SELL AND BUY WITHOUT HASSLE

There are a lot of homeowners that want to sell their current home and move to another place within the metro Denver area.

It’s known as “re-positioning” because it has a person going from one part of the market to another. It may be a shift in size, location, price or property type (single family vs. multi-family).

The re-positioning need arises for many reasons. You get married. You get “un-married.” You have kids. You’ve kicked the kids out of the nest. You change jobs. You want something newer or smaller or closer to grand-kids or farther from the in-laws.

Sometimes, you just want a change.

The list is endless.

Here’s the fear: With a strong seller’s market, people know their current property will sell quickly. They worry, however, about finding the next house since inventory is in short supply.

A post closing occupancy agreement is one tool that makes it easier to find the replacement property.

What is a post-closing occupancy agreement?

It’s an agreement that gives sellers the right to rent back their property after closing. You sell your house to a buyer but continue to live in the property for as long as 60 days after the closing.

This right to stay in the home after closing can be combined with a contract to sell the house that has 45 to 60 days between the time the contract is signed and the date that the closing occurs.

Presto!

You now have 105 to 120 days to find that replacement property. That is how much time you have from first signing a contract to sell your current place until you actually have to be out of it.

This strategy works well in a seller’s market. A seller’s market gives you the leverage to get buyers to agree to you staying in the house after closing. Buyers have to be more flexible than normal and many of them are able to accommodate the post-closing occupancy request.

The post-closing occupancy agreement is just one strategy for making the repositioning move more feasible. Here are some others:

• • Buy First and Then Sell: A surprising number of people can qualify to buy the replacement home first and then sell the current home.

• • Buy Replacement and Keep Current as Investment Property: It might make sense to keep the current home and turn it into a rental property.

• • Sell First and Move to Temporary Lodging While Finding the Replacement Property: It might be best to just go ahead and sell the current place and plan on making a move to temporary quarters while putting most of your stuff in storage. This gives you time to find the next property without feeling any pressure.

The main takeaway is simply this:

Don’t let fear keep you from making the move you want and need to make. There is almost always a strategy that can work for your situation. Just pick up the phone and talk with us about your particular needs.