I get it. Your existing home is too small, or you want to move somewhere else.
So you want a Realtor® to help you compile a list of dream homes and go out shopping for a new house, before even thinking about selling your old one. And when you find the right home, you will require that the seller signs a contract ‘Subject to The Sale of Existing Home’ Right? Wrong!
This is not the way to do it.
Unless you are searching for something very specific and unless you can own 2 houses simultaneously, you cannot move house this way. Here’s why:
1. The odds of you selling quickly and for full market value are not high. Only about 55% of homes listed on the Edmonton MLS® System sell in term. Why would a home seller adopt your problem, unless they were rewarded to do so? Answer - the only way a home seller should accept this clause would be if you offered to PAY FULL ASKING PRICE.
2. Frustration. Perhaps you are thinking that there may no harm in just looking at houses whilst your home is being marketed. Again this is not recommended. Why? Because you are going to see homes you love. You are going to become emotionally attached to these homes, only to have other more ‘market ready’ buyers snatch them from under your nose. Sure it’s OK to look online and even do some drive-bys. However, it’s not advised to start looking seriously, unless you want to make yourself a nervous wreck.
3. Certainty. Selling your existing house first brings certainty. You know how many dollars you can spend on your next home. Simple!
4. You May Get a Better Realtor®. The truth is that you won’t have to look far to find a Realtor® that will take you out ‘home shopping’ whilst you are waiting to see if your old one will sell. However, rarely will the best and most experienced Realtors® agree to do this. They won’t waste your time or their time. If you want the best advice, the most researched offer and potentially the optimum deal negotiated for you, wait until you are a ‘real buyer’. Wait until you can work with one of the best Realtors®.