Subject Sale Offer

Sometime sellers are nervous to put their home on the market before they have found a new home.  Once they have found the perfect new place to live, they most often will try to sell their current home first in order to have the money to buy the new home.  In 25 years of experience in selling real estate in the Rockingham area, we have seen our share of good and bad stories with this method of finding a new place to call home.  Here is a list of the do’s and don’t’s:

DO’S

  1.  Seek 3 appraisals from local trusted agents on your current home to ascertain the current market value and then take the average of the 3.
  2. When you find your new home, negotiate the purchase well.  The cheaper you buy your new home the more flexible you can be on the sale price of your current home.
  3. Ask the agent to give you a few weeks to sell before any 48 hour (or 2 business day) clause can be invoked.
  4. Get your current home ready to sell before you go looking for a new home

DON’T

  1. Don’t pay too much for your new home just because you are making a subject to sale offer.  This can make your asking price on the home you need to sell too high and it may not sell.
  2. Don’t drag your feet getting your home ready to go to market, once you have found your new home then time is of the essence.
  3. Don’t get your hopes to high.  Often if you like the home, so will another buyer who may have cash to offer the seller.