Foxfire

Residents of Foxfire have to pay a mandatory annual fee of $25 to the HOA to support upkeep of the community as well as annual events organized by and for the residents. The Foxfire Homeowners Association is comprised of volunteers who are elected to make decisions on behalf of the residents, and they ensure that all neighbors are kept informed of board meetings and events that affect the community. The HOA and residents work together to sponsor neighborhood events like picnics, holiday and seasonal parties, 4^th of July celebrations, community upkeep, renovations and more.

The Foxfire community was established in 1976, and it originally began as a rural subdivision of 160 lots – very little of the land remains undeveloped. Residents established the Foxfire Homeowners Association in 1985 and facilitated annexation to College Station, TX in 1992. Residents of this community have access to all city services including police, fire and sanitation, while retaining a country atmosphere. The average size of the homes in this neighborhood is around 3,000 square feet, and the average price is around $400,000. 

Residents of the Foxfire community enjoy abundant greenery and have unparalleled access to local wildlife. While most of the animals remain unseen for the majority of the time, you can often come across squirrels, deer and all types of birds. The stunning foliage is comprised of lush trees and beautiful plants that create a stunning view and backdrop for the neighborhood. The community is within the Bryan – College Station area, which means that residents have access to numerous restaurants, education opportunities, entertainment, shopping and much more. 

If you are looking into buying a new home, but you need to sell your current home first, you will find yourself in the middle of two real estate transactions at the same. Many people choose to buy and sell a home at the same time, which can be a stressful situation. The stakes are a little higher in this situation, because if the buyer for your existing home backs out then you won’t have the cash you need to put a down payment on a new property. Or, if the purchase of the new property falls through for any reason but you close escrow on selling your house then you end up without a place to live.

If you are about to embark on the adventure of buying a new home and selling your current home at the same time, then we’ve got some words of wisdom to share with you, and some tips that will hopefully make the experience smooth and easy. Most buying and selling mishaps are easily avoidable, you just need to stay vigilant and organized and make sure the real estate agent you are working with is expertly managing both transactions.

Every home needs a little bit of extra love and work before it is listed for sale and exposed to interested buyers – don’t wait too long to prepare your home for selling. You may have to fix some holes in the wall, invest in a fresh coat of paint, put some work into the landscaping, do a deep cleaning and other miscellaneous tasks.

If your home requires major fixes like a new roof, then you will definitely want to complete that work before listing the home for sale so that it doesn’t turn away potential buyers. If you wait too long it may be tough to find a buyer, and you may also miss out on some homes that you would have been interested in as well. 

There are a lot of moving parts when buying and selling simultaneously, which means that it is always a good idea to have a backup plan in case something doesn’t work out. If one thing goes wrong in either transaction it can throw off the whole thing! For example, if you sell your home, but the seller of the home you are purchasing doesn’t move out in time, then you will still have to vacate your old property and need a place to live while you wait for your new home to become available.

Always plan for unexpected situations and keep an emergency fund in case you need to stay at a hotel while your new home is vacated, or until you find a home to move into – worst case scenario you may have to look into a short-term rental. 

Surprisingly, veteran buyers sometimes make the same mistakes that first-time homebuyers make, and that’s not getting pre-approved for a new home loan. A lot of veteran buyers assume that once they sell a home, they’ll have access to a larger down payment and increased income, so they’ll be able to qualify for a larger loan. This is not always the case, which is why it is very important to secure a pre-approval in advance so that the buy-sell transaction doesn’t slow down due to an unfulfilled loan contingency. 

Setting realistic expectations is very important when selling your home and purchasing a new home at the same time. You know what price you want to sell your home for, but if the market shifts and you sell for less, will you still have the money you need for a down payment on a new property? This is why it’s important to give yourself a cushion so that if you don’t achieve the price you are looking for, you’ll still be able to afford a new home. 

Compromise is key when going through the sell-purchase experience. You are not the only one going through a stressful situation, so make sure to bend a little if the buyers of your home need a little bit of extra time to get loan approval, or if the seller of your new property needs some more time to move out of the house. A little compromise goes a long way when there are multiple transactions closing at the same time, and everyone involved will be very grateful for your understanding. 

When working out the timing of closing in a sell-purchase situation try to finalize the sale of your current home first before you close on the new one. Ideally the closings will happen within days of each other and try to avoid closing on a Friday. Bank transfers often times take some time to go through and you’ll want to ensure that there is money in your account when the time comes for escrow to close on your new home.

If you can help it, also try to aim for the closing to happen in the morning instead of late afternoon. Most banks will usually stop wire transfers in the early afternoon, so if you close in the morning it allows for some extra time for the money to hit your account. 

If you are working with different agents in the midst of multiple transactions, you can expect a complicated situation to get even more complicated. You can significantly simplify the process for yourself by using the same agent for both the sale of your existing home and the purchase of your new home. Using one agent allows them to have ultimate control and insight over both transactions so that the closing on both happens at the same time. The only time you might consider working with different agents is if you are moving out of state, then you should look for a reputable buyer’s agent in the new location. 

If you are ready to sell your current home and on the hunt for a new home in College Station, TX, then please don’t hesitate to reach out to our team for expert guidance and information. We have managed multiple transactions like this and can guide you through it seamlessly. We look forward to working with you soon!