Selling One Home to Buy Another

Posted by Dan Miller, REALTOR on Monday, January 9th, 2017 at 6:22am.

selling and buying at the same timeIn the month of December our real estate team helped 3 different clients sell their home and buy a new home on the same day. As you'll see below, each client took a unique approach to making their home purchase happen. The common element among all 3 clients was each one worked proactively to implement a specific, well-thought-out plan. See below to learn how each client sold one home in order to buy another.  

Client One: Creating a Plan A and Plan B

Our clients Jeff and Patsy wished to sell their home in Waunakee in order to buy a new construction home in Madison. We were confident we could accomplish this by selling their current home quickly and scheduling it to close on the same day as their purchase. Just in case, Jeff and Patsy put a contingency plan in place. They met proactively with their lender to get pre-approved for a bridge loan. In the event that we couldn't coordinate their sale and purchase to occur on the same day, this "Plan B" would allow Jeff and Patsy to proceed with their purchase. 

As it turns out we were able to attract multiple offers during their listing and negotiate a closing date that matched the closing date of their purchase. Jeff and Patsy sold their home at 8:00 in the morning and used the proceeds to buy their new home at 10:00. A job well done by two very happy buyers!

Client Two: Putting Together a Creative, Cash Offer

Scott and Mary owned their home in Madison free and clear. They wished to downsize from their home into a condo on the west side of town. Although Scott and Mary wrote an offer that was "subject to sale", they were able to strengthen it by making it a "cash offer". We submitted documentation which showed they owned their current home outright, which satisfied the "proof of funds" contingency in their offer. In essence we used the equity in their home to demonstrate their ability to make a cash purchase. 

Scott and Mary received multiple offers on their listing and we were able to coordinate their closings to occur on the same day. They sold their home at 9:00 AM and bought their condo at 10:00. Scott and Mary used the cash from their sale to buy their condo free and clear. Even better, they had money left over from their sale which they are using to remodel their newly purchased condo. Before the snow melts their renovated dream condo will be complete!

Client Three: Planning Ahead for Success

This is a great example of proactive planning. Clients Tim and Sydne wished to move from their 3 bedroom home into a larger home on the west side. They actually met with our stager and implemented their staging plan more than 2 years ago. We obtained professional photos at that time, too. We had their listing built and many other marketing materials ready to go well before we found their new home. 

When Tim and Sydne found the right home, we submitted an offer that was subject to sale. We were able to get it accepted by showing the sellers Tim and Sydne's listing with professional staging and professional photos. This gave the sellers confidence that we would be able to sell Tim and Sydne's home quickly and follow through on their purchase. 

Tim and Sydne received 4 offers on their home and we were able to schedule their sale and their purchase to occur on the same day. Another job well done by two smart and proactive clients!

There are many ways to go about selling one home in order to buy another. Get in touch with us and tell us more about your specific goals. We'll help you put a plan in place that will get you into your next home. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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