The age-old question we’ll be answering on today’s “Real Estate Market Minute” is this: Should you sell your current home before buying your next one, or should you buy first and then sell? Well, the answer depends on you, your finances, and the marketplace, but there’s one option you may want to look into.
I recently helped a client out by using a great strategy: a concurrency addendum. He was looking forward to retirement and wanted to downsize from a single-family home into a condo. However, he didn’t want to add financial stress to his life by using a bridge loan or home equity loan.
So we went out into the marketplace, identified a suitable property, and got our price and terms accepted. Within those terms, we added the concurrency addendum, which allowed my client to put his house on the market while the seller had theirs on the market as well.
At this point, it became a race to see who could sell first. If my client sold his home first, the negotiations the seller agreed to would have gone into full effect. However, if the seller found another buyer before my client did, they could’ve taken that offer. At this point, my client would probably have had to take his house off the market.
It worked out great because my seller was prepared and had his home staged well. We had the certainty that we’d be able to sell more quickly than the condo owner. It was a great way to lay everything out.
There are other financial options for selling and buying homes, which I’ll be going over in my next video. In the meantime, If you have any questions about concurrent sales or would like further information, feel free to reach out to me. I look forward to hearing from you soon.