John A. Freeman
Buying and selling a house, especially across state lines, can be one of the most stressful transactions of your life. But, with so many people moving to the Pacific Northwest, this is becoming more and more a reality. As in the case with Dr. John Freeman, buying in Washington and selling a house in California.
Now, you may not know this, but real estate agents are licensed in each particular state so a real estate agent license in Washington may not sell property in California unless h/she also hold a license there as well. So in this case, Dr. Freeman was selling his house in California and moving to Washington. Before they even looked at homes in Washington they researched and found a real estate agent in Washington state. Once they found me, we discussed how best to go about selling their house in California and buying in Washington. In doing so, I helped arrange for the sale of their house in California and communicated closely with escrow and title there. Communication is key to a successful simultaneous closing.
Dr. Freeman was planning on selling and spending a few days traveling to Washington so we had to arrange the timeline so that they closed on both homes simultaneously or within a couple days of each other. Dr. Freeman signed all of the documents via e-signature on docusign® and was able to make it to Washington in time to sign on their new house on Camano Island.
What happens if you don’t have a buyer for your previous house?
There are several options when a homeowner is unable to sell their current home before buying in the new location. Homeowners can get a bridge loan which is a type of loan that carries from one home to another. This is especially beneficial when a homeowner is unable to carry two mortgages at the same time, even for a short amount of time. Lenders want to verify that you can either make to mortgage payments or can carry a mortgage payment for a short term.
Another option is to purchase a home on contingency. This says that the buyer is interested in the home and will close on the property once their existing home has sold. This is usually only accepted if the current property is on the market and is actively being marketed. In hot real estate market sellers usually won’t go for this because they have active and able buyers that are submitting offers not contingent on the sale of any other property. But, it is an option.
COMMUNICATION IS KEY
Again, I’m coming back to communication. Communication is key between buyers and sellers on both sides as well as lenders, escrow companies, title officers, and agents. There are so many parties involved in the sale on both sides that without communication, frustrations are high and expectations are not met.
If you are ready to sell your house anywhere in the country and moved to Washington state and better yet, Camano Island, give me a call. I am well-versed and experienced in helping people buy and sell simultaneously on Camano Island.
Published on 2018-11-05 21:45:09