Stuck in your house? I can help!
December 30th, 2008 categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
So you’ve found your dream home but you can’t buy it because you’re stuck in your current house that isn’t selling. There is a solution.
I am working on a deal right now where the buyers are exactly in that position. Instead of just sitting around and waiting for their house in Tampa to sell, the buyers went ahead and made an offer to purchase one my Coconut Grove listings. The buyers will rent the house until their Tampa house sells. When it does sell, they must close on my listing within 25 days. The details have all been ironed out (purchase price, rental amount, inspection amount, deposits, etc.) and there will not be any further negotiations regarding the terms of the contract.
The sellers do have to take a leap of faith that the buyers are making a real effort to sell their Tampa house (i.e. offering it at fair market value). But the buyers wouldn’t have entered into this contract if they didn’t sincerely WANT to buy my client’s house. They could have rented any other house in Coconut Grove without going through all this hassle.
The sellers must show proof every month that they have paid their mortgage, taxes and insurance. The buyers have 1 year to sell their house and will not be penalized if they don’t. They have also agreed to take the property “as-is” when it comes time to purchase it. There were a few other details (legal issues) that had to be hashed out which I won’t get into.
All in all, both parties are extremely happy with the deal. So ask your Realtor to get creative, it would be a shame to miss out on all of the good deals that are out there.
If you want to talk Coconut Grove real estate with me, give me a call at (305) 342-1623 or send me an email. Keep an eye out for the date of my next Real Estate Talk. It will likely be towards the end of January, or early February. The official date will be posted here on The Coconut.
Riley, this is a great deal! Not for everyone, but your creativity really seems to have helped out both parties here. I think we’re going to see a return to more “creative deals” as time moves on.