The Gist:

The game has changed in 2021 for first time sellers!

When you were a first-time home buyer, it was pretty straight forward. There was a path laid out for you that told you exactly what to do, and you just had to follow it. However, when you’re a first-time home buyer, there isn’t a well-known clear path forward.

• Can you buy something before you sell something?

  • In theory, yes, you can hold two houses indefinitely with two mortgage payments. In reality though, the majority of people who can financially handle two mortgages at once don’t even really want to.

  • Subject-To-Sale: You can put an offer in on a home with a subject-to-sale condition, which means that you will purchase their house subject to your current home being sold by a certain date.

    • For this to work, you would generally need to have a high demographic property for sale (lots of interested buyers), and be looking to buy a low demographic home (not as many buyers sniffing around).

    • The sellers may accept the subject-to-sale condition with a 48-hour clause: This means that if they receive another offer, you have 48 hours to waive all conditions to move forward with purchasing the house before they are allowed to accept someone else’s offer.

The most common way that people do it, it to sell their property before going to buy one. Our most common client sells and buys with us so we can keep everything lined up. There is usually a period of 7-10 days where they have possession of both properties to give time for moving, cleaning, etc.

• But what if we sell our house and cant find somewhere else that we want to live?

  • When using the pro-tools, we can look at the properties that you like and work backwards.

  • If the property that you love, in the location you want to live, at the price you want to pay shows up 4 times a month, let’s just sit back and wait for the kitchen you want. If it comes once every 4 months, we don’t want you to miss it and need to set up a strategy.

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