
A lot of Lehigh Valley Home Buyers, especially in the $200,000 or up price range, have to sell their current home in order to purchase a new home. Most home owners can't afford to own two homes.
How do you purchase a home when you need to sell your current home?
The Correct way to Sell and Buy a Home:
You list your home for sale, go under agreement, then make an offer on your new home continent on the settlement (closing) of your current home.
The problem:
Doing it the "correct" way can be a problem because of the low inventory of homes for sale. Your home may go under agreement and you don't have a new home to purchase! You can end up homeless and need an alternate plan.
The Incorrect way to Sell and Buy a Home:
You don't have your Lehigh Valley Home listed For Sale:
Mr Seller, I don't have my home currently listed but I want to purchase your home. Will you give me the time to market and sell my home plus the additional time needed to close?
The problem:
This is a major negative to a Lehigh Valley Home Seller whom may be entertaining a lot of showings or even multiple offers. Are they willing to take the risk that you can sell your current home fast and in a timely manner?
Accepting the buyers offer and ageeing to take their home off the market and go under agreement may require a really good offer (price, inspections, large deposit)
The Semi-Correct way to Sell and Buy a Home:
The "Home Buyer" lists their current home for sale but makes the purchase contingent on them finding a new home. This way they can make an offer on the new home contingent on "closing" on their current home.
The problem:
A home buyer may not be willing to take the risk. Is the Lehigh Valley Home Buyer willing to stop their home search, possibly start spending money (inspections and appraisal) for a home they aren't certain they will be purchasing?
Finding a home buyer to agree to the above may be difficult. The Lehigh Valley Home Buyer may be tough on negotiations to accept what the seller is asking for and want the seller to give them a safety net (inspections and appraisals will be done after the home seller knows they are definitely buying a new home). What if any of these cause the buyer to walk? Now, the home seller will lose the house they plan on buying.
A Home Sale Contingency may be used to address any of the above issues when you need to sell a home in order to buy a home. Depending on the situation, a contingency and/or verbiage in the agreement of sale (on both homes) may be needed.
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These are some of the solutions to purchasing a Lehigh Valley Home when you have a home to sell. I would be happy to discuss any of these in more depth Give me a call. Joe
For all of your Lehigh Valley Real Estate information, visit www.lehighvalleyhomesonline.com