Buying and selling at the same time
by Jacques Ambron
May 04, 2016 | 7154 views | 0 0 comments | 159 159 recommendations | email to a friend | print
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (madeleinerealty.com).
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (madeleinerealty.com).
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Q. I am selling my house and buying an apartment. What do I do first? I need the money from the house to buy, but I’m afraid to accept an offer.

A. This is not an uncommon situation. Most of the people I deal with are selling and buying. Working with a real estate broker on both sides will help you through this process.

There are a number of solutions to this problem, but it’s important to be up front with all parties. It is possible to arrange a closing for both the sale and purchase on the same day. Alternatively, you can close on your sale property, stay for a few days, and pay rent until you can close on the purchase.

The other point is that if you cannot purchase without selling, you will need to make it clear that your purchase is “contingent” on the sale of your property.

Q. I’m planning on selling my apartment this spring, and a cousin from another area said he can handle the transaction. Is this a good idea?

A. My philosophy is don’t hire anyone you’re not willing to fire. I would recommend choosing someone that will work for you objectively, and not someone who will do it as a side deal. You have to be willing to hold your agent accountable.

Likewise, if you hire a friend, you run the risk of ruining a friendship. The best thing is to choose someone who has a track record and will get the job of selling done right.

Send your real estate questions to jacques@madeleinerealty.com.
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