Tuesday, January 01, 2013

We'll List When We Find The Right Place To Move

We'll List When We Find The Right Place To Move

 

This past weekend I showed a condominium to a potential buyer. During the showing the question came up about selling their present house.


QUESTION

 

They were very concerned about the possibility of two moves. An illness made this more than inconvenient. I was asked to take a look at their home to see what ball park price they could expect.  That's when I discussed the idea of a  Reverse Contingency.

It is important to know a client's motivation. Are they ready to sell? Are they ready to buy?

Concerned if they can find a suitable home...even more concerned if they can sell the home they are living in.

Do you see how people can be stuck, even paralyzed, in making a decision? This process needs to be discussed. You have to be comfortable making a move after being in, what you thought was, your "forever home."  This is how the same situation  turned out a few years ago.    One Listing, Two Sales.

It is easy to find out how serious they are to avoid that 2nd move.  Ask this question: " What if someone comes along and offers you a million dollars?" (You know their home is in the $500,000 category.)  Quite a few sellers will say OK! We will pack, store, travel for awhile, move to an apartment, move in with our kids or to a hotel for that kind of incentive.

Others will not or cannot be inconvenienced for any amount of money. This is the perfect place for the "reverse contingency."  When an offer is made... a specific clause is written into the contract... stating  a short amount of time (could be weeks) for the seller to find the home of their choice.

 

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 multiple listing remarks. When their home goes under contract...they can write on the new home. We make the provision and this contract will have a contingency on the settlement  of their present home. 

I will continue to look for the perfect condo for this couple to "Right Size" into. I did not say "downsize".


There are so many ways to help buyers and sellers. First you must ask the right questions and find out their needs.

How will you respond when the client says:

    "We'll List When We Find The Right Place To Move"


410-530-2400

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