What’s Holding You Back?
Many home owners holding back on selling their home grapple with a very important dual question:
“Where am I going to go and what’s it going to cost?
With the shortage of listings:
- the extreme demand due to the influx of buyers spilling into our region,
- the ensuing frenetic buying with multiple competing buyers vying for the same home, and
- the guessing game as to how high a listing might sell for beyond list price,
the twofold question is definitely relevant.
More specifically the concerns are: “What if I sell my home, can’t find what I am looking for or keep getting outbid? Now my sale has a set closing date and I have nowhere to go. Even rentals are getting hard to find. Now what am I going to do? I’d just a soon stay where I am.”
Two Possible Solutions to the Perceived Chaos
- We’ve had cases in which the buyer was either an investor or had alternate accommodation. So the buyer agreed to close the deal and rent the home to the seller, giving the seller four to six months to find another home to move to. This could be for the purchase of a resale or the purchase of a new home being built.
- We’ve also had situations in which the seller agreed to sell the home on condition that they find suitable accommodation within a given period of time. The condition might be for two weeks and even thirty days. In today’s frenzied market some buyers are willing to wait.
Hence the 30-Day Nuclear Option to Sell
Given these possibilities, one of our salespeople recently had two different sellers agree to list their properties with a condition of thirty days for the seller to relocate; and succeeded in finding them another home to buy. No, it’s not perfect and it doesn’t work all the time. It does, however, protect the sellers. If they don’t find another home to buy or don’t successfully compete on a purchase or two, the deal is off and they get to stay in their home.
Condition Can Start After Buyer Conditions, if any
In addition, sellers can also make the condition start after the buyers have removed all of their conditions, if any. Say the buyers have a mortgage and a home inspection condition. The seller’s “satisfactory suitable accommodation” condition doesn’t start until the buyer has removed his two conditions. In this heated market, many accepted offers have few if any conditions, so the thirty days can start right away.
It’s a Risk-Free Approach
Granted, making the move is not foolproof. Yet the “30-Day Nuclear Option to Sell” does eliminate risk: you don’t buy another home, you stay put. If a seller is getting a lot of interest some buyer might readily agree. The buyer might even consider closing and renting to you temporarily before your conditions expires to not lose the purchase.