This real estate market is indeed like the “Wild West” as referenced by this timely article in today’s Journal. It’s a market requiring both buyers and sellers to grab ahold of the reins tightly for it’s a market of high velocity and one in which the risk of getting “spooked” is real. It’s a market that requires clever, creative , protective yet appealing and strong offers on behalf of buyers ; especially when buyers are sellers.
With homes receiving multiple offers by day three the question of where will the seller will go is a real one as is the anxiety associated therein. It can be done however and is being done via rent-backs and the “subject to sellers finding suitable housing” addendum. It can be done with relative ease in a market where the transaction time period has been accelerated , inspections are waived / minimal and appraisals are being ordered efficiently. I listed a house recently and on the day we went under contract my sellers submitted an offer on a home they fell in love with the day prior, while I was on day two of 30 showings on their home. We went under contract and immediately made an offer on the other home. Offer accepted. Knowing we had strong buyers on our end with limited contingencies our offer, with strong terms AND a Hubbard was accepted. Can it be done ? Yes! The result of which is elated sellers who are also buyers ! It’s a beautiful thing!
Click the link below to learn of some of the measures sellers and buyers are taking to maximize the “attractiveness” of their offers in this crazy market!