Should you sell before you buy?
May 29, 2007
Okay, you want to move to a new home in Marin County. The question is should you sell you home first or buy the new home contingent on yours selling? There is a third option of buying the new home without a contingency which is great if you have the cash or can handle double payments until your home sells.
The contingent offer is not that common, usually representing 3% of the homes in escrow. If your current home is in escrow and the contingency is just waiting for the close of escrow you are generally in a good position. However, if you plan on writing contingent offers and your home is NOT in escrow most sellers will not accept the offer unless you price is great or the home you want to buy has been on the market a long time. Don’t expect a good deal on a newly listed home.
One way around this problem is to sell your home asking for a rent-back for a couple of months. With an escrow typically 30 days long you would have 90 days (including the rent-back) to find and get into your new home.
Warren Carreiro
415-846-7286
