This is one of the most difficult hurdles we as Realtors face with our clients in this slower real estate market.
How you tackle this situation is a very important decision for many reasons. Many people think that they should write an offer on the home that they want BEFORE they have an offer on their home. The problems with this are complicated and many. Actually, it is my opinion that you should NOT make the offer in advance of selling, unless money is NOT important to you.
First, if the seller accepts your offer, typically either they want to continue to market their home in case you don’t sell yours taking any and all advantage from you to making the offer before you are able to perform.
If you can buy without selling your home, this tactic would reserve the house until the seller obtains another acceptable offer with a “first right of refusal” contingency in your offer. Still, it is my experience that you would pay more for the property because the offer has the possibility that it might not actually close. The advantage of buying time comes at the expense of a probable higher sales price to you.
My solution to this equation is as follows: put your home on the market AFTER you take a “shopping spree” to see if there is a home or home(s) that will meet your needs better than the one that you own AND that is in a price range that you are comfortable with.
You market your home “subject to purchasing home of choice” competitively priced and staged and hope to find a buyer that will give you a few days to purchase a home.
The advantage is that you should sell your home for an acceptable amount, and will be in a much stronger position to negotiate a great price on the home of your choice!
Please call the “ORR Family Home Selling Team” for your no-obligation “shopping spree”! There probably has never been a better “move up” time for real estate given the great selection, prices, and interest rates!