I received a great question recently from Steve in Glendale. He is selling his home but needs to close on that sale before he purchases his next home. His main concern is selling the home and not being able to find something his family likes. He doesn’t want to rent for two to three months while he looks because it’s not an ideal situation for his family.
This is a pretty common predicament.
This situation is actually pretty common. I would say that nearly 80% of homeowners find themselves in a similar situation when it comes time to move. You have multiple options for how you want to attack this, here are the three most common courses of action:
1. Extending the close of escrow by 60 days. Most of the time, unless it is a unique situation, we can easily find you a property within this time frame. We can even set it up so that both homes close on the same day.
2. A post-possession agreement. This option is more common for people who are looking for a unique home. You can ask the buyer to give you 10 to 15 days to help you close on the home you are buying as well as the home you are selling.
3. A lease back. This is where we sell your home and ask the buyer to rent it back to you for a month or two until you can find the ideal home.
These are the three most common options that we see home sellers taking advantage of. It’s important to work with an agent who is aware of problems like this in a transaction and has solutions for them too. If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you!
