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Something a lot of people ask me is, “How can I buy a home when I have to sell mine first?”
This is a hot topic not only among sellers, but also among our team’s buyer’s agents and listing agents. Obviously, most people need to sell their current home before they can buy their new one.
This situation can easily create a lot of stress and uncertainty if you’re ready to list. We have strategies that can help sellers navigate through this process.
Without the right help, it can be very overwhelming feeling as if you can’t list until you buy or you can't buy before you list.
The first strategy we have is to start looking for your new home while you prepare your current one for sale. It’s best to do this while you’re staging.
It may take a couple of weeks of staging before your home is ready to hit the market. However, this is actually beneficial because it gives you time to look at listings currently on the market and narrow down the ones you like.
The second strategy we recommend is to go ahead and put contingent offers out on homes. A lot of sellers may say no to an offer that is contingent on you selling your home before closing on theirs, but you never know who might say yes.
We present a compelling argument for sellers, giving them strong reasons why they should reserve their home for you. It never hurts to ask.
The third strategy is to put your house on the market as soon as it’s ready. Great houses move quickly. By listing your home and continuing to shop, you are putting yourself in a position of opportunity. When your dream home comes along, you will hopefully already have offers on your listing.
Our fourth strategy is negotiating a longer closing or possession date. This will give you more time to find your new home. If we can get an extra two, three, or four weeks before the buyer takes possession, you can use this time to find your own new home.
Finally, some sellers do wind up taking a different route. This final strategy is really reserved as a “Plan B,” in case another strategy happens not to work out. In this case, sellers may choose to temporarily rent while their house closes and they continue looking for a new home.
This final option does have advantages though, since it puts you in a position where you no longer need to have a contingency on your offer. If your previous home has already closed, you may even become a cash buyer. Sellers love that.
Very few of our sellers have to do this. However, the point is that we have a strategy for everyone. Also, renting temporarily is often worth it if you consider the long-term gain.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.