Need advice regarding home sale

5 years ago

Hi Everyone, I am about to close on a new build townhouse later this month. I recently decided to relocate so I will selling the townhouse very soon after. It is being sold a town with very little inventory and mostly older homes so I know it will sell quickly and at a good price. With that being said, I don’t want to waste money on a real estate agent but I also don’t completely know what I am doing. Does anyone have any experience with this?

Featured Answer

homechef59

5 years ago

last modified: 5 years ago

How much did you put down? How much would a real estate commission plus closing costs to buy and sell be? You will most probably not be able to sell it for more than you paid. Calculate your commission at 5%-6%. It might cost less to walk away. Do the math.

You should talk with a real estate agent about your local market and your options.

You may find yourself in a unique situation. Housing is in such high demand and the price of materials has increased since you signed your contract. Your builder may be able to sell this property for more than you were going to pay. If that is the case, they may be willing to return your deposit. Understand that they don't have to, but they may be willing to return it. Have they increased the price of the units still remaining to be sold? If yes, they may be willing to talk. Are they sold out? If yes, they may be willing to talk. You won't know unless you ask. Once again, do the math. It may provide your answer.

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Comments (7)

maifleur03
5 years ago
How close to closing are you? I would look at the contract to see how much you would loose by simply walking away.

You also need to find out the housing situation of where you wish to relocate as it may be even harder to find something there.
einportlandor
5 years ago
When selling in a development still under construction your price will largely be determined the price of the new units. And if your home has been lived in, most buyers will opt for a brand new unit unless yours is discounted. Before you decide what to do, you might want to talk to your builder and see if you can get out of the deal for a minimal cost. Who knows? Calculate your cost for that option vs. the cost to sell your unit, and don't forget to include the hassle cost of a DIY sale. Good luck, Sarah!
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Toronto Veterinarian
5 years ago
Selling a home might cost you about 5%-7% of the sale price even if you sell without an agent - double that if you use an agent - so compare that to the cost you might pay to get out of your purchase.
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JudyG Designs
5 years ago
I’d just continue on with the purchase. You may have decided to relocate, but you don’t say why (new job? just a whim?), or if you have chosen the town and investigated its real estate market.

A hot market is great for the seller, but can back fire for the buyer.
Amy10N
5 years ago
I would also check for any lender terms, purchasing as homestead vs investment property, etc. Ideally, if I knew I was about to relocate, I’d try to avoid the closing and walk away with potential loss. The worry is attempting to manage this from a distance (?) and no experience. If you can get someone with experience to help you manage this, then maybe. We just bought a new build and the prices continue to go up in our neighborhood which is close to selling all lots. Good luck to you.
Kate
3 years ago
I just recently heard that home buyers are opting to buy new rather than existing because of the interest buy down builders are now offering. That may factor into your equation if you can’t offer that to a buyer.