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Are you considering selling your home, but are concerned that you will have difficulty finding a replacement in the Austin area due to our low inventory? This is a common question I get when asking someone if they want to sell their home and capture the equity. There are several ways of handling the changeover:
I will set you up with a home search of the area where you want to buy a replacement home (if you are staying in the Austin area). This will give you knowledge about the marketplace for homes selling there so you will be more prepared when it comes time to buy your next home. And, it will allow me to accommodate both transactions to ensure the timing for your home sale and home purchase happen smoothly. If you are relocating, I can connect you with a great Keller Williams agent there and work with them to coordinate your home sale here with your home purchase at your new location;
Once we get an offer/contract on your home, we can ask the buyer of your home for a “Seller’s Temporary Lease”. It typically takes 30-45 days (but it is negotiable) from the time you get a contract on your home to when you would close on the home, so that gives you 4-6 weeks. With a Seller’s Temporary Lease, you would close on the sale of your home and collect the proceeds of your net equity which makes it easier to buy your next home. You stay in your home until the temporary lease expires which is also a negotiable item. For instance, you could ask for another 2-4 weeks (or more) in a lease to allow you more time to find/close on your replacement home. Why would a buyer accommodate you on this lease? Because of the low inventory, they are happy to find a house so most are willing to work with you;
Or, you can close on the sale of your home in a typical 30-45 days and temporarily move into short-term accommodations like one of the many extended stay hotels in our area. Here is a link to some options/details: Extended Stay Austin You could either store your possessions using one of the Portable Self Storage options in Austin, or have your moving company store your things until you close on your next home;
Or, you could close on the sale, as in #2 above, and stay with friends or family until you close on your next home.