The Sell-Before-You-Buy Dilemma…

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Margo makes some very good points here about contingencies…..I have also included a contingency in the listing agreement to make the seller feel comfortable about selling.

Via Margo Otey (REMAX EXECUTIVE REALTY):

It’s a Chicken or Egg Situation

I am working with several people right now who would like to buy a new home.  All need to sell their present home in order to be a buyer.  Each is faced with the same dilemma: will the right house be there when I accept an offer on my present home?

It’s a leap of faith to list your home before you have found your dream replacement.  At the same time, if your dream house comes on the market, how heartbreaking is it to watch it sell to someone else because your hands are tied?

Our market has improved enough that all price ranges are moving – not just the entry-level homes as we’ve experienced in the past 3 years.  If you own a home in good condition, in a good location, and you price it right – there will soon be a sold sign in your front yard! 

The market isn’t, however, improved enough for contingency offers.  The owner of the house you want to buy is going to expect a pre-approval letter.  Likely the letter will state you need to sell in order to buy. 

To give a seller comfort and protect them, I add a contingency in the listing “subject to the seller finding suitable housing.”  In my 20 years selling homes, I have never had a situatation where the seller-turned-buyer could not find a suitable replacement home.  It seems the Universe Will Provide!  The right house will be there when you need it, no matter how hard that may be to believe!  In the unlikely event it’s not, you have the out.

There is a balance of power in every transaction.  You can leverage your side of the balance sheet by accepting an offer on your house!  Then you will have the power to make your dreams come true!

 

 

 

About susanmorrison

After living in Walpole, MA for many years, our family was transferred to the west coast when I was a senior in high school. In 1983, I graduated from Mission San Jose High School in Fremont, California. I am also a 1987 graduate of Providence College with a major in liberal arts and a minor in business administration. I bring to the table many years of sales experience beginning with thirteen years in Corporate Sales at Delta Air Lines. I'm the mother of three children and I'm very active within the Franklin, MA community. I am also a cancer survivor and support the American Cancer Society Charities.

My husband and I have built five homes and I've lived in a variety of other locations including Toronto Canada, Irving Texas and my current home in Franklin, MA. As a result of all my moving around, I came to the conclusion that I was an expert at moving...why not become an expert on the other side of the table? I earned my real estate license in 2004 and believe that I have found my true niche'. I can empathize with my clients on a variety of levels; whether they are buying or selling. And, like so many other good realtors out there, I believe that possessing good communication skills is one of the many keys to success.

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