A Home to Sell and a Home to Buy... What Comes First?

By
Real Estate Agent with RE/MAX Preferred

 

If a local client needs to sell their house to buy a new home, first we evaluate market value and net proceeds of their current home.  Other items to consider are the potential cost of inspection items, needed repairs and cosmetic items.  Then we put them in contact with a lender to get pre-approved.  Doing these will assist in determining if the desired move to another home is realistic.

Once we have the go ahead, we focus on staging, listing and marketing first.  Then we start combing the market for their new home.  I like for them to find two or three homes they love so that once their home goes under contract, they have a good idea of what they want ... especially if it sells quickly.

 

With a contract on their home in place, we'll check the MLS for any new listings that have come on the market since we last looked and make appointments to view good candidates. The sellers are ready to make offers on their favorite home/s at this point.

While it's a good idea for the seller to check on availability of potential homes prior to listing their home for sale, actually making an offer may not be the best next step.  First, the seller will have more negotiating power once their home is under contract.  And, other sellers may not be interested in negotiating with someone who has not even listed their home.  Most builders in our area will not accept a contingency offer unless the clients home is under contract and listed with a Realtor.

 

It seems the most important first step is for someone in this position to contact their Realtor and lender.  It could save a lot of headache and frustration for everyone.  It's always fun to look at potential new homes first, but before getting too serious... please take the first step.

 

Ok Active Rainers, now it's your turn.  What are your thoughts?  Do you have a better way?  Do you do things differently?  Are you coming across more folks in this position these days?  I want to know.

Pictures source: 123rf.com, www.csmonitor.com, frontdoor.com

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