“We would love to buy a new home, but we need to sell our current home first to be able to afford it”. We hear this all the time. This situation is referred to as the “Sale of Buyer’s Home Contingency” and happens more than you think. The Rudowicz MacCartee Group specializes in just this scenario.
The Rudowicz MacCartee Group specializes in just this scenario. It can be a tricky and seemingly risky situation, but our expertise will guide you every step of the way. The California Association of Realtors has created forms to protect both buyers and sellers. We use these forms to outline the specific dates, terms, etc. made part of the sales agreement. In today’s market, inventory is low and sellers that list their home for fair market value often have multiple offers quickly. So why would a seller accept an offer from buyers that have to sell their home first?
First, the buyer’s home may already be in escrow and just waiting to close. This is a far less risky situation and is really just about coordinating the timing of the closings.
Second, because of the low inventory high demand market we are in, if the buyer prices their home for sale at fair market value, they too should have multiple offers quickly. Again, this becomes a simple organization of dates and timing for closings.
Third, there can be incentives in an offer that make it more attractive to a seller and encourage them to take a contingent offer over a non-contingent offer. These incentives can include a slightly higher offer price, timing of closing that may be longer or shorter – whichever is more beneficial to the seller, a rent-back after closing, etc.
The Rudowicz MacCartee Group is honored to work with so many of our past clients, friends, and neighbors. We have many families ready to buy and sell at this time and are just looking to make matches with other buyers and sellers to make the move. Some would like to “move-up” and need extra work-from-home space or a detached unit on the property. Others would like to “move-down” and are looking for a small condo.
Our goal is that you “Love Where You Live” and we are dedicated to making matches that help everyone make their best move!