Many sellers are in a quandary over how to buy and sell a home at the same time. If they want to find a home before they list their own, they are stuck putting in an offer with a sales contingency, which makes your offer unattractive, especially if there are other offers. But listing a home first without having found one is also scary – how can you sell when you have nowhere to go? As a Teaneck top realtor, here are some solutions that have worked for my clients.
Investigate homes for purchase
I always recommend that buyers first explore how realistic it is that they’ll be able to find what they’re looking for. For example, if a luxury home owner is downsizing, can they find an apartment in the price range and town they’re looking for? After looking through some Teaneck homes for sale, I even suggest going to see some properties that might meet their needs. Then they should ask their agent to search how often a home like the one they want becomes available. If in the past six months only two properties that meet their needs sold, what are the chances they will find another one? But if many have been available, they can feel comfortable that they can find what they’re looking for.
Listing before Buying
Once you have found out that you have options to purchase Teaneck homes for sale or Bergenfield houses for sale – even if you haven’t found the property yet – you can list your home for sale. You will have to alert potential buyers that your sale is contingent on a purchase. Once you have a buyer, you can pursue a purchaser in earnest, and hope that they can wait for you to find a home. This option is good for people who have to sell in order to buy.
Buy Before Listing
If you know the market where you’re selling is very strong, like with Bergenfield houses for sale, and you are very likely to find a buyer, you can secure a new property before you sell your own. Most likely, you will have to waive a sales contingency. Then you can go under contract on your purchase and list your home while you’re doing so. If you need to, you can secure a bridge loan to purchase the new property if you have to close before you sell.
Worst case scenario – ask for a home sale contingency
Another option for buying before you sell is to include a home sale contingency in your contract. This contingency clause states that the sale will only go through with the purchase if your current home sells in so many days, weeks, or months. If the seller of the home you’re buying is not in a rush, or if there is not a strong demand for their property, they might be willing to give you a few weeks to sell your home. If it doesn’t sell, either of you can back out.
By putting a home sale contingency in your contract, you won’t have to worry about keeping up with two mortgages, giving you more time if you’ve found your ideal new home before selling your current home.
Looking for a real estate agent who has handled these situations before?
Get in touch with Linda Stamker. She is a Teaneck top realtor who can help you find the new home of your dreams while helping you sell the one you’re in now.