Tuesday, May 23, 2023 / by Kris Lucas
Scared of not finding a place when you sell?
If you are interested in the real estate market you will notice that we are in a period of multiple offers again. While this is great for some owners, it can create fears of not being able to find a place to move into. There are a few things that can be done to ease that fear. Here are 3 things I do to help my clients be more comfortable with the process of selling and buying in a hot sellers market.
1st. Long closing dates
When negotiating the offer make sure to get longer closing dates. When you get a few months to find a place it takes some of the pressure off. I find if we push for 3 to 4 months that typically gives enough time to find a new place and have its dates line up with your sale.
2nd. Arrange a rent back.
When in negotiations arrange that the buyers allow you to rent back the property for X amount for X amount of time. This could be perhaps 6 months to give ample time to find a place to move into. This could be written right into contract, or have a separate form done up apart from contract. Speak to lender. This allows you as seller to receive the funds to put you into a better bargaining position when looking to buy a place. Possibly in multiple offers you have the ability to go subject free to get the home of your dreams.
3rd. Subject to seller finding a home
This one is done again in negotiations to write a seller subject into contract that gives the seller an amount of time to find a suitable place or the deals falls apart(timeline can be extended). This gives some peace of mind to seller now that they have time to find a place of their liking. The timeline for a seller buy subject is typically a bit shorter than other options, perhaps 1 or 2 months. The advantage is knowing your places is sold if you find the right place.
These are 3 options I like to use when in a hot sellers market for those having trouble with being comfortable enough with trying to find a place in a short amount of time in a low inventory market.
If you are thinking of selling your home in the Lower Mainland, Fraser valley or Metro Vancouver, we should connect. Use my 17 years experience of selling homes to your advantage. I would love to help in your real estate journey.
Kris Lucas
https://www.kris.viewfraservalleyhomes.com/
1st. Long closing dates
When negotiating the offer make sure to get longer closing dates. When you get a few months to find a place it takes some of the pressure off. I find if we push for 3 to 4 months that typically gives enough time to find a new place and have its dates line up with your sale.
2nd. Arrange a rent back.
When in negotiations arrange that the buyers allow you to rent back the property for X amount for X amount of time. This could be perhaps 6 months to give ample time to find a place to move into. This could be written right into contract, or have a separate form done up apart from contract. Speak to lender. This allows you as seller to receive the funds to put you into a better bargaining position when looking to buy a place. Possibly in multiple offers you have the ability to go subject free to get the home of your dreams.
3rd. Subject to seller finding a home
This one is done again in negotiations to write a seller subject into contract that gives the seller an amount of time to find a suitable place or the deals falls apart(timeline can be extended). This gives some peace of mind to seller now that they have time to find a place of their liking. The timeline for a seller buy subject is typically a bit shorter than other options, perhaps 1 or 2 months. The advantage is knowing your places is sold if you find the right place.
These are 3 options I like to use when in a hot sellers market for those having trouble with being comfortable enough with trying to find a place in a short amount of time in a low inventory market.
If you are thinking of selling your home in the Lower Mainland, Fraser valley or Metro Vancouver, we should connect. Use my 17 years experience of selling homes to your advantage. I would love to help in your real estate journey.
Kris Lucas
https://www.kris.viewfraservalleyhomes.com/
