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Finding A Replacement Home In Sellers Market
Dated: April 20 2017
'Seller’s Market', the term floating around Spokane has excited some folks, others… not so much.
One obstacle sellers have been facing is the ease of selling their home but then not being able to find that perfect replacement home... and just like that, its time to bunk up with your favorite mother-in-law (no offense to family here)!
One way to protect yourself as a seller in this situation; Make the sale of your house contingent on you finding the home of your dreams (replacement property). This is a little known practice that is perfect in today's market, but if written incorrectly can cause serious issues, heck that is why our agents are here for you!
Adding these contingencies takes skill and care. Contracts are specific, and finding/closing on your perfect replacement home is not.
Listing agents need to prepare buyers on the other side of the transaction for this kind of contract because the closing and contingency timelines may need to shift to accommodate the time it takes for the seller to find a home and to get under contract.
There are a lot of nuances to ensuring a seller is not homeless when they sell. Do you have more questions about how to list and protect yourself in the case of meager replacement options?
EvoReal Fulltime Realtor
For the past 20 years, I have been working in the technology and communication field. I was considered a front line employee. Translation: I helped customers use new technology to make their lives m....
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