To buy first or to sell first? That is the question!

To buy first or to sell first? That is the question!

To buy first or to sell first? That is the question!

POSTED BY Chloe Steele ON 17 Jun 2022

You would be surprised how many times we get asked this question - 

Should I sell my house first, or buy the house I want and then sell?

Seems like a fairly simple and straight forward proposition, doesn’t it? 

But believe me, one of these scenarios is fraught with danger.

Successfully buying or selling Sunshine Coast real estate is about negotiation power; YOUR negotiation power. 

If you buy a property BEFORE selling your home, you have just given yourself a whole lot of stress. You will not be in a strong position to negotiate your price or terms. 

If you make an offer on the home you want to buy, subject to the sale of your property with no contract, the seller WILL add a sunset clause to the sales contract. And there’s a big chance you’ll miss out on the property you want, if another cashed up buyer comes along.

Any experienced agent selling the property adds a sunset close before any parties sign on the dotted line. It’s just what we do, to look after our client.

And just to be clear,  a sunset clause means if another offer comes in from another buyer that is satisfactory in all respects to the seller, they can then invoke the Sunset clause which then gives the first buyer 3 business days to go unconditional - or you will need to walk away from the property. 

I’ve seen many hearts broken and disappointed people miss out on their dream home, thanks to a Sunset Clause and NO real negotiating power.

Well, how about Bridging Finance, I hear you ask. It’s certainly an option but it’s much more expensive and adds even more stress to everyone involved.

Sunset Clauses aren’t always added to a contract, but it’s very rare.

If the seller accepts your offer without a Sunset Clause, then their property is effectively off the market until the purchases' property is sold. Not many sellers find that acceptable.

There is far less stress and potential disappoint if you sell first.

If all goes to plan, and you sell quickly, you are in a much better negotiating position for your next purchase. You can start looking around for your next property and make an offer the moment yours goes under contract. 

And remember you can have a 60 or 90 day settlement period in the contract to give you plenty of time to find what you’re after. If an investor buys your property you may be able to stay on after settlement and rent it on a month to month basis until you find somewhere else to settle.

If you’re looking for Peregian real estate, or property anywhere on the Sunshine Coast, don’t hesitate to give us a call. Our years of successful experience in the region means we can guide you to the best outcome, whether you are buying or selling. With us you can always expect a great deal more.