More and more these days I am coming across folks that are
contemplating selling their home and “downsizing” to the condo lifestyle.
Understandably this is a huge decision and for most of these people they have
been in their current homes for many, many years. So, how do you go about
making such a big move? Here is a simplified process that will steer you
in the right direction. 1)
Find a Realtor that you feel comfortable with and one who is attentive
and in tune with your needs and goals. 2)
Put your current home on the market first. (The average single family
home in Chittenden County is taking approximately 81 days to sell while the
average single family home in Franklin County is on the market for 113
days.) Your realtor will ensure that prospective buyers will know that
any contract that you accept on your home is “contingent upon finding suitable
housing” or “CUFSH”. This will allow you to accept a contract on your
home while giving you time to identify your next condo.
You may start to look at prospective condominiums that might work for
your needs before your home is under contract, but it is likely that you will
not be able to get an offer accepted on a condo until you have your house under
deposit. However, once your house is under contract, you and your Realtor
need to get busy and look at all possible condos that could work. It is likely
that the offer you get on your home will outline an amount of time that you
have to identify suitable housing, usually 2-3 weeks.
Your Realtor will ensure that when you find your condo, all dates match
up for each contract to ensure that you are able to close on your current home
the same day that you close, and move into your new condo.
The part people find challenging in this situation is that
first step to put their home on the market. Often times people think that
they need to go out and “look around to see what is on the market” before ever
thinking about putting their current home up for sale. While this is one
way of working through the process, unless you can afford to buy a home without
selling your current home (cash) this could get sticky. If you fall in
love with a condo but can’t sell your house soon enough this could be
discouraging and make the process feel more difficult than it is.
Find a Realtor, have an in-depth discussion about your
wants, needs, and goals, have them educate you on the process, determine the
best course of action for your situation, and get going.
Author:Ryan Miller Phone: 802-999-6983 Dated: August 28th 2014 Views: 213 About Ryan: Coming from a family with countless years of real estate experience, I knew my calling early. After ...
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