Buying a House Before Selling

When you are buying a house before selling, it’s a very different scenario. Yesterday, my friend Tom asked if I was busy. He and his wife had seen a house come on the market that they wanted to check out. I met them at 1:00.

Tom and I go way back. We originally met at an open house in Lenexa on a Sunday afternoon in the early ‘90’s. He had wandered in and didn’t have much to say. About a week later, he called me early Saturday morning and asked me if I could show him a couple of houses. I took my son and his friend with me – they were probably about 8 or 9 years old. But even back then, I was always concerned with safety.

Come to find out, he was getting divorced and his wife was keeping the house. Tom was unsure when he was going to need “to be out” so he was vague about everything. He ended up buying a house in Lenexa and became one of my best friends. When he told me he was getting married, I knew they would be selling his home and buying “their” house. Yay!

We sold his house in Lenexa and they bought a house in the country, sold that a few years later, bought a lot and built their current home. Now they are ready to sell again and find their last house where they will spend their retirement years. Needless to say, Tom has been a very good repeat customer over the years and has also referred me to numerous employees moving to the area.

Just like Tom and Kathy, many sellers are waiting for the perfect house to come on the market before they think about selling theirs. Trouble is, that doesn’t always work, especially in this market. There are plenty of buyers out there that don’t have to sell first and will beat you hands down when making an offer because they have a greater need than you. They need a house and you have one. When you have a place to live, you want to negotiate. Buyers who need a house, tend to negotiate over asking price because more than likely, they’ve lost a house or two by not wanting to pay top dollar. They have learned, there are few deals in the current market. They also tend to overlook the nit-picky details that might be bothering the buyers that have a house to sell.

When buying a house before selling, you must have a plan:

• What do you want to accomplish?
• Are you ready to sell if you find the perfect home?
• Can you buy without selling?
• Can you get a loan that’s not contingent on you selling your current home?
• Can you live with the imperfections of the house you’re considering buying?

You must have the details worked out with the lender before looking at houses if you want to keep things as stress free as possible. Plus, you really want to be able to get your home on the market as soon as possible. Be ready.

Bottom line

Finding the perfect house is no time to be trying to figure out how you’re going to make it happen. There is always going to be someone more prepared than you and who is willing to pay more money than you. Always.

Thinking about moving and looking at houses is like looking for a new car. You WILL be driving that new car home before you know it.

Let me help you get your plan in order before you get yourself in trouble. Call me direct at (913) 515-3250 or contact me here to see how to keep things as stress free as possible.

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