Photo by PoPville flickr user angela n.
“Dear PoPville,
My partner and I are under contract to purchase a home in Shaw and expect to close the 2nd week of December. We are planning a large renovation project before we move in and expect that process to take about 6 months. Currently, we own a condo in Bloomingdale that we plan on selling closer to when the renovation project is completed.
We recently received a letter from a real estate agent representing a potential buyer for our unit.
I spoke with the agent and the buyer has an offer on their current place and is looking to close on that property at the beginning of March. Selling our place (maybe at a premium) with a motivated buyer is attractive, but the timing doesn’t quite line up. My questions are:
Has anyone sold a home this way? How did it go? Did you use an agent, or save on the broker fee?
What might be reasonable to propose as a premium to comps? 5% 10%?
What might be some short term rental options that could work for ~3 months
Are we crazy and should we just wait until our project is complete?”