In common real estate parlance, what you are considering is referred to as a “contingency sale,” where the sale of your current home is dependent (or contingent) on you finding a suitable home to buy and move in to, both transactions occurring at the same time.
WHY A CONTINGENCY SALE
Maybe you have outgrown the size, location or style of your home. Maybe you have been eyeing a beautiful home in a preferred neighborhood that you would love to get in to, but worried you still have the home you’re living in that you need to sell first. Having an experienced agent to help you manage both your sale and purchase ensures that at no time you will be out of, or in-between,homes. The sale of your home will not be complete until and unless you can identify and close on the purchase of your new home, at the same time.
SELECTING AN AGENT
It is important to choose an agent who has ample experience with contingency sales. This process can be very stressful with numerous potential pitfalls, and the last thing you need is an agent who is unfamiliar with what these are, and unsure of what to expect.
Here are some factors to consider when choosing an agent:
- Look for a full-time agent –you are selling and buying at the same time, you need someone who would be available to you when needed.
- Does the agent work nights and weekends, or times when you are available to view houses?
- Interview a few agents – are they experienced with contingency sales? Do they have references of past contingent clients you can call? Are they familiar with the area?
- When you call the agents to schedule the interview, do they respond promptly? Their response time on your first interaction is an indication of what it would be like during your engagement.
- Choose an agent who listens attentively to your needs and concerns. Pick someone with whom you feel comfortable (you’ll be spending a lot of time together!)