Sell and Buy Simultaneously

DALL·E 2024-04-17 13.52.12 - A meticulously detailed office scene featuring two home buyers and their attorney during a house closing meeting. The office has a luxurious decor wit

Today I will give you the insider secrets to make the process seamless.

Buying and Selling a Home in New York City is complex.

I have worked with many clients who have had to navigate buying and selling a home.

There are dozens of moving parts to the equation, and if any of them fall out of line, your dream home will become the one that got away. 

So Let’s change this. 

I am going to give you a framework for buying and selling at the same time. 

If you want to learn more, you can download my team‘s sellers’ pro tips by clicking the link below. This guide will give you the true insider secrets and step-by-step advice learned from selling 750 homes. 

First, let me start off by telling you what won’t work: 

  1. A selling contingency. In the NYC market, requesting a selling contingency for your purchase is nearly impossible. 
  2. having no plan will get you nowhere. Having no plan is a bad idea in life and an especially bad idea in real estate. Get your ducks in row. 
  3. unless you have an uncle who hit it big on Crypto Bridge Loans don’t exist. 

Let’s talk about the framework: 

You are going to focus on both the sale and purchase simultaneously. 

Get started preparing your home for the market, do what needs to be done to look its best. 

truths and principles for sellers

You should know the drill by now, or your broker will provide a list of what should be done to get the highest price. Don’t skip this step, as it is the most important part of the process. Spend time to get your property looking amazing- you will not get a second chance to make a first impression. 

At the same time, we will get you completely educated on what is on the market to buy. 

Yes, we are going to start shopping for properties as soon as your home is listed. 

Our goal is for you to have seen everything on the market to purchase before we have a buyer for your home. The reasoning is that we want you to be in a position to put in a strong offer on the property you want to purchase the day the contract is signed on the sale of your current home. 

Now, when the offer comes in on the home you are selling, we will tell the buyer upfront that you will need a short post-closing possession period until your purchase is ready to close. Being upfront about this with the buyer for your home is key. 

Speaking of buying, we will get you fully vetted and approved for a mortgage before you are in contract on your home sale. This will position you to move forward asap, save you at least two weeks of time and make your offer much stronger. 

Wait, What is Post Closing Possession

It is an agreement, folded into the purchase contract, that allows sellers to continue living in their sold property for a specified time post-closing, providing invaluable breathing space before closing on their new home purchase. 

The post-closing possession agreement alleviates the rush of moving, and acts as a safety net for delayed closings, pre-move-in renovations, or simply moving furniture out of one home and into another without having to put it in storage. 

Here is a warning:  Expertise in navigating the post-closing possession agreement is a must. A seasoned real estate broker along with a savvy real estate attorney, can manage the process, ensuring terms like occupancy length, holdover costs, insurance, and security deposits are both clear and favorable.

columbia vitolo team

Since post-closing occupancy is a significant advantage for you, make the offer enticing for the buyer with fair “rent” and escrow conditions. This is not the time to play hardball. 

Maybe you are considering a move out of state? If so click the link in our description and we will connect you with a top real estate agents in the market you are looking to purchase in.

Our expansive network ensures you have the best representation, wherever you are looking to purchase and we have developed strong relationships for our clients over the years that we are happy to share with you.

Remember, all brokers are not created equal. 

Now, I will not get into the details of how to address Co-Op related issues with approvals and timelines in this video. However, if you download our Sellers Pro Tips below in the description, it will get you up to speed on everything you need to know. 

Finally, when it comes to putting in an offer on your new home. After you have negotiated the price, I repeat, after you have negotiated the sale price, ask the seller for the right to delay the closing by 30 days which is typically part of a standard purchase agreement but it is worth being upfront you expect this to be in the contract. This additional time window may be a lifesaver down the road. As for a closing date most sellers are ok with giving 60 to 75 days; our recommendation to to get as much time as you can, time is your lifeline when it comes to simultaneously buying and selling. 

So if you are going to take anything away from this video, remember this: 

  1. hire an experienced broker to work with selling and buying your home. 

 It should absolutely be the same broker who represents you on both the buy and sell sides, as it will be a logistical nightmare otherwise.

  1. The post-closing possession agreement is your best friend here. 

By embracing these creative approaches, you can confidently tackle the challenges of buying and selling in the NYC real estate market, ensuring a seamless and stress-free transition from sale to purchase.

I’m Todd Vitolo from the Columbia Vitolo Team at Compass.

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