Which way do you prefer?

Question

Hello my seasoned realtor colleagues. What do you prefer to do in a situation where you have a client who is wanting to sell his  home but does not want to move out until they buy their next home? Do you list first or do you start looking for their new home and get under contract and use that period of time of time to get their home sold?

Mason Hickman · Answer

@Marco Morkous

It's not used too often because it makes the house less desirable to buyers, but it is basically a contingency for the seller to find a suitable replacement home ranging from 30-60 days.

Marco Morkous · Answer

@Mason Hickman by x number of days do you mean the search time or the time until closing? What’s a suitable amount of time? My take is that it won’t be a typical 30 day closing on the seller side since we will have to take the time and search for a home

Mason Hickman · Answer

@Marco Morkous

Sell it with contingency that seller has x number of days to find a suitable new home; if they don’t find one then they can back out of the sale. It’s less attractive for eager buyers but it won’t put your sellers under the gun. Plus when your clients become the buyers, sellers hate house sale contingencies that put the control in the buyers’ hands.

Milton Ali · Answer

@Marco Morkous that depends. I typically get my seller ready to list the moment they have an accepted contract on a purchase. Have photos ready and the sign ready as well. Don't wait for them to find a home before they get the home ready to list. That can be a waste of time.