Jack Lewitz (IL Real Estate Specialists)

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Rainmaker
1,270,638
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®
  1. Secure a REALTOR® first
  2. Get a realistic valuation on a selling price for your home
  3. Go to a lender you trust 
  4. Have the lender look over your finances and the valuation
  5. See if you can be pre-qualified
  6. No big purchases. PERIOD! 
  7. Put your house on the market
  8. Follow the advice of your REALTOR® and lender
Apr 24, 2015 12:19 AM
Rainmaker
152,992
Nancy Hankin
RE/MAX Real Estate Consultants - Palm Springs, CA

I recently did just that! My buyer's offer was contingent on her selling her home. Here's how this went. I had been showing my client property for  few months. She was moving back to my area, the Palm Springs Desert in California, and she wanted to make sure she was making the right decision. She really liked one particular property, but she was dragging her heals getting her home listed. One day she called, all upset, saying "My condo is gone!" Sure enough, it had expired. I called the agent and asked if she was going to re-list it. She said "No," the Seller wanted to give the listing a rest. I proposed she tell the seller she had a VERBAL offer, and the buyer needed to sell her condo first. If they accepted our offer and we went into escrow, he had nothing to lose since he was already off the market. I was told by the buyer's agent (in a different city) that her home would sell quickly. After negotiating verbally, we came to a deal. The sellers agreed, we went into escrow, the buyers home did sell quickly, and we closed a few weeks ago! Sometimes it's good to "think outside the box!"

Apr 24, 2015 12:08 AM
Rainer
352,676
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

First, hire an agent who knows what they are doing. It can be done but sellers need to understand that unless they have the funds to close and can carry both homes they need to sell first. Otherwise make sure that all contingencies are removed on their existing home and on a case by case basis we might be able to put the transaction together but it's likely a non- contingent offer will come in first.

Apr 23, 2015 11:49 PM
Rainmaker
5,117,220
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

put the home on the market, and be prepared for temporary housing if you can't find the right property to buy....

Apr 22, 2015 10:34 PM
Rainer
175,947
Rebecca "Becky" Joens
ASHTON REALTY GROUP - Hernando Beach, FL
Broker- Associate, SFR, RE Instructor

1. List your home with a realistic price.

2. Have a back up plan for somewhere to live between transactions.  In our current market with low inventory levels, Sellers are hesitatant to take offers contingent on selling of a home.

3. Don't make any major purchases!

Apr 23, 2015 11:43 PM
Rainmaker
1,019,736
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I've tried buying property by using my good looks as a Down Payment. Surprisingly, there haven't been any takers yet!

Apr 23, 2015 12:21 AM
Ambassador
1,505,577
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Just explain they really need to sell before they buy.  And the fact that a home won't sell if it's not on the real estate market. 

Apr 22, 2015 11:31 PM
Rainmaker
111,580
Jeanne Feenick
NextHome Premier - Basking Ridge, NJ
Basking Ridge, Warren, Bridgewater Market Expert

Complete the sale to be in the best position as a buyer.  A contingent offer is a tough equation in this brisk spring market.  Have a "plan B" for temporary housing in place so that you are not attempting to complete two transactions with absolute precision - rarely works out well.

Apr 22, 2015 11:14 PM
Rainmaker
1,431,397
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Be realistic.  Probably should not make offers on other homes until you are in contract.  Other sellers will want to see your contract before taking a contingent offer so make sure it is solid. 

Apr 24, 2015 05:35 AM
Rainmaker
280,289
Jeanne Gregory
RE/MAX Southwest - Sugar Land, TX
The most important home I sell is YOURS!

In our market, I would tell them to put the house on the market and be prepared to go live with Mama.  And you better like Mama, because as hot as this market is, you could be there a while.  Sad but true. 

Apr 23, 2015 06:02 AM
Rainmaker
4,797,822
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sell before you buy !

(Might be able to make an offer as soon as you have your property under contract.)

Apr 23, 2015 05:20 AM
Rainmaker
175,314
Spirit Messingham
Tierra Antigua Realty - Tucson, AZ
Third Generation Full-Time Realtor® 520 471-6900

Make sure the property is cleaned, spartan like, deferred maintenance corrected and of course, most important = priced right.

Apr 23, 2015 01:36 AM
Rainmaker
5,499,696
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

They need to make sure they have a place to live between transactions. It is a good time to get rid of clutter before the move.

Apr 23, 2015 01:13 AM
Rainer
112,692
Vera Gonzalez
RE/MAX Suburban, Inc. - Sterling Heights, MI
Gonzo For Real Estate

have a backup plan. Also your offer may not be as strong as another so make sure the home you have to sell is priced right and buttoned up, you need it gone to get that other home.

Apr 22, 2015 10:46 PM
Rainmaker
629,395
Ajay Pandya
e-Merge Real Estate - Columbus, OH
Realtor Ajay Pandya

Just Do It.

Apr 28, 2018 06:51 PM
Rainmaker
3,054,229
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Sheri nailed this one!

Oct 03, 2017 03:58 AM
Rainmaker
233,475
Dale Taylor
Re/Max 10 New Lenox Illinois - Frankfort, IL
Realtor = Chicago Illinois Homes Townhomes Condos

Some Seller Clients you just have to allow them to experience touring homes that go under contract before they procure a Buyer for their home.  Some just need to tour home anyway to build their faith there is an inventory out their meeting their needs.  You got some very good technical advice in the other posts.

Jun 11, 2015 02:16 PM
Rainmaker
698,927
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

"Do you really want 2 mortgages, 2 HOA bills, 2 taxes etc for possibly years to come".  You'll probably lose the first one due to excessive bills and have to stay in the original.

Apr 29, 2015 05:24 AM
Rainmaker
536,752
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Be prepared to move to someplace temporarily if your house sells quickly.  Make sure you work with an agent who knows your neighborhood. Get preapproved.

Apr 27, 2015 06:28 AM
Rainer
143,845
Sylvia Jonathan
Coldwell Banker Platinum Properties - Irvine, CA
Broker Associate, SFR

Be realistic when it comes to expectations of your next home. If you sell your current home and then look for that elusive perfect unicorn, you will be homeless.

Apr 26, 2015 06:14 AM
Rainer
288,571
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Don't think the Realtor is only looking for a commission check and not thinking of your needs and wants. All the other suggestions can not be considered if you are scared of being approached by a sales person.

Apr 25, 2015 11:43 PM
Rainer
483,689
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Many Rainers with sound advice, so not to be redundant, I'll just leave it at that.

Apr 25, 2015 03:40 AM
Rainmaker
1,062,837
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

It's important to have a Plan B that includes leasing.

Apr 24, 2015 03:17 PM
Rainer
18,259
Rita Harris
W.P. & Assoc. - Seattle, WA
Specialty: Immigrant families & vintage homes

Seattle is one of the hottest real estate markets in the country!

Sellers here, frequently are telling me that they will NOT list their home until they find one they could move into.  This forces a dual payment for a short while.  That is why I have my client speak with the lender of choice to secure bridge or other interim financing so the pressure is off.

This then, allows my seller to move into the new place, sort out any issues at the old house, get the painting and other prep work done and then come on the market in great condition.  The challenge is FINDING a place first!

We are frequently in multiple offer situations, so "low offer" for me doesn't usually come into play.  "Low" might be the list price. If someone needs financing, they are frequently trumped by those coming here from other states (such as California) or out of country (middle east or asia) and who can purchase all cash - often competing cash offers with escalator clauses ta-boot!

I appreciate everyone's input on this topic.  I always learn a lot from the collective wisdom and wealth of experience reflected here. Happy weekend....

Rita Harris, Broker
WP & Assoc. - Seattle, WA

Apr 24, 2015 10:02 AM
Rainmaker
382,994
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

All of the above, plus, unless you love feeling stressed and are willing to lose negotiation power on both transactions, don't shop for a new house until all buyer contingencies are relased on your old house.

Apr 24, 2015 03:27 AM
Rainer
82,063
Jack Schiavo
AmeriFirst Financial, Inc. - Gilbert, AZ
Mortgage Financing in Arizona

The advice to secure a Realtor first, that has demonstrated experience with more complex transactions is critical!  Communication with all the parties in the transaction is essential and the lender needs to have a team that has control of the entire loan process within their branch operation.  That means from orignation to funding.  This allows for meeting the timelines required should a concurrent (same day) closing be part of the transaction.

Apr 24, 2015 02:24 AM
Rainer
147,148
Theresa Akin
CORPUS CHRISTI REALTY GROUP - Corpus Christi, TX

Make sure their own financing is in order. 

Apr 24, 2015 01:58 AM
Rainer
219,654
Robert Hicks
United Country River City Realty - Savannah, TN

Be patient, trust your realtor. You will be better off in the long run.

Apr 23, 2015 11:35 PM
Rainmaker
1,675,429
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

List the property and then if they find another, put a contingency on the contract that they can't close until their house closes.  Or sell the home and move in with a  friend or relative until you find another

Apr 23, 2015 03:12 PM
Rainmaker
303,164
Kate McQueen
CB&A Realtors - Cypress, TX
Tailored service for your real estate needs!

Letting these buyers know that they may need to ask their buyer to give them either a temporary lease back or delay closing until they find a home is a good approach.  This is the most feasible situation for all parties.  Most buyers will be okay with this if you let them know upfront.

Apr 23, 2015 06:49 AM
Rainmaker
3,983,683
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I tell them to make arrangements with someone to live with for a short time in case we can't find somethig for them to buy right away.

Apr 23, 2015 06:41 AM
Ambassador
917,457
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

A lot of things already mention to include keep your credit in check. 

Apr 23, 2015 06:26 AM