The following article is an extract from the book, Real Estate Mistakes by Neil Jenman.  Although the article was posted back in 2003, what it discusses is as relevant today as it was 7 years ago.

Do You Sell First or Buy First?
If you want to sell your home and buy another, which comes first – Selling or buying? There seem to be dangers whatever you choose.

The advice you receive from agents is often the advice which is best for the agent. The agents will tell you to sell first if they are going to be the selling agent or, if you are thinking of buying from them, you may be told to buy first. If you sell first, you have nowhere to live. If you buy first, you may not be able to sell – unless you sell fast and cheap.

So, what do you do – sell first or buy first?

The answer is neither: Do not sell first and. Do not buy first.

Instead, do them both at the same time. It’s the safest way. Plus, it gives you complete control with low pressure.

Here’s how you sell and buy at the same time:

First, you place your home for sale (NOT AUCTION – it is almost impossible to sell and buy at the same time with auction.) It is easier for agents when sellers are forced to sell. But you are not going to be forced to do anything; you are going to do it your way. And you are going to win – without having anyone else lose.

A Summary of Selling and Buying Together

The solution to selling and buying at the same time can be summed up in four simple stages.

Stage 1. Find a Buyer.
Finding a buyer for your home does not mean selling your home. It means you have found a buyer who will accept your condition of you finding another home before you sell.

Stage 2. Find a Home.
Finding a home does not mean buying a home. It means you have found a home where the seller will accept your condition of selling your home before you buy.

Stage 3. Match Finances.
Once you have found a buyer for your home and you have found a home to buy, you have to make sure there is enough money from your sale to cover your purchase.

Stage 4. Sell old home. Buy new home.
This is the final stage of selling and buying at the same time. It is the perfect solution with no risk and low stress. If the finances match, you sign a contract to sell at the same time as you sign a contract to buy.

Make sure, of course, that the conditions of both contracts are the same, especially the ‘time conditions’. You don’t want to spend two weeks in a motel. A good real estate lawyer will help you.

Selling and buying, at the same time, can be simple, safe and pleasant.

To view the entire article online, please visit:

http://www.jenman.com.au/news_article.php?id=36

If you are looking at buying and selling at the same time, please contact Shedden Real Estate on 4926 1566.

Recently we posted a blog about www.onthehouse.com.au.  A comparable website for those looking for property data on real estate in Newcastle is the Australian Property Monitors’  www.homepriceguide.com.au.  This site provides similar information to www.onthehouse.com.au including sales information along with data such as number of properties sold and highest/lowest prices.  For $74.95 24 month comprehensive postcode reports are available or for $64.95 a 12 month report can be purchased.

Check out www.homepriceguide.com.au and tell us what you think about the information it provides for those  buying, selling or simply wanting to obtain an idea of the value of their home.

If you would like to know how much your property is worth from a local expert in Newcastle Real Estate, contact Shedden Real Estate Newcastle on 4926 1566 or visit www.shedden.com.au.