Home Buying in Dayton>Question Details

Jayla, Home Buyer in Springboro, OH

We are seniors and don't want to take a chance that we might sell our house and not have a place to go, so what should our approach be?

Asked by Jayla, Springboro, OH Mon Jul 28, 2014

We have very specific "must haves" and potential homes don't come on the market often in our desired areas and when they do they sell quickly. We can't afford two mortgages even for a short time. We feel stuck. Any suggestions?

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Hey Jayla,

In the contract you will want to have your agent write in that your sale is contingent upon you finding a home of your own to purchase, and then you can do a dual closing. That way there is no hotel living!

I am an agent in the Dayton area, and I would love to help you out if you have any questions.

Zach Shade
Home Experts Realty
Cell: 937-760-2850
0 votes Thank Flag Link Thu Aug 7, 2014
Be aware, the more contingencies and conditions you inject into the process the greater the difficulty and risk. Being inflexible on your side can put you in a truly STUCK position.

Who do you think wants to put their life on hold for a home purchase while you stall the process looking for a house with very specific 'must haves'? Such a house may not even exist!

That is the reality of the buyer you want for your house and your reality moving forward.
Fortunately, there are steps you can take to make selling and buying less hazardous to all involved.

There is much we do not know regarding your situation, so I will be required to fabricate circumstances with may or may not apply to you.

First, you must be selective regarding the purchase offer you accept. If the buyer is closing date sensitive, you may want to wait for the buyer who is more speculative and is buying for a more distant future need.

Here in Florida that buyer is typically the up north buyer looking for a place to retire in a few years. A buyer should be advised that allowing the owner to remain in the property after closing can create incredible complications and should not be allowed. The origin of such situations are always well intended...then stuff happens. The outcome is overwhelmingly tragic for the new owner.

If you will be financing your purchase, in order to give your offer real authority, work with a local lender who can provide you a 'Clear-To-Close' NOT a pre-approval. This means you have passed the lenders underwriting and can close on the purchase in a matter of days. This makes you extremely competitive with cash buyers. If your purchase is based on the process of the sale (contingent) of your existing home, your agent can advise the best way to articulate this in your purchase offer. Although this is not unheard of it will be more common in some locations than others.

Here in Florida, most agents have short term places in which a home buyer can shelter while they look at homes. This has proven invaluable when a few weeks shelter is needed for unexpected process issues.

The REAL risk in all of this is YOUR statement....'We have very specific 'must haves...' and those must have can be as rare as a unicorn. Flexibility and compromise may be needed. A buyer or seller who is unable to do this can indeed find themselves ...STUCK.

Now would be a good time to call a Springboro REALTOR and discuss your situation.
Share my message if you believe it has merit. You will be surprised regarding the resources and solutions most professionals can provide.

Your REALTOR will be much more informed regarding the Ohio real estate market and the options and resources available to you. You will need to pick up the phone and arrange to meet a few of them.

Best of success,
Annette Lawrence, Broker/Associate
Remax
Palm Harbor, FL
727.420.4041
1 vote Thank Flag Link Mon Jul 28, 2014
You can negotiate with a buyer a lengthy escrow or even a lease back for a few months after closing to allow you time to relocate. I have even seen listings with the disclaimer "Selling is contingent upon sellers finding a suitable property to relocate to." Best of luck to you!
0 votes Thank Flag Link Mon Jul 28, 2014
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