Sunday, January 02, 2011

Catch 22 Question...Do We Buy Or Sell First?

Hi Margaret Rome,

Please help us decide..."Do We buy or Sell First? We are thinking of moving but if we find a place we like, how can we make an offer if our home is not sold. We need the proceeds to move forward. If we sell our home first, how can we be sure the place we want will be available?

                                                    Buy or Sell HomeRome 410-530-2400

This seems like a "catch 22" question. Let me explain what I call a reverse contingency.   We list your home contingent on "finding a home of YOUR choice".

How serious are you about  not making that second move.  What if someone comes along and offers you a million dollars? If your home is in the $500,000 just might say OK, we will pack up, store our belongings, travel for awhile, move to an apartment, move in with parents or check into a hotel for that kind of incentive.

You may not want to be inconvenienced for any amount of money. This is the perfect timing for that "reverse contingency."  When an offer is made on your present home, a specific contingency clause is inserted into the contract stating you have a short amount of time (could be weeks) in order to find a home of your choice...notice that wording. "home of choice".

Once your home is listed, we can start viewing  properties. This way you can become familiar with the available inventory. I have several homes on the market with  a HOC contingency.

When we get an offer on your current home and we go under contract,  you  can write a contingency offer on the new home contingent on settlement of the present  home. Did you follow that?  There are so many ways to help you sell or buy.  Your needs come first. Hope this answers the question

“Do We Buy Or Sell First.''
Thank you for asking such a good question.

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