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Two Reasons To Sell Before You Buy
The Dilemma: ” Should You Buy Or Sell First?”
There is no right or wrong answer of course. It all depends on each individual’s position.
BUT here are 2 “reasons” to Sell first worth considering:
- You can often get top dollar for your home if you are not under pressure to sell.
- You’re in a better position to negotiate on the buying side of the transaction; sellers love “CASH BUYERS.”
Currently there is a high level on inventory, of homes for sale in Wasaga Beach, so selling before buying may be attractive for the reasons above. A buyer “should” be able to find a suitable home especially as most people would have been viewing and researching during the sale of their home. Just don’t fall in love with one particular home that then may not be available when you have actually sold; have a few options.
However what if you can’t find your dream home? There is a down side to selling first:
- You compromise and buy a home that maybe just ok.
- Rental accommodation may be an answer but this means moving twice and spending money on rent.
Confused? The “SPP” condition on the Agreement of Purchase and Sale is often successfully used:
“This Offer is conditional of the sale of the Buyers Property known as 123 Main Street, Any City. Unless the Buyer gives notice in writing delivered to the Seller personally or in accordance with any other provisions for the delivery of notice in the Agreement Of Purchase And Sale or any schedule thereto no later that 6pm on X month year that this condition is fulfilled, this offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. The condition is included for the benefit of the Buyer and may be waived at the Buyers sole option by notice in writing to the Seller as aforesaid within the time period stated herein.”
Sellers who put contingencies on their listings that they have to buy another property before they will go into escrow to sell their current home face all the issues you’ve mentioned. Plus buyers don’t want to put in offers on houses with contingencies anyway because they don’t want to wait. That can lead to less offers and quite possibly a lower selling price.