If you currently own a home and want to make a move this year, there are a few things that you must do in this market to achieve that goal.
Many years ago the process of moving to a different home looked a little bit like this. A person who already owned a home and wanted to move would go house hunting, find a new home to purchase, write a offer contingent on the sale and settlement of his existing home, and hope that somebody would buy his home - and the seller of the new house was fine with this arrangement because that was the norm.
That way of making a move to a new or different home has not been in recent years and is not the way the process works anymore. Here are the facts:
- Sellers are no longer willing to accept an offer contingent on the sale of an existing home because there is no guarantee that your house will sell quickly, if at all, and the seller is not willing to risk taking his house off the market in the hopes that your house will sell.
- Some sellers are willing to accept an offer contingent on the settlement of your existing home. This means that you have already found a buyer for your house and you have a firm settlement date. Though not a perfect scenario for a seller this type of contingency is less risky and he is more likely to accept your offer than if you do not have a contract on your existing home.
- If you have already sold your home or if your home is under contract and you are merely waiting for settlement, it gives you more power when negotiating the terms and conditions in your offer for the new home.
- Going house hunting before your existing house is on the market is guaranteed to set you up for disappointment. Right now, it is easier to find the new home of your dreams than sell your existing home. What happens when you find that new home before your home is even on the market? You have no way of creating an appealing offer for the seller and your offer will most likely be rejected.
Many people ask, "What happens if I sell my home before I've found a new one?" First, please understand that this situation is highly unlikely given the large inventory and low price points in our market right now. Secondly, if someone makes an offer on your home and you haven't found a new home yet, you can put a contingency in the contract stating that you must first find your home of choice before you will settle.
Bottom line - if you want to make a move in 2010, get your house in order and put it on the market. Then go house hunting.
Thinking about moving in order to take advantage of the Homebuyer Tax Credit? Consider attending one of our 1-hour information packed seminars. No pressure, no obligation, just education.
Wishing you sunshine everyday and the home of your dreams,
Jeri
