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Seller Dilemma - I Need a Replacement Home

By Joan Cox

Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

March 22, 2013 08:20 AM

Seller Dilemma - I Need a Replacement Home

Home for sale

I would love to sell my house, but we fear we will not find another home to purchase.

This is a common and valid statement in today's Seller's Market. It is not uncommon for a home to go under contract within a few days and finding a replacement property can be a challenge. With inventory at it's lowest in years, finding that replacement property can take some time and patience.

In discussions when on listing appointments, I have brought up the fact we can put "Contingent upon Seller locating a suitable replacement property". I have started seeing this on some listings too. This may affect the number of showings, but at least the buyers will know the situation.

Before making this a definite decision, explore other options you may have to purchase before you put the primary home on the market. As long as you have a nice, reasonably price, well taken care of home, and don't back to a busy street or train tracks, your home most likely will go quickly.

If you have objections to selling your house, there are always options to consider and I can offer some suggestions!

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Jan Green - Scottsdale, AZ

Value Added Service, 602-620-2699 - Scottsdale, AZ

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post Joan - SUGGEST! Definitely a situation we're running into more frequently. Although, buying a home without having a contingency is a good idea in a competitive market as well. Best of luck!

Mar 22, 2013 05:03 AM

Ralph Janisch ABR CRS Broker

Janisch & Co. - Conroe, TX

Selling Northwest Houston to good people like you!

We're sort of in that situation now. Our house will close middle of April and we haven't selected a home yet. Of course we're moving to another state so we'll probably rent for a while when we get there.

Mar 22, 2013 05:06 AM

Kwee Huset

Kwee Huset Realty - Venice, FL

Venice Florida Homes For Sale

Hi Joan, it seems like this is a common issue facing by many sellers. I just sold a house that the seller decided to rent for now.

Mar 22, 2013 05:13 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

With a few of my sellers, they have ended up with transitional housing, either short term rentals, rental suites with small kitchens, etc. Some sellers DO NOT wish to live like this for fear no home will be found. Other options can be suggested.

Mar 22, 2013 05:24 AM

Amanda S. Davidson

Amanda Davidson Real Estate Group Brokered By Real - Alexandria, VA

Alexandria Virginia Homes For Sale

Joan, I hit the suggest button. This is a situation I am seeing more and more! One of my sellers ended up in a hotel for 2 weeks this year while we waiting on their new home to go to closing. Not ideal but, it all worked out!

Mar 22, 2013 05:31 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Amanda, one of my sellers too, and have just recently started seeing contingency clauses in the MLS lsitings.

Mar 22, 2013 05:37 AM

David Grbich

Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA

Orange County Real Estate - 949-500-0484

Hi Joan - I am seeing this quite a bit and think it's a great idea - many buyers are so happy just to get a home that they are willing to agree with sellers needs to locate a replacement home. Regards Dave

Mar 22, 2013 06:02 AM

Anita Clark

Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA

Realtor - Homes for Sale in Warner Robins GA

Joan: It is a buyers market in most of my areas so this is not really an issue as the buyers will just move on to a similar home if they see a contingency like the one you described.

Mar 22, 2013 07:17 AM

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES

Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL

Florida Waterfront and Country Club Living

Joan, very true. I've had a few sellers in that position, some were able to secure short term rentals, other found a new home fairly quickly!

Mar 22, 2013 07:44 AM

Adrian Willanger

206 909-7536 AdrianWillanger-broker.com - Seattle, WA

Profit from my two decades of experience

Hi Joan-what a timely post, we see this situation quite a bit when the inventory levels are low. As you mentioned there are also options for sellers, we as agents need to be creative to serve our clients and at the same time not jeopardize the sale.

Mar 22, 2013 09:08 AM

Roy Kelley

Retired - Gaithersburg, MD

I much prefer situations when the home sellers already have another home under contract or have already purchased another home. It is not always possible but works well for those that are able.

Mar 22, 2013 10:30 AM

Joy Daniels

Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Once again you are offering some ideas for problems that sellers experience. I like the fact that you offer solutions. Thank you for this post.

Mar 22, 2013 10:51 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Joan that is sort of like a reverse Hubbard Clause :)

That is a much better problem to have than wanting to buy and your house is not selling.

Mar 22, 2013 11:17 AM

Berni Kerr

Retired - Mortgage Professional. - Port Dover, ON

Retired AMP Mortgage Agent - Port Dover ON

Joan, I have never heard of that contingency clause before, but I guess nowadays anything is possible. Although I think taking a short term rental in a new area you wish to reside in...is a good alternative.

Hope you have a robust Spring market! :)

Mar 22, 2013 11:54 AM

Wayne Johnson

Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX

San Antonio REALTOR, San Antonio Homes For Sale

Joan-There are always challenges, right. Either we need to move but have difficulty selling current house, or we sell current house, but don't a secure place to land. Always a challenge.

Mar 22, 2013 12:23 PM

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400

The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY

Long Island Condo and Home Specialists

We tell potential clients that they have to start somewhere. Our residential market hasn't leveled off yet and it still may take some time to get a house sold. Knowing where they want to move is good, but we are now experiencing some disappointments with clients who found where they want to move, but can't jump into it yet. We tell them it' better to get their house sold and if necessary get a temporary rental...

Mar 22, 2013 10:35 PM

Patricia Feager, MBA, CRS, GRI,MRP

DFW FINE PROPERTIES - Flower Mound, TX

Selling Homes Changing Lives

Joan,

This is definitely a shared concern for many home owners who are considering putting their home on the market. Fear holds them back. Confidence in having a plan will propel them to take action.

Great post with many grains of truth.

Mar 24, 2013 02:02 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Entering into the height of the buying season, hopefully we shall see more homes listed and we won't have the shortage we currently have with home purchases.

Mar 25, 2013 02:02 AM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Hello Joan - this continues to be a dilemma. People move and don't move for all kinds of reasons - it seems "where" continues to be at the top of homebuying checklist.

Mar 21, 2023 07:31 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Michael Jacobs we are in this position again, the market has blossomed, and going strong.

Mar 21, 2023 07:39 AM