Buying and Selling at the Same Time
By Jon Miller
If you need to buy a home and have a home to sell, you'll have options as to how to proceed. If you're like most people, the purchase of your new home will depend on the sale of your current home. This can severely weaken an offer. To be able to make the strongest possible offer, there are a few things that you should do . . .
1. Put Your Home on the Market - It would be a big risk for a seller to accept an offer from a buyer whose home isn't on the market. At the very least, you'll want to have your home on the market to get started. One reason that this makes such a risky offer for a seller is that the amount that your home sells for may impact your ability to buy. And, if it doesn't sell, they will have to start from the beginning with searching for a new buyer.
2. Get Your Home Under Contract - If you're home is under contract, you'll be able to make a much stronger offer than if you're home has been sitting on the market for a few months without an offer.
3. Make a First Right of Refusal Offer - If the above aren't options, you might consider making an offer with a First Right of Refusal. In this case, the seller has the option to continue marketing and showing their home. If an offer comes in, you'll have the first option to buy the property at the price and terms of that offer. If you refuse to accept the price and terms, you won't be committed to purchasing the property. This may be a good option if you've found the perfect home before you've had time to start the process.
Few sellers will accept an offer if a home isn't yet on the market in a contingent sale. But, knowing your options can help you to make the strongest possible offer. A final tip if you're considering selling your home and buying another with your proceeds is to start with an estimate of the value of your home. You can click here to enter your address for a free online value estimate. For the most accurate estimate, a professionally prepared Comparative Market Analysis is the best option. Call Jon Miller at 215-839-6034 for your complimentary Comparative Market Analysis.
Is it time to sell your home and buy a new one. Call Jon Miller at 215-839-6034.
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