Turning Tables on Contingencies

Nashville’s in its craziest buying season in quite some time.  There’s really only one way to meet the overwhelming buyer demand… and that is to CREATE more inventory by helping and educating potential home sellers.  In approaching these sellers, their main concern is typically, “but where will I move?”  And that’s a valid point given the fact that there aren’t a ton of options.  So instead of exploring their options, they stay put, limiting the inventory, and creating a real estate grid lock where no one can seem to get what they want.
Instead of remaining stationary, there’s a better response to the question, “But where will I move?”  Wherever you want, whenever you want.  It’s okay to not know where exactly you’re moving.  You can take all the time you need in order to sort out your options.  Here’s how it works…
We all know about the contingencies we use as leverage when we submit an offer to buy a house: your offer is contingent on an inspection, on an appraisal, on your ability to obtain a loan, et cetera.  But did you know that sellers can also have contingencies on their listings?  For instance, you can list your own home contingent on completing the purchase of a suitable new home. So instead of being contractually bound to close with a buyer in the next 45 days, the tables are turned, and the buyer is contractually bound to wait for you to find your new place.
We can likely find a buyer who won’t mind waiting that long.  Almost every buyer I work with has put in offers on several properties, each of them attempting to sweeten the deal by covering things like title expenses, waiving inspection contingencies, putting more money down to help create a more stable loan situation, and more.  One buyer even offered to repair a dangerous staircase on a seller’s home before she moved out.  (The seller rejected his offer and went with an all-cash deal.  Rats!)  Buyers are growing impatient, and they’ve been searching for months; they’d be happy to wait a little while longer knowing they have secured a new home.
If it might be time for you to consider selling, let’s chat.  I typically meet clients over coffee in a no-pressure setting.  No contracts to sign, no commitments, just coffee talk.

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Kevin Martelli

Kevin Martelli is a licensed and insured real estate agent serving the Nashville, Tennessee area. Kevin is a proud member of Greater Nashville Realtors. He is a Realtor and an Affiliate Broker at Pareto Realty, LLC.