Home Selling in 22304>Question Details

swingdancer, Both Buyer and Seller in Washington, DC

What should I do if I want to sell my condo and get a townhouse that I really like and my condo doesn't sell right away?

Asked by swingdancer, Washington, DC Fri Mar 29, 2013

I'm also looking in the same neighborhood of Alexandria. Looking to sell a 1 bedroom/1 bath condo to buying a 2 bed/2bath townhouse style in the same area.

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When you list your condo you could have a Home of Choice contingency. This gives you some time to find the townhouse you want. Option 2 would request a rent back (not a sure thing). Or you could sell your condo and rent until you find the townhouse you want to buy which requires a second move.
0 votes Thank Flag Link Fri Mar 29, 2013
Thank you for the advice!
Flag Sat Mar 30, 2013
Based on my recent experiences with condos here in my area I'd say sell your condo, do a rent back, and if you have to go into temporary housing until you find something to buy.

A buyer here put a condo up for sell thinking it would sell quickly. This is a very active market. Priced it well. Then found a TH to buy, bought it, closed, moved in. Now nearly 90 days later the condo is still not sold, price reductions every 21 days, incentives. Now it's for sale and for rent.
Another price reduction coming soon.

Buyer's have certain expectations for what they want. What one person loves isn't what another loves. Features are incredibly important and so are amenities. More so that previous buyer floods.

There are buyers out there and things do sell fast when they show well, are priced right, and have all of the amenities that people want and when the condo fees are low and affordable. If they don't they sit there. And of course location is key and access to Metro and public transportation.

The below idea to do a Sellers Home of Choice (HOC) contingency is another option. That gives you an "out" of the contract with the buyer if you can't find something within X period of time.

A good listing agent can help partner with you to make this work for you.

Delaine Campbell, MBA REALTOR(R)
http://www.delainesells.com
1 vote Thank Flag Link Sat Jul 20, 2013
The home of choice contingency is a great option in when other options are not on the table. You have to look at it from a sellers perspective though if there are multiple offers. Would you wait for someone else to sell at any given time to buy your condo when someone else is ready to close in 30 days? Sell the condo first to avoid a hardship and wasting your time putting in offers that have a high chance to get rejected.


Van Garrett Jr.
Direct: (571)295-4414
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Samson Properties
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Ask me about Zero Down Financing options for homes under $500k and my up to $5000 cash back offer at closings!
0 votes Thank Flag Link Tue Feb 24, 2015
I think Delaine's advice below is very sound. This area has not suffered like the rest of the country, but real estate in general is not moving like it once was. Even if the real estate market is not booming, life still happens. People still need to move because of changing in family, employment or other reasons that make moving a necessity and not a luxury.

If you can't sell you condo at the price you want but you can buy right now, you'll probably be doing yourself a favor in the long run. If you buy low (buy the townhouse now) but sell high (by holding onto the condo for a few years) you could do very well. Property managers take all the hassle out of managing a rental and the link below will tell you something about rental management.
0 votes Thank Flag Link Fri Oct 25, 2013
In this market it should not be a problem if priced appropriately. If you are stuck you have several options,
1.Rent it. this has mortgage qualification issues, check with me or your lender.
2. Make contingent offers. (tough in this market but it can be tried)
3. Sell, rent and move to something new.

Check our website "soldonalexadnria.com? and contact us for detailed help.

Bob Hamilton, CPA
REALTOR
0 votes Thank Flag Link Fri Mar 29, 2013
Hello! Inventory is very low in Alexandria so expect your condo to go under contract very quickly from multiple buyers if it's in good-to-excellent condition. You can "rent back" your condo (60 days max typically) to give you a little more time to find your next home. If you'd like more details about this option, I'll be more than happy to assist. Just let me know!
0 votes Thank Flag Link Fri Mar 29, 2013
Forgive me; I do not mean to be critical, but,
Maybe you should be realistic and patient.

It seems that newer generations are impatient, they want it all, and they want it now:
You are aware that there is a right way to do this, but you want to find a shortcut.

If you lose the Townhouse; so be it. There are other townhouses out there.
This is another reason why I do not like the HOAs that Condos and Townhouses come with; they are harder to sell or rent.

Do it right; sell the Condo, try for a long Escrow or rent for a while, and then find your townhouse.

Good luck and may God bless
0 votes Thank Flag Link Fri Mar 29, 2013
Thank you for the advice. I will study all my options.
Flag Sat Mar 30, 2013
You have a few options:
1) If you do not need the proceeds of the condo sale, you may put in an offer for the TH without any contingencies
2) Put in an offer with a contingency stating you cannot close until your condo sales; if you have it listed with an agent already, this will give the seller and their agent confidence that it will sell (if it is priced right for the condition). If you're selling on your own, it will be hard for the seller and their agent to have confidence you will come through in the end.
3) Wait until your condo sells and hope the other TH is still available.

Only you can decide which method you are most comfortable with. Good luck regardless what you do!
0 votes Thank Flag Link Fri Mar 29, 2013
Thanks! I like option 2 and I guess I need to get pre-approved first.
Flag Fri Mar 29, 2013
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