Of all the reasons home owners give for choosing to stay in their current home — even though they might like to move — the most perplexing is the question of, “Where would I go?”
Sellers realize that even though they may get a terrific price for their home, they will then become a buyer — a less enviable postion in the current real estate market.
Where would you go? Here are some potential answers to that question:
> Downsize: If your family is no longer growing, the money from the sale of your current home may enable you to purchase a smaller with upgraded features and/or in a more desirable location.
> Rent (temporarily): Plan to move to a short-term (3-6 months) rental once the sale of your home closes. Moving twice isn’t ideal, but it can be a good alternative to making a hasty purchase.
> Stay with friends or family: You may have friends of relatives with a Mother-in-Law apartment or empty finished basement. Pay them a reasonable rent so everybody benefits.
> Consider “Extended Stay”: Many “name brand” hotel chains offer this option.
> Consider “Lease to With Option to Buy”: One company that offers such a program is Home Partners of America. (homepartners.com). In a nutshell, you identify a house you want to buy. Home Partners buys the house and rents it to you at market rates. You have five years to decide if you want to buy it from them.
> “Rent Back” from Buyers: Make an agreement with the buyers of your home, that you will be allowed to stay and rent it from them for a pre-determined length of time after closing (usually 2-3 months) while you look for your new home.
> Buy Contingent: Find a seller who is willing to accept an offer that is contingent on the sale of your home. This is rare in this market, but I’ve been successful in negotiating such purchases for my clients. I can do the same for you.
> Get Creative: The options I’ve outlined here are not the only possibilities. Unique circumstances often give birth to creative solutions. Call me today to discuss your situation and let’s work together to achielve your dreams. 206-708-9800