Buying and Selling? Should You Put the Cart Before the Horse?

If you're searching for homes for sale in Charleston SC, ask yourself a simple question along the way… am I putting the cart before the horse?

Sure, moving can be stressful. With so many unknowns , it is not uncommon for people to jump the gun and do things in reverse. Find a home, then try to sell.

While this is a good way to avoid being homeless, there are some very good reasons to be careful not to put the cart before the horse. Not to buy and then sell.

Consider this:

• You think about wanting to move, and you decide to start looking.
• Your intention is to just get a feel for the market.
• You stumble across the perfect house.
• It is definitely the one, it has everything. Perfect price, great location, your dream kitchen, all of the things you want and could even dream of having.

The problem:

• You realize you need to sell your home in order to buy it.
• You rush home and immediately start preparing the house.
• There's not much time, because the other home that you really love is still on the market.
• Even though you're not quite ready, you put your house on the market.
• Your home may or may not be in the absolute perfect condition for sale, and this may hurt you in the long run.
• You price your home much less than you would have because you're worried about losing the other property.

So what's the right way to go about doing this?
Having helped many people through this process, I realize that it is asking a lot to not look at homes for sale in Charleston SC when considering a move when you still have a home to sell. It is human nature, and I'm certain that I would do the same thing if I was considering packing my family up and relocating.  And please don't get me wrong, I'm glad you're excited. This is a good thing. I would suggest just trying to be a bit careful about it for your benefit.

This is what has worked in the past:

• Limit your home buying process to just looking on the Internet and strictly doing drive-bys.
• Keep an eye on the properties that you like, but don't go and see them yet.
• Tell yourself the right thing to do is to sell first.
• Hire a good Realtor.
• Tell yourself again the right thing to do is to sell first.

Now that you have the right mindset, there are some good options to consider when dealing with the buyer for your home. A planned strategy, and diligent implementation is really effective.

Option 1:

• When listing the property, ask your realtor to advertise that you need the right to rent back and continue to live in the house for 30 days.
• Buyers know up front what your intentions are.
• Stick to the plan and only look at houses for sale online and limit your looks to just "drive by's".
• Once you find a buyer, and they have gone through the inspection process on your home, and their loan has been pre-approved, it is now okay to start looking at homes.
• By the time you close it is likely you will have already found a home.

Option 2:

• Launch the property and the market traditionally, without asking for a rent back.
• State specifically in the listing that the seller needs to have at least a 60 day closing.
• Require that the buyer inspect the home within 10 days of having a contract, and loan approval within 30 days.
• Once the home inspection has occurred, it is now "okay" to start viewing homes.
• This will give you 20 days between the home inspection and loan approval to find a home.
• You will then have 30 days to close on the property simultaneously when yours closes.

Of course there are different circumstances for every situation. The above two scenarios are just ways that I have helped people cope with the orchestration (and the subsequent juggling) of a home sale and purchase while avoiding the risk of finding a dream home and not being able to purchase it.

Like I said every situation is unique, and I welcome the opportunity to discuss yours in an effort to provide an efficient and streamlined approach in an attempt for you to get from Point A to Point B safely, and effectively.

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Nat Wallen is a Realtor in Charleston SC specializing in residential property sales. He has been licensed since 1995 and is the top listing agent with Carolina One Real Estate. Carolina One Real Estate is the largest company in the Charleston SC area of 700 plus agents. For more detailed information, visit his homepage at natwallen.com. NOTE: Nat Wallen never solicits consumers interacting with his blog unless requested. YOUR comments are encouraged and welcomed. Thanks!

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