If you're a home seller, every real estate transaction has some risk built into the purchase contract once you get to terms. There are a series of dominos that need to fall to get all the way to the closing table.
Will there be an objection to the HOA rules?
Will there be a deal breaker in home inspection?
Will there be an appraisal issue?
Will there be any significant issues with the buyer's financing?
Some of those risks are early in the contract, others later in the process to the point they could go wrong AFTER you're packed up and ready to move out.
All of the above risks normal risks and stages to the process.
Now what if your buyer ALSO needs to sell their home to buy yours?
If they need to FIND a buyer and go through the entire purchase process, that's a pretty big domino that needs to fall.
If the buyer is ALREADY under contract for their own home, there are still a few dominos that need to fall. Part of the assessment is determining what phase of the process they're in.
Have they cleared inspections?
Financing for THEIR buyer?
And as you might guess, this process can go even further upstream. Is the buyer's buyer also selling their home?
While going three deep in deals isn't all that common, it CAN and DOES happen periodically.
Obviously, there need to be questions asked and a careful consideration of the risks.
Does more risk mean a better opportunity to ask for a higher price? Perhaps.
Does more risk mean you stall a bit on packing until most of the dominos have fallen? That might make sense too.
Want to discuss further? Just give us a call at 513-520-5305 or email Liz@LizSpear.com.
Serving Greater Cincinnati home buyers and sellers,
Bill of Bill & Liz aka BLiz