When purchasing a home, if you agree to buy it with the understanding that everything stays on hold until your current home sells, this might sound perfect. If you’re buying in a buyer’s market, it will probably work. Your seller will just be happy to have a potential buyer on the line. But if the market is hot, sellers don’t want to tie up their home waiting for you to sell yours. They’ll happily wait a few days for an offer with no contingencies. However, if they’ve got a contingent offer on their new home, it’s unlikely they’ll want to start a chain of contingencies with buyers. You can always extend the closing on the purchase. This is similar to a contingent offer but without the contingency. If you’ve found a new home you want and your agent is confident you will be able to sell your current home in a short time period, you can ask for the closing of your new home to be flexible up to a few weeks later than the standard 30-45 days. In a competitive seller’s market, know that this type of bid isn’t very attractive. You might need to boost your offer price a bit to make up for the delay. Check out below to see what sold in Arrowon Pines in March 2017:
43850 Algonquin Drive, Novi: 2 bedrooms, 2 bathrooms, 1,354 sq. feet, 2 car garage, Sold Price: $225,000
Arrowon Pines Home Sold
March 2017
43780 Algonquin Drive, Novi: 3 bedrooms, 3.1 bathrooms, 1,691 sq. feet, 2 car garage, Sold Price: $270,000
Arrowon Pines Home Sold
March 2017
Another choice is if you are selling in a seller’s market where good homes in your price range are tough to come by, you can ask for a “rent-back” provision. Usually 60-90 days maximum, a rent-back means you get to stay in your home after it sells. Of course, there’s a cost, either in reduced sales price or daily rental to the new owners. And if they have their choice of homes to buy, they probably won’t be eager to take you on as temporary tenants. For more information on Arrowon Pines, or similar Northville or Novi neighborhoods such as Northridge Farms, Lexington and Briarwood, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.