When buying a property you are in a stronger negotiating position if you can offer an unconditional or a subject only to finance contract.
A contract subject to the sale of your home or investment property creates uncertainty for the seller. If your property is not sold within the time appointed the seller will then have to place their property back on the market. Sellers may not accept a subject sale condition.
If you sell your property first you will be in a stronger negotiating position, but be aware that you may have to secure alternative accommodation if the settlement of the property you sell and the property you buy don’t occur on the same day.
Alternatively, if you buy before selling your existing property, you should carefully examine the financial costs of holding both properties for a period of time. Also consider that the price you may hope to achieve selling your property may be less than you expect, so build in a buffer. Get professional advice before you act.
If you are looking for advice from a Certified Practising Valuer in the Adelaide Metropolitan area or regional South Australia, then call Tim Alder on 0418 859 255 or click here to email us for prompt attention to any questions you may have.
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