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If you don't have a lot of animals, it can make sense to move and rent awhile, even at an 'extended-stay' kind of place for a couple months and leave your stuff in PODs or something. Sometimes, though, if people are moving with a lot of pets or even more complicated - horses and/or other livestock - finding a rental or affordable boarding is a bigger challenge even than finding the new place to buy. It makes it a challenge. I would try to book a trip a trip a week out, even if you're still checking for new things on the market each day. If your Realtor can get in right away and make an appt for you, sometimes sellers will decide to wait to decide. Only trouble is, they will likely leverage you against the other buyers, and them against you. Everyone will know there are other buyers in the wings. You won't get anything at a bargain price.
If you don't have a lot of animals, it can make sense to move and rent awhile, even at an 'extended-stay' kind of place for a couple months and leave your stuff in PODs or something. Sometimes, though, if people are moving with a lot of pets or even more complicated - horses and/or other livestock - finding a rental or affordable boarding is a bigger challenge even than finding the new place to buy. It makes it a challenge. I would try to book a trip a trip a week out, even if you're still checking for new things on the market each day. If your Realtor can get in right away and make an appt for you, sometimes sellers will decide to wait to decide. Only trouble is, they will likely leverage you against the other buyers, and them against you. Everyone will know there are other buyers in the wings. You won't get anything at a bargain price.
We understand we'll pay more if there are competing offers. We'd like a good price, but for the right home-neighborhood-location we'll gladly pay up. After two months looking, we're beyond ready to buy and move.
Wow, you are in the exact situation we were in recently. My first thought is that any belief that you are in a less than hot market, "balanced" as your agent claims, is a bit silly. As you are aware, you are in a tiny niche of that market, We spent eight months looking for a ranch house, in the area we wanted to relocate to. As you note, at least 90% of the market was "other than ranches" and had a healthy balance. Healthy, in the sense that DOM and inventory levels were not extremely low for the average buyer, which had nothing to do with us. We are located in an area that's within 2-3 hours of some of the most expensive cities on the east coast, and a LOT of folks are jumping at the chance to retire here, from other locations along the east coast megalopolis. These folks are buying ranches and/or capes with first floor master suites, paying cash, and often paying a fraction of what their current home is worth. As a result, nice "retiree ready" homes, that need nothing, are often under contract in 36 hours, no mortgages, no contingencies, no hope for buyers who hesitate, or need financing.
We looked for eight months, lost a couple that became "the one that got away", then found a way to make it happen. My wife spotted our place on a website, very early one morning. I reviewed it, and knew it was the one to fight for. We had our realtor get on it, STAT. She was the second person to walk through. She did a video walk-thru with us, using a smart phone app. We offer full price, cash, settlement as soon as the seller wanted, and no contingencies except an inspection, with the option to negotiate or bail, if any one single issue needed more than $5K to address. This did not include the roof, that obviously need to be replaced. We then spent the next business day battling with at least one other buyer, as we "tore up" three offers made online, from 1100 miles away, using online signature software. At the end of the day we paid asking + $9K and ended up with an awesome mid-century ranch, in a dream neighborhood. The older conservative neighbors refer to us as "that couple that bought a house without even seeing it" LOL. Technically that wasn't 100% accurate, but close. If we had attempted to do it any other way, like "can you ask the sellers to give us 48 hrs to get there from Florida?" We would still be looking for a place. Good luck with your search.
........ I was hoping a seller would be willing to wait 36 hours (or less) to have the prospect of two competing offers. .......
If the existing offer gives them 3 days to respond, they might wait to see what you offer, but in tight markets, buyers are generally giving very tight times to respond because they don't want to leave room for competing bids.
When I make an offer, I allow 24 hours to respond and the last houses I have sold, I get a 24 hour window to respond.
You expect sellers to hold a house for you and your spouse isn't even sure about moving? That makes your request even more unrealistic.
I don't know your market, but all of mine have sold full price all cash. Some even without any inspection contingency. There is no reason for me to not sign before the buyer gets away.
You expect sellers to hold a house for you and your spouse isn't even sure about moving? That makes your request even more unrealistic.
You misunderstood. She’s just not sold on renting first, and moving into a rental now. She’s ready to move tomorrow, she’s just rather move directly into a house there vs a rental anything.
After two months and one that got away, I think we’re coming around to making an offer sight unseen or renting. I’m tired of waiting...
Even though I was never unhappy with the homes I bought, there were several times where had I rented then spent time looking about I would not have ended up where I lived. Especially wise/experienced advice if a "last move".
We’re ready to buy NOW, but we’re 750 miles from our new city. We’ve visited twice and seen 9 houses with our realtor, but none quite fit. We carefully check listings online daily. If we see a house we might want, we can be there end of next day, ready to view the day after - if not sooner. We’re cash buyers, without contingencies, flexible on closing date - I’d think that would appeal to sellers?
Most listings don’t go pending right away, but we have seen a few that were pending-show or pending-no show within 24 hours? And unfortunately we’re looking for a ranch, those listings appear FAR less often as 2-story homes are 80-90% of listings.
Is there any way our realtor can make sure we get a crack at a listing if we can’t be there for about 36 hours? Or some better approach short of renting a place there?
Yes, I asked our realtor in Feb and she said she’d advise the listing agent we’re coming so we’d have a chance to make an offer. And if anyone else made an offer before we could get there, I’d think the seller would be pleased to know they'd have two competing offers and would give us 36 hours. But a house did come up since then, and when we told our realtor to notify the listing agent, she said she would but she couldn’t guarantee anything. So we could have driven 750 miles and still be shut out?
We’ve also asked her if she has advance notice of listings so we could be there the day a listing goes active, but that hasn’t helped at all so far. I suspect she’ll only have advance notice of her firms listings if that much.
If it is a hot market hot property the answer is most likely no. When we sold our house it sold within 10 hours. The buyers put an offer in at 8 pm and we had to accept or decline by 9 am. It was full price. No way would we have lost that offer to accommodate someone who might like the house. Have your realtor do a video walk through of the house, outside, and the neighborhood and based on that video make an offer.
I don't know your market, but all of mine have sold full price all cash. Some even without any inspection contingency. There is no reason for me to not sign before the buyer gets away.
Your market might be different
Might? LOL. Not every market has every house selling for full price all cash no contingencies. Even when OP's market was hot most homes weren't selling for all cash (but maybe ranches moreso than others if it's often retirees selling other houses then buying them).
I think I'd strongly consider renting OP. Where is all your stuff? If you don't have to move most of your stuff, I think that'd make it easier. Moving twice in a short time period would suck for sure. But even if you sign a lease then break it, just throwing a number out there let's say breaking the lease will cost you $3K. If getting there to look at houses requires a flight, hotel, etc., if you need to make more than 1 trip it's probably not much different cost-wise. Plus what would be your plan for inspections, etc.? Already living locally will make it much easier to do those things once you do actually find a house.
No one out here takes the buyer viewing contingencies at all. What's the point when you have other good offers that have seen the home?
People either have to move and rent while they look or they have to buy based on a video.
Fair. However in the Charlotte RE market (we just sold our home there in Jan) - it is common to put down "due diligence" money, as well as "earnest" money. The seller gets to keep the due diligence money, and the buyer can still make the offer contingent upon inspections, etc. That way the seller isn't completely out in the cold if the buyer backs out.
Seems like most of our offers were $400-500 due diligence and ~1% earnest money.
I don't know how common "due diligence" deposits are in your market. They're pretty uncommon up here in Lansing, MI where we're currently home shopping.
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