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Updated over 6 years ago,
Crushed it on my first deal...aaaannnnddd now I'm homeless! Help!
We did it!!!
It's been a long, arduous road but we are about to close the sale of our primary residence and move to a new place. Our first deal will officially be in the books shortly! We've put a lot of sweat equity into our current home, made a good profit, and we are looking forward to bringing everything we've learned into our new duplex close to the beach here in San Diego. I'm happy to share the specifics of either deal if you're interested, but this post is about one of the many dilemmas that you face as a seller.
We've been negotiating with the buyer for several weeks and we finally have been able to come to an agreement. Here's the catch: we thought we'd be able to rent back our home after escrow closes but it looks like that is no longer an option.
The place we are moving into has tenants and they need to be given 30-day notice once we release our contingencies, one of which is closing the sale of our current property. My agent presented the idea to the buyer's agent and apparently, the buyer flipped out and almost walked away from the deal.
Now I'm in a position where we can close the deal, but my family (I have 2 amazing toddler daughters and a beautiful wife!) needs to be out of our home in 10 days and probably need to rent a place for 45ish days.
I've heard this is a pretty common problem with selling and people get through it all the time. I'm posting it here because I've always received great feedback in the forums and I value the outside perspective or insight from anyone who has been through something similar. Sometimes there is an obvious answer that I'm not seeing so I appreciate any comments.
I'm happy to provide any additional details if you need.
Here are a couple of the things I'm concerned about: 1) I have a very unique disdain for moving. I know it's not a common thing, but I hate moving, and it would be awesome if I didn't have to do it twice. 2) I don't have an unlimited bankroll. Even though we are making a nice profit on this place it is all going into the down payment of the new place so money is a little tight at this point. Ideally, the solution will also be something economical
What would you do if you were in my shoes?