FAQ

If you are already a homeowner, you will likely need to sell your current home before even considering purchasing a new one. Often times this leads to customers making a contingency offer on a new home. More specifically, the customers’ purchase of the new home hinges on the fact that they can sell the one they live in. If you are considering taking this route, there are a few things you should consider. As you may know, Gustafson Properties works very closely with Team Couch of Bob Leigh & Associates Realtors. To provide our customers with more information in this subject area, we consulted Terry Thomas of Team Couch.

When making an offer on a new home, Thomas advises her customers to include in the contract a “first right of refusal” for the first 60-90 days. In the event another offer comes in on the home the customers are looking to purchase, this clause will allow them an opportunity to act quicker and secure the transaction. Another good piece of advice is for the customers to not start any acts of due diligence (such as home inspections or appraisals) until within 10 days of the of the offer’s expiration. As with any agreement, there is always the chance that a contract could “fall through”. By waiting and ensuring that nothing jeopardizes the agreement until the end, customers are less likely to waste any money.

Finally, price your house to sell. Consult your agent about market values. No one is asking you to give your home away, but don’t be unreasonable either. Perhaps the most valuable piece of information Terry has to offer is, “Buyers need to think like sellers, and sellers need to think like buyers.” As a customer wanting to buy a new home but also needing to sell your current one, you wear both hats. Before you submit a contract on a new home, ask yourself how you would feel about the price or terms if you were on the receiving end. When you price your own home to sell, ask yourself how much you would be willing to pay. Taking all of these things into consideration can help you get into your dream home even faster!

For more information on building or buying a new home, visit us online at www.gustafsonproperties.com. Thank you, and we look forward to hearing from you!