By Ian Curtis, August 21, 2018
Recently, a couple of my dearest friends were planning a transition to a new home to make room for their growing family. Like many in this situation, in order to qualify for the loan to purchase their ideal next home, they had to sell their current home first. There are so many possible strategies to take here – sell first with a rent back request and hope to find a home fast? Buy first with a contingent right to purchase? What’s the best way to navigate this scenario? Surely the best way is different for every person and every transaction. Here’s what ended up working for this couple:
- Completely prepped their house for sale including listing prep and photos. Drafted a document describing their house, it’s readiness to be listed, planned listing price, and comparable sold properties supporting the planned list price
- Found a house they wanted to purchase
- Wrote an offer for the new property (included the description of their current property and plan to list) with the following terms:
- Not contingent on the sale of their property but with a close date that was far enough out they were more comfortable in selling their home.
- A stated list date for their current home (on or before 7 days from mutual agreement).
- Earnest money to be released to the sellers after the inspection period. With an option for the buyers to contribute additional $2,500 deposits of non-refundable earnest money in exchange for 30-day extensions to the close date to help get their current house sold if needed.
- This strategy helped make their offer competitive, put the house in a pending status instead of ‘bumpable’, and ensured they would have the time needed to get their house sold.
- The couple listed their house after getting in contract on the new property, received an offer, and were able to negotiate the closing dates to be within 2 days of one another, with 7 days rent-back to complete their move.
- Happy buyers and sellers on all sides!
Ian Curtis
Broker
Ian is a true Portland native who, from childhood on through adulthood, has been scampering all around Portland's neighborhoods and surrounding areas.
He knows and loves this city and this state. Prior to following his real estate dreams, Ian worked as a Business Analyst most recently for Strava, a GPS tracking service and social network for runners and cyclists. Besides your friendly real estate broker, Ian is a lesser-half to his better-half, a human to his dog, a big-time outdoor enthusiast, whitewater rafter, multicontinental motorcycle adventurer, occasional long distance trail runner, fly-fisherman, rock-climber, and loves to do it all with family and friends.
Ian’s passion for real estate began after purchasing a 100+ year old home in need of some love in the Sunnyside neighborhood. He had a vision for what the house could be and came up with a plan to get it there. After hundred’s of DIY articles, YouTube videos, and trips to Home Depot, he ended up with a fantastically restored home. Fast-forward to today and Ian, with a partner, is now involved with rehabbing homes professionally.
Working with you as a buyer, Ian can help guide you through the process of finding and purchasing your dream home or help visualize, brainstorm, and plan how to take 'that house' and transform it into your dream home. Working with you as a seller, Ian is there at every stage of the process to help advise, stage, market, negotiate, and high-five. Whether you’re a fellow native or a recent transplant excited to be here; a starter home buyer or a seasoned investor; Ian, with all the relevant know-how and with genuine enthusiasm, is ready and excited to help you get the most out of your real estate goals.
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- T: 503-348-7975
- ian@livingroomre.com