Here are the 2 main risks associated with selling first:
- If prices are rising fast, selling and then taking a long time (3 – 4 months) to find a new home can spell disappointment.
This is because prices may have risen to such an extent that you’re priced out of the market.
- If you sell and can’t time your purchase to perfectly overlap your sale, you may have to rent for a period.
Most seasoned sellers don’t mind renting. They’ve been part of a chain before and know that renting (although mildly irritating) is in reality a far less stressful proposition.
What to Do if You Really Don’t Want to Rent
If you’re not prepared to rent for any length of time you’ll have to make it clear to buyers that you’ll only accept their offer on the condition that you find a suitable property to buy.
Ask yourself how much time you think you’ll need. Then try and agree that period with your buyer.
In return for your buyers patients you’ll take your house off the market and promise not to sell to anyone else.
It’s perfectly possible that you may not find a suitable home to buy within the negotiated time period. Or you feel that values have moved on since you first agreed a price & now your agreed sale price is looking a little light.
In both these situation you and your buyer need to sit down and renegotiate.