There are a few different ways you can buy and sell at the same time. Here are the strategies that work best in our current market.
Thinking of buying a home? Search all homes for sale on the MLS
This is a really hot topic in our market because of our low inventory. With so few options to choose from, sellers know that their home will sell quickly, but they don’t know how quickly they will be able to buy. Nobody wants to end up without a place to live. There are two strategies that we have found to be the best options for tackling this problem.
The first is writing a contingency into your sale contract that you need to find your new property before the deal is finalized. This means that the buyer will agree to the purchase terms, but still give you a specific amount of time to find a home in, usually around three weeks. If you still haven’t found a new home after that time, you can try to have the seller give you more time. They could also choose to terminate the agreement at that point.
The advantage that sellers have in this market is that buyers have been more flexible. We have been able to negotiate that contingency up front to ensure our buyers are never left without options.
Another thing we can do is negotiate a rent-back. This is where we’ll close on the home sale, then the buyer will allow you to rent the home back from them until you find a new home. It frees you from having to deal with temporary living or storage. It’s an option that has become more and more popular in this strong seller’s market.
If you or someone you know is in a similar situation and needs the guidance of a professional, give us a call or send us an email. Hope to hear from you soon!