Selling a home is an exciting time full of every emotion from the years of memories pouring in. Unfortunately, not all emotions are positive and one of the most common feelings is the fear of the unknown and where will you go. Currently in real estate both potential and active home seller’s biggest fear is selling their home out from underneath themselves and not finding the right place to go. This can lead to a spontaneous purchase and in the long run buyer’s remorse. Here are ### tips to help stay off the streets and land yourself in your dream home. Breath deep you have options!
For some people the obvious solution is to buy a home and then sell. While this is great if you have the ability and capital to do so the risk can be in the home not selling for what you needed to make your budget work. When buying a home then selling your existing one it is crucial to be conservative on the numbers so that if anything happens you are covered because in this case you already own the new home. There also are some lenders still offering loans similar to bridge loans but that is becoming less common.
2. Suitable Housing Clause
For most people selling the home must come first and not just an accepted offer but selling the actual place. I can not give legal advice on the wording but when using a suitable house clause never should it be contingent on an accepted offer or signed purchase and sales agreement unless you are fully prepared for the consequences if the deal falls through. It is important to know that one deal totally relies on the other deal in all the paperwork giving you the proper outs you need to stay off the streets and, in your home, if something happens.
For the purpose of taking you time to shop but being ready and able to make an offer in a competitive marketplace sometimes selling first then renting or living with friends and family in between can be the best fix. As we all know when we are in a seller’s market getting a seller to accept an offer with a home sale contingency can be a slippery slope. Some rental places even have temporary or month by month space which often comes furnished. This can be a great way to avoid the multiple unpacking of this second move and simply putting your things in storage for the time being. When doing this remember it is better to waste a month or two’s rent then to become homeless so make sure you tell your landlord what you are doing and try to pay a couple months at a time. Keep in mind even a fast home closing is going to take around 28-45 days, so you need time!
While these are not the only way to make a home sale to home purchase situation work these are the three most common. At Movementum Realty we train our agents on all the different methods to use and when they work best. If you are looking for an agent to help you with selling and buying a home, please reach out to us direct and we will be sure to connect you with one of our “Move Mentors”.