Do I Buy First? Do I Sell First?
When inquires come in on my properties, I like to find out the buyer's motivation. Do you have a home to sell to purchase? The answer is sometimes, "we just want to look for a while."
What happens if you fall in love with that home or condo? Can you move forward without the proceeds of your current home?
In response to the age-old question "Do I buy or Sell First."
It is not unusual to have a client want to see every home or condo available right now..in spite they have not even considered putting their home on the market. You can see the look of fear and panic as they ask:
What if I sell and have no place to move!? I cannot disrupt my family; I am too old or not well enough, or a myriad of other reasons why two moves are impossible.
I have yet another suggestion, one that I call a "reverse contingency." When two separate moves are just not possible, my advice is to list the property, contingent on "finding a home of choice." You may see HOC in remarks.
It is easy to find out how serious they are to avoid that 2nd move. Ask, " What if someone comes along and offers you a million dollars?" ( their home is in the $500,000 category.) Quite a few sellers will say OK; we will pack up, go into storage, travel for a while, move to an apartment, move in with parents, or a hotel... for that kind of incentive.
Any amount of money will not inconvenience other sellers. This situation is the perfect place for the "reverse contingency." When receiving an offer, a specific clause is in the contract stating a contingency for a short amount of time (could be weeks) for the seller to find that home of their choice. Notice that wording. "home of choice."
Once the home is listed, viewing available properties is appropriate so the seller/buyer can become familiar with the available inventory. Even in this fast-paced market, I have a home on the market with a HOC contingency.
When the current home goes under contract, the buyer has time to find a property, write an offer on the new home contingent on the settlement of the present house. Did you follow that? There are so many ways to help buyers and sellers. First, you must ask the right questions and determine the buyer's and the seller's needs.