2008 IS THE BEST MARKET TO BUY “UP” in and get your larger, dream home, but, you can’t Put the Cart Before the Horse when Selling

When it comes time to move to a new house, in an ideal world, the timing of the escrow on the home you are selling would match that of the home you are buying. There would be no gremlins under the sink, no hitches in the financing and no hiccups in the title. Signatures would flow in synchronized signings and for the finale, as you turn the key in the door of your new home, the buyers of your old home would be crossing the threshold of theirs.
In reality, of course, trying to handle buying a new home while selling your old one can get pretty sticky. Here are a couple of scenarios from the real world.
The house you've had your eye on for so long has finally come on the market, you know it's the perfect home for you, but you've got to act quickly. You need to sell your home in a hurry.
But…the market is not quite what it was a year or so ago, and you are not in a position to pay two mortgages while you wait for your old home to sell. What can you do?
Key to this is not putting the cart before the horse, and using an experienced real estate agent is your best chance of obtaining a smooth transition.
In most cases, a seller will not wait for you, the buyer, to sell your house, i.e., a "contingency" offer. Some corporate relocations will absolutely not take a contingency offer. But you can take the reins back when you put the contingency on the house you are SELLING.
You can put your house on the market with the contingency that the buyer waits for you to find your new home in 30 day increments. If you have not found your new home in 30 days, either you or the buyer can cancel the transaction or extend the waiting period by mutual agreement. All time frames and costs begin at the start of the escrow of your new home.
And, remember! Yes, your current home may have dropped in value. Yes, it is painful to get those lower offers. Keep your eye on the Horse….your Dream home has also reduced in value and that is the best thing that can happen to a buyer/seller: lower property taxes and faster appreciation on the new home.
Over my past 23 years of professional experience, this has been very successful for my clients. It has proven to be the safest way, as you avoid the risk of not having a home. I recommend that you commit to trying the process for 3 or 4 months. If it is not successful, the worse that can happen is that you still live in your current house.
My clients have experienced that once you take the big step of putting your house on the market, the "flood gates" open. Ninety percent of my sellers will get a buyer right away who will wait for them to find their new home within 30-90 days.
To obtain a personal market evaluation and begin the process of finding your new home, please call me so we can review the process together!