How should buyers and sellers handle the process of buying before they sell, selling before they buy, and potentially double-moving? This is one of the most frequently asked questions I hear from prospective sellers. They want to sell their home, but they don’t want to double-move.
What are my thoughts on contingencies? In today’s market, contingencies make a contract weaker. Some sellers want top dollar for their homes and aren't willing to reduce their prices. In those cases, many of our buyers have actually paid a premium for a home sale contingency and actually secured the home sale contingency so that when they listed their home, they could sell it and avoid double-moving.
If you’re prepared to double-move, that makes you a great buyer. Since you’ve already sold your home, you know what your value is and what you’re capable of. You have the ability to close in a more timely manner. If you sell your home first and buy after, you can be a great buyer. If you buy a home first and then sell, you can also be a great buyer. There is some risk in this, though, in that you can’t know what the value of your home is until you get it sold. As we’ve previously discussed, there have been a lot of inconsistencies in this market. We can pinpoint the value, but that value can change based on a number of outside factors.
There are three options for buyers who currently own a home: selling first, buying first, or buying with a contingency. There is one other option that involves selling first and timing it perfectly, but that doesn’t always happen. The next move is a very important move, so if you can’t line it up perfectly once you sell, and you don’t find that perfect home, we’re going to put the brakes on the process and tell you to consider renting in the short term.
If you have any questions, please don't hesitate to give me a call or send me an email. I would be happy to help you!