Oftentimes, the biggest hurdle to selling a home is figuring out a strategy to avoid homelessness after the close of escrow. The idea of finding your next, perfect home in a short amount of time can be daunting. In today’s market, finding a seller who is willing to accept a buyer’s offer, contingent upon the success close of escrow of their existing sale is next to impossible. The following is summary of a seller’s options when timing their move.
Your best option is to sell your home, and then take the money and move out. Couch surfing is not always ideal, but it’s the best way to ensure you get the best price. If you have multiple family members, or a pet, or happen to be doing this during a pandemic, then this is not an ideal option. It is, however, the best way to ensure you get the best possible offer for your home.
Renting a property after the close of escrow is also a good idea. It’s a lot easier to find a rental property and secure a lease, than it is to close on the purchase of a new home. The downside of this option is moving twice. That being said, you don’t want to rush into a purchase.
A longer escrow is also an option when selling a home. While a traditional escrow is 30 days, a 45 or 60 escrow is also an option. That being said, longer escrows can lead to problems. There is always the potential for a buyer to lose a job, separate from a partner, or win the lotto and decide to move to Maui. Longer escrow do allow a seller more time to shop for a home, but I feel there is too much risk involved as a seller.
Renting your own home back is a great option if you’re looking to buy yourself some extra time in your home. These rent-backs are not uncommon in today’s market. They allow the seller to put money in the bank after closing in 30 days. That ensures the deal is done, and and makes the seller a non-contingent buyer… the best kind!
Market Real Estate has access to a great guaranteed offer program that allows sellers to receive a guaranteed market rate offer on their home. This allows the seller to be make non-contingent offers on their next home. The program unlocks a seller’s equity prior to even listing their home for sale. There is a cost involved to deploy this strategy, but can be well worth it. You actually move into your new home, then fix up your old home, which would allow the home to show at it’s absolute best, and therefore sell for a highest price possible.
Reach out to Market Real Estate to discuss your plan, and we’ll create a winning strategy specifically for you!