The following update and statistics are for November 2016 and have been provided by Renee Kunz, office manager at Intero Real Estate in Hollister.
Have you been considering placing your home on the market? If you have, now just might be the time to sell. Our regional economy is strong and we have a very low inventory. With demand increasing and supply dropping, it just may be the time to put the For Sale sign in your front yard.
However, you might be thinking, "How can I sell if there is no place to go?" Well, when using a real estate professional, they can advise you of how you can sell and have a seller contingency. This is not a common practice but it is a practice that works effectively in a limited inventory market.
What is a seller replacement property contingency? It means you can place your home on the market, get a buyer, and if you do not find a suitable replacement property within the agreed upon time, you have the ability to back out or potentially extend the request.
This is a very delicate situation and your real estate professional really needs to understand the time frames involved in this type of transaction. Items to be addressed during your negotiations include move out dates, concurrent closings, inspection period timelines, etc. This list is not inclusive of all of the items that need to be addressed as real estate is personal and your realtor needs to address your individual needs.
What is the downside of this? The downside is you may spend money without having a result in the end. You see, the buyer of your home is going to need to take the leap of faith and conduct their due diligence right away. You will also need to do your due diligence right away. The tricky part comes in when you are trying to release contingencies and schedule inspections and the closing!
If you do not find the appropriate home and the buyer has just spent money on inspections, etc., they may request you to reimburse them during the initial negotiation period. I personally feel this is a reasonable request. Bottom line, if you want to sell and are not sure where to move, you can do this by putting in place a seller contingency. This may not be a solution for everyone but it is an option.
