When your home has a very high likelihood of selling quickly — especially if it is priced right and looks amazing — you need to have an exit plan that’s as fully fleshed-out as your marketing, showing and sanitizing plans.
Here are just a few ideas for how home sellers can play the game in today’s market.
Include a contingency for finding a replacement property in your listing agreement. Make sure your agent also includes this contingency in your listing details in the multiple listing service.
This lets buyers know that you’re requesting some time, after you accept their offer to buy your home, to find and buy your next house. This is usually a period of two or three weeks after you wrap up all of your negotiations with your buyer and have a fully executed purchase agreement.
Upon that date, the timer for your house hunting begins.
If you’re downsizing, this may put you into a massive pool of competitors with very few options. You’ll have to clear your schedule to watch the market on a minute-to-minute basis so you can jump on every single possibility, as soon as it hits the market. This includes Registered, Coming Soon, and Active listings.
If you use the entire period of time allotted in your contract and come up empty, you can either cancel the deal with your buyers or ask for an extension. Given that buyers have so few home options available today, your chance of getting your extension granted seems likely.
On the other hand, if you’re not completely down with spending every waking hour with your eye on which ever app sends you listings, and then dropping everything on a moment’s notice to rush out to decide if you want to make an offer, you may want to take another route. You may choose to spend your 30-day escrow period finding a fully furnished, short-term rental, packing and moving to storage the belongings you choose to keep and removing the belongings you decide to part with. Then, you can shop for your next home in a more leisurely manner, enjoying your fully furnished rental along the way.
Depending on how many of your possessions you hang on to, you might be looking at roughly $500 – $5,000 for packing, $1,000 to more than $5,000 for moving, and $65 to $1,000 per month for storage.
Add to that the cost of your fully furnished rental, from which you will launch your new home search. On the low end, that would cost you about $10,000 for three months for a very small place in a very unpopular location. And the cost could exceed $100,000 for a large house on the beach during the popular summer months — the peak market for vacation rentals.
It’s up to you.
Leslie Sargent Eskildsen is an agent with Realty One Group West. She can be reached at 949-678-3373 or leslie@leslieeskildsen.com.
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April 22, 2021 at 10:00PM
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Sellers need an exit plan for finding their next home - OCRegister
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