What to Do When Your Shoe is On the Other Foot

Happy Home Sellers

As reported by Cameron Muir in the latest edition of Cam TV, overall BC house inventory is down and prices are climbing.

This might make some BC Home Sellers happy until the shoe is on the other foot.

Cam TV

>

Caveat

In fast upward trending markets some Sellers will initially be happy when selling their home however, that feeling of joy will dissipate quickly if they are stepping up to a newer, larger home in the same area. With the shoe on the other foot they as home buyers will now battle with the market that served them well as Sellers.

Given this Timing Flux financial prudence is suggested. Make every effort to protect yourself. Depending on circumstance, there are two clauses that I or your Realtor® would suggest to secure your well being.

1. Subject to Seller Purchasing

Buy-Sell-Highway-Web

In this scenario you are selling your home and as a buyer you want to be certain that you have secured the purchase of another home.

Subject to the Seller entering into an unconditional agreement by (Time and Date) to purchase another residence. This condition is for the sole benefit of the Seller.

2. Subject to the Sale of the Buyer’s Property, with Time Clause

In this circumstance you are the buyer and want to make an offer on another home but have yet to achieve a firm sale of your property.

Subject to the Buyer entering into an unconditional agreement to sell the Buyer’s property at (address of property) by (Time and Date). This condition is for the sole benefit of the Buyer.

Tension

Shotgun-double-barrel-smoke

A well used common phrase in real estate is that “time is of the essence.” The meaning of this phrase comes to life when you concurrently attempt to sell your home and buy another.

Expect to encounter some timing tension with the Seller’s “Shotgun” clause. This clause demands performance within a specified time period. It is applied when when you are buying a home but have yet to sell the one you currently own. Keep in mind that the Seller of the home you wish to purchase wants to exercise equal financial prudence and will likely include something I call the Shotgun clause.

‘Shotgun’

The Seller may, deliver written notice to the Buyer or to (the Buyer’s Agent) requiring the Buyer to remove all conditions from the contract within (12, 24, 48) hours of the delivery of the notice, not to include Sundays and Statutory Holidays. Should the Buyer fail to remove all the conditions before the expiry of the notice period, the contract will terminate.

Selling and Buying?

It’s good to have someone on your side when dealing with time sensitive multiple transactions. I might be able to help. I know a lot of stuff about real estate and can help you remove the kinks from your home selling and buying experience.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Comment On This Post

will not be published
http://www.yourwebsite.com