One of the TOP concerns for sellers that give them pause when considering whether they should put their home on the market … “Where do I go once my home sells?” Some sellers may have it all planned out where they may have a home is Florida for example, and once their current homes sell’s, their Florida home will then become their forever home. Or, perhaps they are combining households, with their significant other – and will no longer need two homes. But for the majority of the sellers, they fall into the category of having to sell their existing home in order to purchase their new home directly thereafter. With this in mind, here are a few options the seller can consider in order to make their move work for them.
Option one – have a short-term rental in place in the event you have not located the home you wish to purchase after your current home sells.
Option two – plan to temporarily move in with family members while moving your belongings in storage until which time you secure a new home.
Option three – If the buyer has the time to wait on their move … have an agreement put in place with the buyer to allow you to rent-back your home for a certain period of time that will enable you to close on your current home, while looking to secure your next home purchase. This allows you to be a more viable buyer on your next purchase. This strategy will also allow the buyer to secure the home they wish to purchase while combatting the ever-increasing home prices.
Another more popular option would be for the seller to choose a buyer who is willing to wait, for an agreed upon timeframe of course, in order for the seller to locate their next home. This is the best and easiest option for the seller, so they don’t find themselves moving more than one time. In some cases, and especially in this market where sellers are receiving multiple offers – the seller will likely accept an offer where the buyer will give them the gift of time as part of the contract terms in order for the seller to secure their next home. There are many parts of a buyers offer that can be enticing to the seller to accept, and it is not always about the $$’s, but in some cases the terms will be just as important.