Are you looking to buy a new house but need to sell your existing one first?
In this episode of Look, Like, a
nd Live Winona, we’re going to share the story of Charlie and Ambrosia, two of our clients that got rejected on their dream house because they had to sell to buy. We’ll explain how we switched up their strategy to successfully get them into their dream home.
Charlie and Ambrosia’s Story
One of the reasons why we enjoy being realtors is stories like this. Charlie and Ambrosia were ready to move; their current living situation was getting a little cramped living with two kids. The problem was that they had to buy and sell at the same time.
The pair needed to sell their existing house to get a loan to purchase their new house. When they tried buying a new house, they got rejected because the sellers didn’t want to accept an offer from someone who hadn’t sold their house yet. Unfortunately, there are a lot of buyers in the same situation, and strategy is very important.
Today, Charlie and Ambrosia are the new owners of a three-bedroom, two-bath home with a lot more space. We were able to do everything under 30 days—and we’ll tell you exactly what we did to make it happen.
Switching Our Strategy
The problem we had is that Charlie and Ambrosia needed to sell their existing house before they could buy the new house. The market was very hot, and timing was not on our side. We were worried that if we listed their house and sold it right away, they would not have a place to go.
We switched up our strategy just a little bit and took advantage of the seller’s market. In a seller’s market, you have more leverage in negotiations. So once we listed their house, we knew exactly how we wanted to counter each offer.
We countered each offer with a closing date of 30 to 45 days from the accepted offer for the purchase of a new home. This gave our clients some time to find a new property without feeling like they had to settle for something. The good news is that we were able to find a new house relatively quickly. Once we had an offer accepted, it was smooth sailing from there.
Since we had already received an offer on their existing house, the contingency wasn’t on an offer—just the closing. The seller felt comfortable with our terms and accepted the offer. We were able to sell their house in the morning and buy their new house a few hours later.
Getting Your Dream Home
The next time someone tells you that buying and selling a house at the same time is a huge headache, that’s because it is. You just need the right strategy, the right circumstances, and the right realtors to make it happen.
So if you find yourself or you know somebody in a similar situation, don’t hesitate to contact us and we might be able to assist you. We help people like you buy real estate every day and we’d be happy to assist you. Don’t forget to also subscribe to our channel so you never miss an episode of Look, Like, and Live Winona, our show all about the Winona area. Stay tuned to see what we feature next!