How to BUY and SELL a house SIMULTANEOUSLY in Albuquerque

Tego Venturi: So Tracy, let me, let me introduce is, cause you’re the, you’re the expert on, of course you are the buying a home, selling a home at the same time, we get a lot of questions, especially now with the, the ultra low number of homes on the market. It’s it’s challenging. So how do we do that? I can’t, you know, most people can’t just go buy a home and still have another home that they own. They have to, you know, move that mortgage to another property. So what would you first off, what would you say to somebody that’s thinking of selling, but they don’t want to go through that. What would you tell them? What would be the first piece of advice? You’d give them

Tracy Venturi: First piece of advice. I would say let’s not sugar coat. It it’s tricky to do it. It, it almost always works out like we want, but it, it happens. What I’ve seen statistically Tego, and this is, you know, using that word statistics for you, statistically 71% of the people that are buying a house, a second house, a first house second house, right. They own a house and they’re, they’re having to do it simultaneously. They can’t afford to get the mortgage for their other home, their new home without selling their current home. So, yeah, it’s challenging.

Tego Venturi: The takeaway on that though, is it’s a very common thing. Very common. Yeah. And of course we deal with it all the time. Obviously there’s extra logistics involved, you know, trying to move out of one house. We’ll try to get ready to move into another house. That’s right. Know, th there there’s all that, but what about the financing piece? I mean, obviously, you know, if you can’t buy the home without selling your home, how does that work?

Tracy Venturi: So a lot of times people need the money from the one home to be able to close on the other. So that means you would need to sell your home first and be out of it right before you close on your new home and move into it. So there’s that lag in the middle there. So it’s

Tego Venturi: So I, I’m going to interrupt you. I know, I promise I won’t interrupt you as of just about impossible, isn’t it? Is I was gonna just say, talk about the simultaneous closing and how that works, where the title company is handling all that money,

Tracy Venturi: Right? So it’s possible to close the same day on both properties. You go in the morning, you signed paperwork to sell your home. It gets funded and recorded by 11, 12. You’re right after you signed to sell your home, you go right to title and they hope maybe the same company. Not always.

Tego Venturi: Well, I’ve seen it happen at the same time, at the same table with the same escrow. Okay.

Tracy Venturi: Now we’re going to sign these forms, right? So the, the cell has to fund and record before the funds are available for the, but a lot of times we can get it to happen that same afternoon so that the sell happens in the morning. And by mid-afternoon late afternoon, the buy happens. Now. Most people, you know, that’s pretty stressful. Think about I’m all packed up. I’ve got the kids in the dogs, in the car and I’m waiting to get the keys to my new home. And the moving truck is waiting and everything’s going so there’s ways we try to minimize, minimize the stress, right? We try to get preoccupied NC, or post-occupancy either post-occupancy at the house you’re selling for a few days or preoccupied, NC at the home. You’re buying for a few days. There’s, you know, pods where you can have all of your things packed up. They hold them at the pod facility and until you’re ready for them. So that the truck isn’t literally waiting with your things. And, and lots of other strategies that work to help facilitate a buy and sell at the same time.

Tego Venturi: So what you’re saying, there are obviously extra logistics,

Tracy Venturi: Right. And getting a house, right? So a lot of times people say, well, how do I get an offer accepted on a new home when I need to make it contingent upon selling my current,

Tego Venturi: Explain contingent just for, for people listening.

Tracy Venturi: So we make offers that if you have to sell, to be able to buy, we make offers with an extra addendum attached to the form that says this purchase is contingent upon my current home selling to make it simple. Right? And the, the seller, you know, preferably when we’re making that offer, your house is already under contract to sell, but sometimes it’s not even on the market yet. So we have in the contract in that addendum, we put together, you know, let’s say your house isn’t even on the market yet. And we’re putting an offer in, on a new house that needs to be contingent on the sale. Right? So what we do in that addendum is we put down how many days from accepted contract. We have to get that home on the market and we usually are ready to go. We just don’t want it on the market until we know you found a house, right? Because we, right now, your house is probably in a better price range. If you’re moving up to luxury or even if you’re going same price point, right. Different, different home. It’s, it’s important to, you know, know the details of how we do it so that it works for you and make sense for you because that’s just one little nuance of how do you sell and buy.

Tego Venturi: Couple of things I want to address is one of the, the services we offer here at Venturi Realty is the guaranteed sale. I know we’ve been accused of like this whole thing. Like we’re, we’re putting something out there. Oh no, they can’t do that. No, this is exactly what the guaranteed sale is for

Tracy Venturi: Exactly. So we, we will, I mean, we all meet, we, we can just make an offer on a house. Somebody wants to sell, but it’s perfect because we can go and meet with you ahead of time and say, okay, believe your house will sell for this price. We will offer you X and you give us 59 days or whatever you want to get your home sold.

Tego Venturi: It used to be 59 days, but in today’s market, you know, with median days on market at five courses,

Tracy Venturi: Not every home though is selling like that. So we guarantee that if the house doesn’t sell well, you can move forward, get another home under contract. We work, get your home sold. But if it doesn’t sell while we’re waiting for your other home to close, we guarantee that we’ll buy it. Okay.

Tego Venturi: It’s a backup offer. It’s a backup option. If, if for whatever reason, it just doesn’t sell or, you know, it’s bad.

Tracy Venturi: And most people want to net the most and they want the highest and best. Our price is going to be a little bit below that because traditionally we just put it on the market and sell it. Yeah. So we incur all the closing costs and the holding fees and things, but it’s not a one of those telephone pole I’ll buy your house for 50. I know people who’ve called and it’s like half price. They want to buy your house. So, no, it’s not like that. Our goal though, is to help you get into a new home as stress-free as possible

Tego Venturi: New home a couple of times, but I want to address, you know, you’re saying just a different home, but let’s talk about new construction because th th this is a really common in the new construction, because especially now, unless the home is built and available that first off, there’s not a lot of those available in Albuquerque right now. And, but construction times are what, six, seven, eight months right now.

Tracy Venturi: Right. I’ve heard right for Pulte, Dr. Horton, Abrazo Twilight Westway yep. Home. We’re not talking a custom buy a piece of land and hire a builder. Those would take much longer different animal. Yeah. Right. So in Tigo, let’s just tell the story. We, one of them, and we bought a couple houses this year, right. Coming up on it, and one in particular

Tego Venturi: Address. So that, that is, you know, an ideal situation for somebody. Cause now you have the time you have the time, you know, you know, you can gauge the market, talk to us about, you know, how long we think it’s going to sell what it’s going to sell for. So you can gauge the market and decide when to put it on the market before your, your home is ready,

Tracy Venturi: That when you’re moving into ready, other option

Tego Venturi: That you want to talk about, and I’ll let you tell that

Tracy Venturi: Story, because it’s a great story. We, we had a situation earlier this year, the client worked with us to buy a new construction home, picked out a lot and picked out a floor plan. We’ve got to go to the design center and pick out the color of the cabinets and the counters and the flooring and everything so fun. But she wanted to know very solidly that our house was going to be so old because she needed to sell to buy. And just that peace of mind. So she asked us just to go ahead and buy it and rent it back to her. So that’s what we did. So we bought her house and she continued to live there for eight months while her house was being built. And when her house was done, she, she gave us 30 days notice that my house was going to be done, which we knew because we were working with her. And she was so happy about that situation. It just worked so well. It was,

Tego Venturi: It’s quite a win-win. Yeah. So

Tracy Venturi: Plus we gave her a little reduced rent while there is that there is that too,

Tego Venturi: More than, more than a little anyway. Well, it was a little so if you know, you’re thinking about selling and you’re in, you’re kind of on the fence. She’s like, well, where do I go? How do I find a home? And you want to know about this, this whole idea of contingent offers and selling and buying at the same time, just reach out to us. Venturi Realty, group of Keller Williams Realty

Tracy Venturi: Four, four, eight, 88, 88, nice and simple. Four, four, eight 88, 88. We should probably write a jingle about that Tiko.