The move-up buyers are dipping their toes in the spring market waters. The familiar question of which action to take first is often the first major decision the dual client (one who is both a buyer and a seller) must make There are pros and cons to both actions, both dependent upon the successful execution of the other.
Writing an offer contingent upon the sale of your home is a self-limiting approach. Your offer will fall to the bottom of the multiple offer stack. Short sale and foreclosure properties will reject your offer based on the contingency. It also negates your negotiating power. Asking a seller to tie up his property on a "maybe sale" means he is less likely to give you a favorable price. Therefore, my advice is to sell first and buy later.
On the other hand, placing your home on the market contingent upon finding a suitable replacement property is not without risk and inconvenience. You will need to find a buyer that is willing to wait while you identify and secure your upleg purchase. Each property will need to appraise at a price that will allow you to complete both transactions. Inspections must be negotiated and loans obtained.
Often there are other transactions hinging on the successful completion of the move-up buyer's transactions. The upleg owners must move to a new home and the buyers of the move-up client's home may have a property to sell. It is a symbiotic sale process and it is not for the faint of heart.
The successful completion requires patience, persistence and the guidance of knowledgeable professionals.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
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