Seller Strategies For Buying & Selling

Some sellers who want to sell their home are feeling stuck. They are worried about finding a new home in this market.

I spoke with a seller yesterday with that exact fear. She wants to sell but she’s worried that she won’t be able to purchase a replacement property.

For example, let’s say a seller accepts an offer that they cannot refuse, what would happen if they cannot find a new home?

Planning in advance is essential.

A couple of options is to negotiate a long closing or a rent back period. A seller could rent their property from the new homeowner for a specific period of time after closing.

If you don’t plan in advance, you could have a problem. If the seller fails to follow through with the agreement to sell their home, they can be sued for specific performance.

For example, we had a seller who quit his job and decided to move out of state. We put his home on the market, he accepted an offer, inspections and an appraisal was completed etc. Toward the end of closing, he was offered a new job in Portland and accepted. We asked the buyer if they would let our seller out of the transaction. They wouldn’t as they wanted to proceed with the purchase per the agreement. My seller was forced to choose between being sued or proceed with the sale. He close to sell and purchase another home in the neighborhood.

In an effort to make the sale & purchase as easy as possible, plan in advance.

Tune in to KXL’s “Experts on the 19′s” every Monday morning at 6:49AM and 8:49AM and listen to real estate advice from Portland’s Real Estate Advisor, Rick Sadle.

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