We have found a house that we are interested in, but are concerned about the time it will take to sell our

Asked by Amydeitrich, Lafayette, IN Sun May 31, 2009

current home. Any advice?

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Karen Barrett, Agent, Angola, IN
Sun May 31, 2009
Your concern about time on market for your home should be a concern if you are not already on the market. You need to do everything you can to shorten your market time once your home is out in the public eye.
1) Price it to sell. Do not over price your home. Many owners interview agents, get 2-3 opinions on price. Have the realtor show you the SOLD comparables used in their analysis and price it with NO ROOM to Spare. This way, that same analysis "could" be used to show a buyer that you have not overpriced your home.
2) Get your property inspected, (and surveyed if needed) so that all disclosures have been made up front. Also, from the inspection report, try to make the repairs. This will save time and will ultimately save you money. (You don't want a buyer making a discovery on any defect with your property, buyers and agents will multiply a cost of a repair by 10 or 100.)
3) You can get the paperwork together from when you purchased your home and your local Title company or have your listing realtor get a pre-determined title search done. (Should not have any cost here as long as you use that company when you have a buyer).
Have your Realtor do an Open House Immediately (the 1st weekend it is listed if possibly) and invite ALL your neighbors.
All of these should help shorten time on market, unless something is wrong with the home and your agent should be able to share with you any problem you might have to face.
Happy buyer hunting.
Karen
karen@hansbarger.com
Web Reference:  http://www.hansbarger.com
0 votes
Goat, , Denmark, IA
Sun May 31, 2009
Rates are much higher so you had better cut the price of your place down below market and get out quick.

Then

Rent.

Then

Buy at much lower prices.
0 votes
Joe Shoemaker, Agent, Indianapolis, IN
Sun May 31, 2009
My advice in this market?

Sell your house first, and don't bother even looking at other houses until yours is sold and closed.

Yeah, you might have to rent a place for a few months, but in this VERY SLOW market, that's a good problem to have.

The exception would be if you can COMFORTABLY afford to - and are pre-approved to - carry two mortgages simultaneously.

Yes... there are First Right Contingencies and Limited Contingencies which are options. They generally create a lot of heartache for one or more persons. Someone ends up peeved because another Buyer comes along and purchases the home they wanted... which they couldn't buy because theirs hadn't sold.

Get real on the market value of your home. Prepare to take a hit. Hire a full-time REALTOR® as your Listing Agent and Exlcusive Buyer's Agent. Work like heck to sell your place.

ONLY THEN should you be out looking at a new home, when you KNOW you can make a non-contingent offer.

Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group
Web Reference:  http://www.macduffrealty.com
0 votes
Erik Armstro…, , 47802
Sun May 31, 2009
As long as you already have your house on the market you can submit an offer on the next home that includes the contingency that you must sell you home first. It's called a First Right Contingency Clause.

Now in most cases they will retain the right to show the house inorder to find a buyer without such a contingency, so you may also consider a First Right of Refusal. This provision in an agreement requires the owner of a property to give you the first opportunity to purchase the property before he or she offers it for sale to others. This will mean that if they recieve another offer you must at that point decide whether you wish to continue with the purchase or allow the other party to move forward.

Of course if you do sell your house before they recieve another offer then you will move forward with the purchase at that point.
0 votes
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