Let's buy it! And we have to sell?

By
Real Estate Agent with Atlanta Communities 303302

Many times Buyers looking to move within their community have a home they need to sell as well. For some reason they don't want to carry 2 mortgages at the same time, or can't. I don't blame them, Who wants to more than double their monthly costs of home ownership?

So the dance begins. What happens if our home sells before we find another home to buy? Well, you will need to accelerate your home search or find somewhere to live temporarily. Many times Sellers have family in the area that will let them crash there for a time. Otherwise you may be checking out long term hotel stays or short term rentals.

What happens if we find the perfect home to buy before we sell our home? If you need to sell first, you may need to place an offer contingent on the sale of your home. This means if your current home does not sell in an allotted time frame, you will be able to get out of your contract on the new home. This also means that your offer is a weak one due to the uncertainty built into the contingency.

In either case, a good conversation with your real estate pro can help you figure out what you need to do and the timing for your deals. Just because you need to sell first, don't let that stop you from starting to look for the next perfect home. Good hunting!

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

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Rainmaker
3,274,141
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Peter. This is excellent. You explain thing clearly and very very well.

Nov 20, 2018 06:50 AM #1
Rainmaker
139,194
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

I am going through that dance right now. Missed out on one home. Probably won’t avoid the double move. Sigh.

Nov 20, 2018 06:53 AM #2
Rainer
9,007
Joseph Doohan
Joseph Doohan - Las Vegas, NV
I offer business strategy advice for realtors

Good points that you have highlighted here! I will certainly take it into account

Nov 20, 2018 07:05 AM #3
Rainmaker
169,648
Ben DeHaven
Haven Realty & Investments - Winter Haven, FL
Proudly serving Winter Haven & Lakeland, Florida

It takes a lot of work to successfully coordinate a buy and sell and can be very stressful. A great agent takes some of the pain out of the process .

Nov 20, 2018 07:45 AM #4
Rainer
113,133
Mike Baltierra
Rise Realty - Corona, CA
Full Service at Your Service Realtor-Corona CA

Simple and well said Peter. This happens more than people know. It takes planning. You don't want to ever be in a position you can't negotiate.

Nov 20, 2018 09:34 AM #5
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Peter den Boer

MBA,GRI, Associate Broker, Realtor
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