
Lehigh Valley Home Buyers are running into a problem when they currently Own a Home but Need to Sell It to purchase a new one.
Ideal World When You Have a Home to Sell:
The Home Buyer lists their current home
They get an offer on their home, accept and go under agreement.
The home inspections get done on their current home and everything is moving forward.
Now the home buyer is in good position to make an offer on a home that they really love.
The Home Buyer can make the offer on the new home Contingent on the Settlement/Closing of their current home.
Hopefully, the seller on the new home agrees to accept the settlement contingency.
The Low Home Inventory in the Lehigh Valley is causing a problem in the "Ideal World" for someone with a home to sell.
Home Owner Concerns:
- What if my current home goes under agreement and we don't have a home to move to?
- The Home Seller, on the new house we want, may not be willing to accept an offer with a home sale involved on our end EVEN if it is currently under agreement.
A Lehigh Valley Home Buyer that has to Sell has a few Options to choose from:
1) List their current home, get an offer and make the sale Contingent on the Buyer Giving Them Time to find a new home. Will the buyer be willing to risk moving forward on the purchase if possibly the seller can't find another home and cancels the contract?
2) List their current home, get an offer and accept it. Find a new home and try to line up the closing dates so that you can move directly from one to the other. In the event the correct home isn't out there have an option if things don't work out renting/staying with relatives...etc.
3) Don't list their current home but wait to find the home they want to purchase first. The low inventory makes this option the most difficult. If the home buyer is interested in a home that has a lot of showings and activity the owner/seller may not accept an offer with a home sale...no matter how good. The seller may prefer to wait on a home buyer that doesn't have a home sale involved in the purchase.
Option 1 puts the most risk on the Buyer of your Home.
Option 2 puts the most risk on You. What if you can't find a home?
Option 3 puts the most risk on the Seller of the home you wish to purchase AND You if you lose a home you really want.
Whether Option 1, 2 or 3 is selected a contract can be modified to try and reduce the risk to the party Most at Risk.
For all of your Lehigh Valley Real Estate information visit www.lehighvalleyhomesonline.com.