What can a family do that wants to move into a different home if they already have one ? Most people can’t own 2 pieces of real estate. Even in a crazy busy market there is a risk to buying a second home when you already have payments on another.
No one wants to see a family get into a position where they have payments of 2 properties. The toll, both financial and emotional can be enough to put home owners over the top. This is not a circumstance unique to Northumberland County. It’s true that real estate markets like Cobourg and Port Hope or even Grafton and Coldborne can be impacted.
Real Estate Markets Change
Generally any real estate market that experiences a slow down can see home buyers step back a bit. When homes are selling quickly, really quickly, often buyers are comfortable making a commitment to buy a new home without know for sure that their home is sold. They believe that the market is so hot that their home will sell no mater what. And there are times when that may be true.
But is there is an adjustment and things slow …. that confidence may fade. At that time buyers need another strategy. THE SPP (sale of purchasers property) clause can be a great tool to use.
Home Buyers Can Plan
THE SPP allows home buyers and sellers to negotiate the sale price, the closing date and all inclusions / exclusions as well as any other conditions unique to this deal. The buyer knows exactly how much the home is going to cost them. This way they can make concrete plans and with their agent develop a strategy that has a great chance for success.
Home Sellers Continue to Market
The home seller can win as well. Even though their home is not sold firm at this point. They at least know they have a very committed buyer who just needs some time. While that Buyer is trying to sell -the seller’s agent will continue to look for another buyer who does not need to sell their home. In the event they find one, they are obligated to go back to the first buyer and let them know, and give them a chance to remove all their conditions. If the first buyer is unable to firm up, they agree to step aside and let the seller move on.