If you have to sell your home in order to purchase your next, it can be very difficult. I know some tips to navigate the situation.
Is it really better to find the home you plan on buying first, or should you sell your current home before you start looking at other properties?
This is the main question I get from clients who are looking to buy and sell at the same time. Most clients want to find the home they are going to purchase before they even list their current property. They don’t want to sell their current home and then get left high and dry; they want to make the transition from the sale of their current home to the new one as smooth as possible by only moving once.
When a client waits to list their home until they find the home they want to purchase, it can become a very frustrating experience. Here is what happens:
You decided to wait to list your home but start searching the market. Our buyer specialist then finds you the perfect home for your family. You want to write an offer but, since your current home isn’t even on the market yet, that offer is subject to the sale of your existing home.
The problem with that situation is we are in a seller’s market. Generally, if a home is priced right and in good condition, someone else will fall in love with that property, too. Buyers often end up competing. If the seller gets your offer and it’s subject to the sale of your home, you may end up having a seller reject your offer. The seller may tell you to come back when your current home is under contract, but in the meantime, the seller will continue to market the home to other buyers.
In other words, making your offer subject to the sale of your current home could mean losing out on your dream home because you are in a poor position to negotiate with the seller. Instead of making a contingent offer, attack both angles with a more effective strategy. Go ahead and start looking for that perfect home, but put your current home on the market at the same time. We will work to generate an offer on your home so that when you go to make an offer on your dream home, the seller will be more willing to accept your offer.
If you haven’t found a new home yet and you receive an offer on a current home, you can make the sale subject to you finding a replacement home within a certain period of time. This strategy makes the entire process easier and keeps you in a strong negotiating position.
As you can see, the process of buying and selling a home at the same time can be a little complex. Please don’t hesitate to call me with any questions you may have. I would be happy to help you!