• Mar. 17, 2007 - Real Estate Strategies: Buying Strategy 4
4. SELL FIRST, THEN BUY.
If you have a house to sell, let me help you sell it before selecting a house to buy! I have seen few contingent sales work in the last 3 years, unless it’s with a new home builder who has other houses to sell and can afford to put one on a contingency.
Let’s pretend that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that’s a risky deal, since he might pass up a buyer who DOESN’T have to sell a house while he’s waiting for you. So he says OK, he’ll do the contingency but it has to be a full price offer! So you see, you paid more for the house than you could have because of the contingency.
Now you have to sell your existing house, and in a hurry! Otherwise you lose the dream house! So to sell quickly you might take an offer that’s lower than if you had more time. The bottom line is that buying before selling might cost you TENS OF THOUSANDS of dollars. I always recommend that you sell first, then buy.
If you’re concerned that there’s not a house out there for you, then let’s do a little window shopping. We can identify possible houses and location without falling in love with a specific house. If you feel confident after that, then put your house on the market.
Another tactic is to make the sale “subject to seller finding suitable housing”. Adding this phrase to the listing means that WHEN YOU DO FIND A BUYER, you will have some time to find your new home. If you don’t find anything to your liking, you don’t have to sell your present home. This strategy can make your home less desirable to both buyers and agents because they are not sure when you will find the new home.
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