In today's highly competitive seller's market in the Denver Metro area, we are once again needing to get a bit creative and thoughtful in order to not only find and secure homes for our homebuyer clients, but also to make the process more convenient for our clients who are selling their homes and wishing to buy another home.
So, what are the options?
Obviously, NOW is an AWESOME time to sell. There is very little competition up against your home, no matter what price range or part of the Denver Metro area it is in.
But, what if you sell your house quickly and then can't find another property to buy?
There are a few different ways that LIVE Urban agents are making this situation work out nicely for everyone:
1. Write a long contract. What does this mean? Typically, the "Under Contract" period, or the time between a Seller and Buyer executing a mutually acceptable contract and closing, is 30-45 days.
In order to give the Sellers a longer comfort zone in which they can locate their next place and negotiate a deal without the added stress of a fast closing, LIVE Urban agents are offering longer contract periods. We are seeing contracts with 90-120 days between Accepted Contract and Closing, and this is a great way as a Buyer to make your offer more attractive to the Sellers in a situation with multiple offers. The more flexible that you and your lender can be, the better.
2. Negotiate a lease-back. What does this mean? Typically, the Sellers are expected to vacate the property prior to closing, so that keys and possession can be transfered at the closing table.
In order to give the Sellers more time, and purchasing power, to find their next place, we are seeing Buyers offer a faster closing, but then letting the Sellers continue to live in the home for 30-60-90, even 120 days after closing. A lease-back is a great option for those Buyers who don't need to move into their new place right away, and for those Sellers who are interested in selling, but haven't found their replacement home.
3. Find a short-term rental. We know, moving twice sucks. BUT, if you can sell your home for top dollar now, with inventory so low and so many hungry buyers out there looking to write offers NOW...it might just be worth it.
Can you put your stuff in storage for a while and crash with a friend? Does your mom have a cozy basement she wouldn't mind sharing for a couple months? Or are you willing to live in a temporary space for a little while so that you can take your time finding your perfect next place? This might be a really good idea...especially because once your house has sold and closed, you will have cash ready to put down on your next home, and the best kind of purchasing power and possession flexibility, which is a great position to have while negotiating.
Most importantly, make sure you have a great Real Estate agent on your side. These are some of the most important transactions of your life...we want to help you make the right moves.
Let us know if you would like more information about selling your place or finding a new one, we're here to help!
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