A significant part of my job as a real estate agent is decoding “Realtor Speak”, breaking down the lingo and contract language used in our industry. One example of this happened recently, when longtime clients decided they wanted to downsize.
Fifteen years ago, I helped Mr. + Mrs. 97225 purchase their lovely mid-century, SW Portland home. These two had tenderly and lovingly cared for their home, but it was time for something new. In lieu of purchasing their new home with a contingent offer (where the offer on a new home is dependent/contingent upon the sale of the old home), my clients arranged their financial ducks and purchased the sweetest home prior to selling the home in SW. In a buy/sell situation there are several available options, and how you attack the situation will have much to do with the market trends. Currently, we are in a seller’s market, which can be extra tricky due to competition among buyers. A few options that have successfully worked for our clients are:
- Buy your new home prior to selling your old home.
- Write your offer contingent upon the sale and close of your current home.
- Sell your current home and rent until you find your dream home.
- Sell your current home, find your replacement home quickly, close on your primary home, and then close on the new home with the funds. Requires a 60 day rent back on your own home after it closes (Lender max).
Each of these scenarios are unique and special in their own way, which is why it’s so important to have an experienced Realtor guide you through the process. If you have any questions about how to sell your home in order to move on to your next home, give me a call. I’d be happy to collaborate with you on your options.