Sale of the Buyer’s Property

Three times this month I have added an addendum to a purchase offer that included the “sale of the buyer’s property”. Typically, agents and sellers would rather wait for an offer without this potential deal breaker, but if presented well it works.

 

The first was an out of town buyer looking to relocation to a “cool” condo downtown. This buyer had a strong contract on his home up north. He wrote a letter to the seller describing the market for his home and the buyer that was purchasing it. Once the contract was executed the purchase process began, title, inspections, document review. It’s always a good idea to allow a day or two between the two closings, in the event of a hiccup.

 

Number two is also from out of town. She has had her condo on and off the market for several months with many showings but no offer. All along she has been watching a particular neighborhood in Bradenton. Homes in the neighborhood have listed and sold over the months, all but one. The one that was once a model and had the highest asking price of all the others. Months on the market and the seller doesn’t lower the price and the listing expires. My buyer, we will call her KC, makes an offer on the expired listing contingent on selling her condo. The seller accepted! So now KC has a time frame to sell her Condo or the deal’s off, and she is already spending money on travel and inspections so her condo must sell.

 

The third buyer is local. She wanted to move from a condo into a house. She had found her dream home and had to have it. She needed to sell her condo and get a loan to cover the balance. Two contingencies came with this offer, and her dream home had already been on the market for 108 days. The current average days on market is 90 and she hadn’t even put her place on the market yet. Let me just say she wanted that house and within a week she was pre-qualified by a bank and was holding an open house that Saturday and Sunday for sale.

 

The dream house seller called to tell me they had received an offer and where to respond to it the next day. That’s Okay, we were ready too make an offer too! This time I wrote the letter to the seller. I shared with them that the buyer had done everything I asked and even had a quote for insurance in hand. It turned out the other offer was “more than few steps behind” our offer and they wanted to negotiate with us. Before the sellers had a chance to respond to the offer a full price offer came in on the buyer’s condo. The sale price eliminated the need for the supplemental loan for the house purchase. Now it was a cash offer contingent on the closing of her condo.

 

The key to turning an offer into a contract is the motive. Are you tired of shoveling snow? Done taking care of a big house? Do you have a health issue or grandkids you want be closer to? Do you wish the kids and grandbabies would visit more? Sarasota is the perfect destination that has something for everyone. Call me and together we will find your Dream Home.

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