We know all the good reasons for listing a home for sale this winter, right? The main one being it’s a HOT seller’s market with a LOT of buyers in competition for homes, resulting in multiple offers IF a home is priced right. Sellers definitely have the advantage to steer the outcome in their favor.
Then the next big decision arises…where will I move to?
You can choose to list your home with the following options related to possession & occupancy:
- “Contingent” on you finding a new home – This means you stay in your home until you find a new home to buy. Many buyers are hesitant to sign a purchase agreement with this type of contingency because there is not limit as to how long it may take the seller to find a home.
2. Possession will take place a specified number of days AFTER closing – for example, stating possession will occur within 30 days after closing means the seller has up to 30 days after close to vacate the premises. This gives you approximately 2 months to find a new home (1 month before closing for buyer to finalize financing + 1 month after closing).
3. Leaseback agreement – seller stays in home a longer period after closing, paying rent to the new buyers as negotiated and documented in the Purchase Agreement.
Other options to consider:
A. Get your home ready to list, start looking for a new place, when it’s found, list your home for sale. I can help with the terms of the agreements, to get the closings as close together as possible.
B. Plan to move your possessions to a storage unit, sell your home and move in with friends or family after closing. Having sold your home, this can put you in a very good negotiating position for your new home.
C. Consider a short term lease for an apartment or house until you’re ready to purchase.
