Ep007: My Next ROOST – How to Buy a New Home and Sell Your Old One at the Same Time

Welcome back to the All Things Real Estate Podcast, with Chris McAllister. Today we’re talking about one of the biggest and most exciting transitions a homeowner can make: moving from your current home into your next home.

We call this episode My Next ROOST, because for many of us, there comes a time when the house we’re in just doesn’t fit our lives anymore. Maybe your family is growing. Maybe you’re ready for a shorter commute or a better school district. Maybe you’re downsizing and simplifying. Whatever the reason, this step isn’t just about buying and selling houses. It’s about creating a home that matches the life you’re living now — and the future you’re building.

But let’s be honest — moving up can feel overwhelming. How do you sell one home and buy another at the same time? What if the timing doesn’t line up? What if you end up stuck carrying two mortgages? The good news is, there are smart strategies that can make this transition not only possible, but exciting and joyful.

And I’ve got the perfect guests with me to dig into this. Joining me is a familiar voice — Priscilla McNamee, our Director of Sales at ROOST Real Estate Co., who has helped countless families navigate this process with confidence.

Together, we’re going to explore what homeowners are really worried about, what they should be thinking about, and the strategies that can make moving from one home to another a seamless, even empowering experience.

So if you’ve been thinking about your next ROOST, you’re in the right place.

KEY TAKEAWAYS

• Start with your why. Moves stick (and feel better) when they reflect real life changes—kids, schools, commute, lifestyle—not just “a good deal.”
• First-time seller realities. Your Zestimate isn’t your net. Expect closing costs, tax prorations, payoff nuances, repairs, and commissions to affect proceeds.
• Know your numbers early. A clear Net Seller Sheet up front can prevent last-minute disappointments and keep your plan on track.
• Market check. Pricing based on last year’s comps can stall your sale. Today’s market requires right-now data and realistic list prices.
• Contingency options go both ways.
• Buy subject to selling your current home (no “bump clause” if structured well).
• List subject to finding suitable housing so you’re not rushed out.
• Use time-boxed clauses (e.g., “under contract in 3 weeks or we revisit”).
• Same-day success is possible. Many clients sell at 1 PM and buy at 4 PM—with funds disbursed the same day—when the plan and parties are aligned.
• Financing tools (use thoughtfully). Bridge loans, HELOCs, and lender programs can help—but fees add up. Contingencies often save $5–10k in closing costs when viable.
• Rent-back & possession. Less common locally, but still a tool—especially for relocations—when structured to protect both sides.
• Beware the “We Buy Houses” blitz. Mailers and contracts can look easy—but may cost you far more than any saved commission. Run offers by a trusted agent or attorney.
• The winning combo. A counselor-level agent + a fiduciary-minded lender = les

P.S. Want more practical tips for buying and selling real estate? Our ever-growing library of books, blog posts, podcast episodes, masterclasses, documents, and other tools is at your fingertips.

Learn More >>> The All Things Real Estate Resource Hub

Transcript

Chris McAllister: Welcome back to the All Things Real Estate Podcast. I'm Chris McAllister, and I'm here today with my sidekick Laci LeBlanc and our director of Sales for ROOST Real Estate Company, Priscilla McNamee. Good morning, ladies. 

Laci LeBlanc: Good morning. Good morning. 

Chris McAllister: So today, today we're gonna talk about what we call my next ROOST.

And what that is all about is what I wanna have a discussion about today is what it really means for homeowners to move from one home. They own to another home that they're going to own. So this is, this is like the most stressful thing I think that goes on in, in, in the world for people moving from one house to the other.

And I think it's far more stressful than even being a first time buyer because there's just so many other. Um, moving parts, but it's also incredibly exciting because, you know, this is really one of those things that it's a step up in life. It's a, it's a bigger future opportunity. So that's kind of what I want to get into today.

So, Laci, why don't you kick us off, you know, from the emotional side of it. You know, what was it like? Have you, have you, how long have you been in your house? 

Laci LeBlanc: Uh, this, this. It's about four and a half years. Next year will be five years. 

Chris McAllister: So did you move from another house that you owned, or was this the first home that you guys bought?

Laci LeBlanc: This is the first home that we bought. Uh, we moved from, um, a rental home that was Nanas, of course. Oh, there you go. So this, yeah, this was our first purchase of a home. 

Chris McAllister: Yeah. So what did that feel like when, I know this is about move up instead of first time, but what was it about being in the apartment or being in the Nana's rental house, I guess not an apartment that, you know, it just didn't fit anymore.

What motivated you to, to move on to that next step of, of owning a home of your own? 

Laci LeBlanc: Yeah, I mean, so the old house was great. We loved it. And because it was Nanas, you know, it's like it was ours. We could do whatever we wanted to it. We could improve it, we could update it, we could, you know, so it was like we were living in a house that we owned just because it was family and we had that luxury.

But, uh, quite frankly, you know, my kids got older and, uh, Kevin and I were sleeping in the living room so that we could give them both each their own bedrooms. Because, you know, I had been divorced and he had moved in and we had planned to buy a house right away. And it took us almost two years to find a house that we felt like was a good investment and checked all the boxes and had the yard that we loved and the space that we needed and all that good stuff.

So, um, yeah, I mean, it, it felt like it didn't fit us. We had outgrown it. And our plans really, like, it took a long time for us to get there because finding the right house in that market was, was really difficult. And it really took, um, you know, COVID to make it possible for us because, you know, we ended up moving in, um, in March of 2021 to this home.

But we had been looking since 28. Really? 2018. 

Chris McAllister: Wow. Well, and your situation is unique because renting from Nana is like owning your own home. So. 

Laci LeBlanc: Yeah, exactly. I mean, and it was a great, it was a sweet deal, so I hated to leave it, honestly. And I think that's a really good, good way to look at it though, is that, you know, is what you're, what we.

Wanted to move too. Had to be better than what we were already in. Right. We had outgrown it, but it wasn't, you know, it was COVID. Nobody was coming over, nobody cared. That, you know, yeah. We had a, a like a day bed in the living room kind of thing. Like we still had an entertaining area. We still had outdoor space.

Um, but we just were very adamant that the next thing, the, the thing that we bought had to be better, um, than, than what we were currently living in. 

Chris McAllister: Yeah, that's a great point. Priscilla, why do you think, uh, what do you think the big differences are from moving, moving up or to a, to a different home versus being a first time buyer?

Priscilla McNamee: Well, I think as an agent, one thing that I try to, um, I try to make sure that I always press the point with people is that I am always making them. I, I try to make sure that I let them know that. I fully understand that this is not about, um, just bricks and mortar. This is about making major life transitions.

And you know, they're not just changing an address. They're actually closing one chapter and they're opening another, you know, so it's not that they're just leaving a neighborhood. Um. They're, they're leaving a place where, you know, their, their kids grew up, so they're leaving, I mean, they're leaving a, a lot of memories behind.

So it can be really, really big for people. Um, and it, it can be nerve wracking, you know what I mean? So it's really important that they are paying attention to, um. The amenities and all of the good things in these other areas that they can start all of those new chapters, new memories, um, you know, building a new foundation because like, like Laci said, it can be, it can be very difficult, very difficult.

Chris McAllister: I think you almost have to help them articulate why they're doing this. You know? Are they, I 

Priscilla McNamee: feel yes. I feel like it's an emotional tug of war. 

Chris McAllister: Yeah. Yeah. And it, and I think the people who do it well and enjoy the process and, and feel great about their purchase after they make it, are the ones that aren't just moving because everybody else is moving.

They're the ones that are moving because their life has changed, either another kid's on the way or they want a different school district or, or what have you. But I think that personal why, you know what, what their motivation is. I think if as a real estate professional we can tap into that, I think it, I think it helps the entire process and I think helps keep a client for life.

Priscilla McNamee: Yeah. And I think it's important that we are always here to rem to remind them of their why, so, yeah. 

Chris McAllister: Yeah. And be their, I think that's critical 

Priscilla McNamee: and be their sound board. 

Chris McAllister: This is where being a real estate agent becomes being a counselor as well. 

Priscilla McNamee: Absolutely. 

Chris McAllister: Operating as a counselor without a counseling license.

Is there a log against that? You know, it's funny, I, you know, I got my license, gosh, it's been like 20, 23, 24 years ago now. And one of the advantages, actually, it was a disadvantage too, was, you know, when we worked in retail, you know, I worked at Target for years and in that, I guess it was 15, almost 20 year period.

You know, Kelly will tell you, my wife, that we moved basically once every, I think it was 14 months for the first. You know, 15 years or so we were married because we would, you know, get promoted, transferred, whatever it was. And, you know, we got really used to, um, you know, leaving one neighborhood and moving on to the other.

But the reason we stopped doing that was because the, it, it became. Too hard, too, you know, it was too much, uh, emotionally for the kids. It didn't make sense anymore. So, you know, when we decided that I was gonna change careers, get into real estate, move back to Springfield and so forth, the part of that motivating factor was we wanted the kids to be able to finish school in one place and not have that tug of war back up, back and forth.

So, in one sense, it's easy to, to minimize, you know, the emotions of moving back and forth. On the other hand. You know, I think we knew exactly what people were going for because we had done it, if that makes any sense. 

Priscilla McNamee: Oh, absolutely. 

Chris McAllister: So what are some of the common, yeah, it can't just be 

Laci LeBlanc: a good deal, right?

It can't just be, uh, like everything has to fit. I think that's important. Like in my family, a good deal is like the holy grail, right? So if you see something that's a good deal, you get it, whether you like need it right now or you might need it later or, but that was one of the things that we came across was.

There were some good deals. There were some really great houses that weren't good deals, but they were perfect for us. It's like being able to, to navigate your way until you find the right balance of, of whatever it is. So the best district school district for your kids, you know, close to family and friends.

That was important to us. Um, enough space, but like for us, the outdoor space was also very important. Having a big enough yard, um, and enough room to entertain people outdoors. So I think that having somebody, and in my case, you know, Nana was, was pivotal, but having somebody to remind you that. Because it's easy, it is emotional and it's easy to get caught up in something.

Like when you're viewing a house, you can see that yourself in it or you can see, you know, this is would be a great playroom, but then that can make it really easy to lose sight of maybe the financial portion of it or the logistical portion. Well, it's not really in the neighborhood that you wanted. Your kids would have to go to a different school or so having somebody there.

To, like you said, Priscilla, remind you of what's important to you, your wise, I think is a hugely underrated role that technically you don't get paid for. So I guess probably there's no law against it, Chris, if you're not getting paid for it. But it's an underrated part of the, the relationship, um, because, you know, we are paying a, an agent to make sure the paperwork's in order and, you know, things go the way that they're supposed to go.

But, but that counseling part of it is, is really huge. 

Priscilla McNamee: You made a really great point because you are, you are literally balancing excitement, you know, for a new start with the sadness of letting go. And I think that's something that people need to always remember as they're going through that process. 

Chris McAllister: So, Priscilla, what are some of the common worries and, and fears that you, you hear from, um, homeowners who are looking to sell their home and, and move out to a different home?

Priscilla McNamee: I feel like it's a cocktail of emotions, don't you? Um, I think the biggest thing is the fear of, um, balancing it. Is it all gonna work out the timing, logistics, financing. 

Chris McAllister: You know, and Kelly and I were in, you know, we're moving every five minutes, you know, I think she was the one, she and the girls were the ones that were, you know, probably feeling more of the emotions.

I was the one that, uh, being the, uh, analytical person than I am was more concerned about, you know, getting the loan affordability. You know, what happens, God forbid if we don't get our homeowner contract before. You know, it's time to go close on the next one. I mean, that, that, that, that's the thing about being a, you know, a great.

Real estate professional like you are Priscilla there. There really are two sides to this coin. You know, you've got to be the soft skills person. You know, you've gotta be empath empathetic. You've got to, you know, understand motivation and the emotions and keep bringing people back. But then the other side of it is there's math.

You know, you, you've got to be able to say to the, to, to this, uh, to this person that, well, let's start with the house that you have. And you've, you know, it's, it's two transactions, but they're so interlinked. So, you know, you've gotta show them this is what your house is going to sell for based on other homes in the neighborhood.

You know, I need to know what your, what your mortgage balance is so that we can figure out as close as we possibly can. You know how much money you're going to have when you sell the house. Then it's the same process on the next house. You know, it, it, we talk about getting a good deal, but a good deal on the house you're living in isn't just about the numbers.

It's about does this fit my lifestyle? Is it worth a stretch? You know, if you're gonna be there for the next 20, 30 years and, and quote you overpay, you know, from the, from the market analysis. That's probably okay, but you still have to be able to afford it. You still have to make sure you've got the down payment money on the day of closing.

You know, you, you, you gotta know how much that next house is gonna cost and how much you're gonna get. And I think that's where I. A lot of real estate professionals, sadly, I think still fall, fall short. Um, they may get the emotion right, but I think they often just aren't comfortable with the numbers.

Does do, do you find that? 

Priscilla McNamee: I find that a lot, a lot more than we should. 

Laci LeBlanc: I mean, the thought of getting a mortgage, even though financially I had, and I'm, I am a numbers person, I'm a data person and a spreadsheet person, so I had gone over it in my head multiple, multiple times. Um, I had my spreadsheets, but the thought of having to go and get a mortgage just.

Was enough to make me just stay where I was. It was enough to make me not wanna have to go through that process. So I can't imagine having to, um, logistically double that right. Moving, like having to put one house on the market and my best friend Lindsay wants to move back here, you know, close to, to her family and close to us from where she's living now.

And this is something that she is. So anxious about putting her current home on the market and then having to purchase another one. So much so that she said the other day, she was like, maybe I'll just live with my parents. I'll, I'll put my house in the market if it sells before I find it, I'll just live with my parents for a little while and then I'll look for a new home, which is a solid plan, right?

But it, I worry for her that she might miss out on a really great home in the very particular area that she wants to live in. Which where homes don't go up for sale that that frequently because she's fearful of having to, to do both of those transactions at one time. Um, so I'm interested Priscilla, in how you help folks kind of manage that, that portion of it.

Priscilla McNamee: I think the most important thing is to put a game plan together for them. I mean, everybody is different in that case, and everybody's homes are different. Um, price ranges are different, obviously, so, um, especially like here in Springfield, we'll have some properties that we just know are going to sell much, much quicker than others.

Whereas there's some properties that I do think are gonna take a little bit longer to sell. So I think that definitely will play a role on when we do put their house on the market versus, um, holding back for a little bit. We are in a market now where people can get by making contingent offers. Where that means of course, for those that are listening subject to their house selling, um, where it's also, um, just as easy to put their house on the market subject to finding a home of their choice.

So I think a lot of sellers don't realize that they can do that. 

Chris McAllister: Yeah, I think that's a great point. You know, we talk about not. Making your, making the sale of your home contingent on, on finding the home of your choice. We always think about it the other direction that, um, uh, you know, I purchased as contingent on selling my home, but it, it really does go both ways and I, I'm absolutely convinced that.

I don't know what the percentage is, but I think there are a tremendous number of people out there who can afford to move, want to move. But you know, just like Lindsay, it's very daunting and it's scary. And if you don't have, you know, somebody like you, Priscilla, in your corner, there are people who, who just stay where they are for years and hopefully they're happy.

But the fact is, you know, they probably could have had it. Uh, you know, a bigger future than they did. So, you know, having that per real estate professional in, in your corner, I think means a lot. And I, I, that's, I think that's really what moves the market, to be honest with you. So, what could go wrong? You know, people legitimately have fears, whether it's on the emotional side or whether it's on the, on the cash side of that coin.

But what are some of the things that I guess could go wrong, uh, you know, for somebody who's, who's moving up into a, a new home, if, if, if they're not, I guess, educated in the process or, or have a great agent working with them.

Priscilla McNamee: Is that for me or Laci? It's for all of us. Well, if you leave it up to me, then my, my imagination's gonna run wild, Priscilla, so you should probably answer when someone asks me what could go wrong, my anxiety is like, this is what, this is the moment I've been waiting for. And I, I personally don't think like that, but I, I do try to prepare people.

For like the absolute worst because I think sometimes people don't think about, you know, um, escalating, uh, tax bills, you know, taxes going up. People don't think about higher utility bills. People don't think about higher, um, maintenance. You know, people don't think about longer commutes, things like that.

Um, they look at buying a bigger house, you know, maybe further out in the country, but they don't think about the expense that comes with that. And that is something that I try, the people overestimate how much their house is worth frequently, because I look at Zillow and I'm like, there's no way. I think to myself, like, I have a very healthy skepticism about what Zillow tells me my house is worth, um, because I just don't.

Laci LeBlanc: I don't see it, um, selling for that at any point. But is that something that, especially with kind of like, you know, homeowners have a lot of tools at their disposal now, so they, anybody can go to Zillow and see what their house is worth is. Do you find that people are wrong about kind of what their house.

Is worth frequently, Priscilla, or unfortunately right now a lot of people have their houses listed for more than what they should be listed for. Um, the market has slowed down tremendously, and I personally have houses that we need to be dropping prices because they're just not moving. And that is for Clark County, Champaign County.

Priscilla McNamee: Madison County, Franklin County, Montgomery County. I mean, it is all of Central Ohio right now. So, I mean, the market has just slowed down tremendously and you are seeing a lot of, uh, reduced prices because people have really been basing their list prices on sales from 12 months ago, and the market has just changed.

Chris McAllister: Yeah, I think it's changed dramatically, especially over the summer. Yeah. This whole thing about overestimating equity, you know, yes, there's a number on Zillow, but even if that Zillow number is accurate, right, you know, within two, three, 4%, what, what I think a lot of folks fail to understand, and this is a really a first time seller problem, right?

We, we should probably be talking about first time sellers. They don't know. They don't have any idea. What, what expenses they have on the, on the seller side of the transaction that go against that purchase price. You know, I think most people have a, basically a good idea of, you know, what their loan balance is, but they don't really have a good idea of how that loan balance.

Changes over the course of, you know, the last payment to the next payment. It continues to grow up, go up. They, they don't have a sense of what long tax proration means and how much that costs, or how much conveyance fee is, or, you know, we haven't talked about inspections, but if there's something that needs to be done to the house because you know there's an issue with the house that affects habitability, what does that.

Cost. And I think a lot of times people, you know, look at their estimate, they get all excited, they start looking at other houses. They may either start, you know, walking through houses, talk to some realtors, and then when the time actually comes to sit down at the kitchen table and talk about what their house is gonna sell for and what they're going to net, that sort of, uh, if it doesn't shut down the process indefinitely, it def it, it usually postpones it for a few months.

I mean, I, I, I'm sure you've had, you know, I, I bet now that I think about it. If I sat down at any given time with 10 people to list their house, I would say Priscilla, for me, three or four of 'em we didn't list because the numbers just didn't pan out the way they thought. They, they were gonna pan out. I mean, it can be very, very defeating once they look at those numbers.

Laci LeBlanc: Yeah. They just don't realize it. And that's not even including the commission. I mean, they just don't realize what's involved with selling a house. Speaking of information, which is why that net seller sheet right is so important. We did a blog post a couple of weeks ago about a net seller sheet and how, um, you know, an agent with ROOST will go through that as one of the very first steps.

And I just wanted to mention that because I think that's really, I, as somebody who. Has not sold there. I would be this first time seller that you're thinking about Chris, um, or Lindsay would be this first time seller that you're thinking about. Um, but knowing that information first and foremost before like Priscilla, you said, getting your hopes up for the, for the next houses.

Not that we're trying to kill anybody's dreams, right. But, um, just manage expectations. You know, it's funny you say that. It's expectations. Nobody wants to kill anybody's dreams, but. I, I, I can re remember, but you do. It's all, it's all, but I do, it's, it's all coming back to me now that, you know, you say to somebody, look, I would much rather disappoint you today, you know, at this meeting than, you know, six eight.

Chris McAllister: Nine, 10 weeks down the road, you know, a week before closing, and it turns out, uh, you don't have the funds to purchase the next house. You know, let me, I'd rather disappoint you now than later, I think, and, and we have that responsibility as real estate professionals, in my opinion, that we understand. How the math works, you know, what's it cost to sell a house?

What's it cost to buy a house? So I'm, but every, every real estate professional is that way. You know, some, some real estate professionals will still list a house. Um, you know, and I guess if the seller still wanted to, you know, Reese probably would too, but, um. But knowing that you've given the homeowner the most accurate information you have for them, and then allowing them to make that decision as educated as possible, you know, I think is, is huge because I just don't think everybody works that way.

Laci LeBlanc: That's not something that I think a lot of sellers are familiar with. Even sellers, you know, who are moving up to their second or third or fourth or forever home because that's just not how every real estate professional operates. Yeah, I'm gonna tell you something. Well, you mentioned commissions. Oh, I'm sorry, Priscilla.

Priscilla McNamee: Oh, that's okay. I'm sorry. Uh, but just on that net sheet topic, when I have buyers also that are low balling sellers, and I truthfully think that the property is worth what, what it's listed for, and, and they're really not. Benefiting themselves by making a low ball offer. I will show them a net sheet of what that seller is actually gonna end up netting with their low ball offer, just to educate them of what the seller is actually going to be paying so they can see how, I'm not trying to be rude here, but how ridiculous their offer is.

And it does shed, it does shed light and they're like, oh, wow. Okay. I get it. I get it. Um, and it makes them realize, okay, I am making an absolutely absurd offer. Um, so that net sheet can be used multiple ways. Yeah. It's funny. The people that make those absurdly low ball offers, first of all, they tend to lose the first couple of houses that they go after.

Chris McAllister: But it's always interesting when the tables turns and their house is up for sale and somebody writes them a low ball offer. Yeah. So it's been a little over a year now since the whole NAR lawsuit settlement thing. Has, has anything changed Priscilla, in, in conversations that you have with, with homeowners when it comes to putting their houses up for sale?

Priscilla McNamee: I feel like it's just made everything more transparent. Um, it's given everybody a clear agreement. Um, there's been more negotiating. Um, I mean, I think it's been, I think it's been better overall personally. 

Chris McAllister: Yeah. I, my sense is, is that I don't think that the commissions that, um, you know, buyers and sellers are paying has material materially changed that much, but it's definitely spelled out in the listing agreements and, and in the purchase contracts.

What the commission is, who's paying it and who's getting it. Is that fair? 

Priscilla McNamee: Absolutely. 

Chris McAllister: I mean, everything's negotiable, you know? And, and if you know, if as a home, as a seller, if somebody presents, you know, a home seller, an offer that. You know, has they want to get a commission for their buyer agent, they need some closing costs and so forth.

I mean, it is, everything is just a point of negotiation. And I, you know, I think we'd like to tell our sellers that, you know, we're going to urge everybody to make their best offer. And if that includes that they need to, you know, help paying their, their buyer agent, their fee that they agreed to, then they should write that in.

And you know, I, as your listing agent, we're gonna present every offer to you and we're gonna go through 'em. We're gonna figure out which one makes the most sense for you from a bottom line perspective or a term perspective. So at the end of the day, it's what most of us, or the best of us anyway, I think we're doing with every listing.

But now it's just sort of codified, I guess, with the new contracts. 

Priscilla McNamee: Yeah, I think it's working out really well, honestly. And I feel like we are de most certainly empowering sellers. So, um, I, I feel very comfortable with it, 

Chris McAllister: but we haven't seen that it's negatively impacted buyers either. For the most part, we're seeing that sellers are happy to pay that, uh, buyer agency fee, um, because they know what it takes to sell their house, I guess to put it bluntly.

Priscilla McNamee: Yeah, absolutely. 

Chris McAllister: Yeah.

Is there any key differences, Priscilla, between working with a first time buyer these days and a move up buyer? Or is it more, what, what differences do you see when you, when you talk to a move up buyer versus a first time buyer? Is there anything that stands out? Is. I would say your move up buyers are just more comfortable.

Priscilla McNamee: I mean, they've already been through it. Um, they're more educated because they've been through the process for sure. Yeah. So what we're dealing with there is not a first time buyer, but we're often dealing with a first time seller. So I guess that's my, yeah. So they, so they do have a Yeah, and they do.

They, they are, they, um, they're very anxious about that process, which it can be. Um, you know, it's. It's not easy putting your house on the market, you know, letting strangers walk through. Um, it's, it's, it's, it can be, it can be tedious. So let's talk about some strategies and tactics. You know, I, what about, how are, how are lenders able to help, um, move up buyers these days?

Chris McAllister: Priscilla, what are you seeing as far as, you know, getting pre-approved or pre-qualified, and how does that all fit in when you're moving from one house to the other? A lot of these lenders are offering some programs, which are really great. Um, of course you've got your bridge loans, um, you've got your, you know, you've got your HELOC loans.

Priscilla McNamee: Um, I will tell you right, pat has a program also where they've got a bridge loan type program where once you sell your home. When you do sell it, you can apply the principle to the mortgage. It's, it's not really a bridge loan where it's where you take out a new loan, but then once you do sell your home, you can apply the principle to the, the new home loan and they do adjust the payment, which is unheard of.

Which is unheard of. Most people do not do that. Um, the downfall to all of these loans. All of these programs are the closing cost and all of the additional fees. So I try to encourage people if we can, you know, um, if we can juggle it and if we can work with a contingency with either, you know, the buy side or the list side, we're better off to do it that way.

And then that way we can save them, you know, five to $10,000 in closing cost. Um. And not go that route. But if there's a house that they just absolutely can't live without or we cannot do a contingency, especially like on some of these foreclosures, um, or like some of these auction properties, then that's the only option that they have.

Chris McAllister: Yeah, it's, and I guess what's interesting is this conversation today is really about people, what we're talking about today, the emotional side of it. You know, and, and even the money, it all counts. But we do work with people who are fortunate enough that if they wanna buy a new house and they have the luxury of picking that house out over whatever period of time it takes, and they have the financial wherewithal to qualify, to have two mortgages or, you know, maybe they have cash.

You know, they're able to make it easy, right? They buy the next house. They took the time to find it, they buy the next house and then they come back and they, and they call their agent to go ahead and sell the first house. So at that point, you know, that's pretty cut and dry. You know, other people have the wherewithal to, you know, sell their house.

You know, maybe they got an offer they couldn't refuse. Maybe they're able to go rent for a year or something. Maybe they're gonna move in with family and then they, you know, go out and start looking for there. Home unencumbered, so to speak. But those two things, you know, I would say are, you know, few and far between compared to most of us who need to be able, who, who, who can't get a second mortgage and be qualified to make two payments or don't have all the, the extra cash.

So your only options then are potentially a bridge loan. Which is clearly an option, and that's why we would urge everybody when they're thinking about moving up. The second call you should make after calling your, your, uh, real estate professionals is calling your lender. Um, but that, that the piece that you know scares all of us and where you really need somebody in your corner is when you've gotta pay off this loan on the day of closing and you've gotta buy that get sign for that mortgage on the same day.

And that's where it gets a little bit. Tricky. But you know, sometimes I, you know, as we're having this conversation, I forget that there are a lot of people out there that are, um, not a lot, but a significant number of people these days that are able to just go buy their next house and then they come back and think about how to handle their first house.

Priscilla McNamee: Most of my closings I've had recently where people are selling and buying. Um, we've been able to do all of the closings the same day. So, and the last one that I just did, we closed their purchase at 1:00 PM and we ended up, I'm sorry, we closed their sale at 1:00 PM and we closed their purchase at 4:00 PM and it was funded the same day.

So, um, meaning the seller did, the seller of the house that they purchased at 4:00 PM did receive their money. So it was a funded, a fully funded closing. Yeah. And we touched on the continuous and this Ted, this is where I was most concerned, and this is where I will be most concerned. 'cause I'm kind of right in the middle here.

Laci LeBlanc: Right? I've got my first, and now I'm thinking, do we, do we wanna move? You know, I keep, I, I've always joked that I'm gonna be here until I die. I don't wanna move again. I don't wanna go through this process again because it was so stress. For me, but my lender was a huge help in explaining all of my options in telling me, you know, what was available to us.

We had a down payment, but there ended up being down payment assistance. Um, so we were able to use that. I think we've talked about, so just navigating through all of these, you know. I mean, just the words alone, bridge loans, HELOCs, um, you know, contingencies. Like, those are words that like we just don't use in our daily lives if we're not in this industry.

So just having somebody to explain that to you and see what your options are and, and show you what the numbers would look like if you did it this way versus that way, I think, um, was the thing that made me feel the most at ease and allowed me to focus on getting the right. Property versus the one that wasn't gonna stretch me financially or the, honestly, the one that wasn't gonna stretch my anxiety, um, on how I was gonna fund it.

So having somebody you trust both in the, the real estate seat and the lender seat, I think is phenomenally important. Um, and I don't think that, that a lot of people are. Attached to their lender necessarily. It's like, okay, who's offering the best rates or who's offering? But I do think that there's something to be said, just like with a real estate agent.

Um, you know, if you have somebody that you trust, then you get a lot of benefit out of that. Above and beyond, you know, what the, what you're paying as far as a rate is concerned, or closing cost or that kind of thing. Laci, you made such a great point there because, um, and I'm, I'm gonna go ahead and throw a name out there, but Bill Riley, for example, with Cross Country Mortgage, he is somebody that I trust wholeheartedly.

Priscilla McNamee: I have known him for 25 years, and I am not kidding you. Um. He's one of those people that if I send a client to him, who is in this kind of situation, right? Um, and if they have, um, a unique situation that a local bank can service them better, he will pick up the phone and he will refer them to, to them. He will not be a disservice to that person just trying to get them in a loan.

Um, and, and trying to, you know, create, um, a, a commission for himself. And that's where a lot of these people, a lot of consumers don't realize that these like online lenders. That's all they're gonna do. All they wanna do is close your loan. Um, they're just out to make a commission on you. They, they really don't care about your wellbeing and what's best for you and what looks best for your situation.

So that's where the lender comes in and plays such a huge, important role, um, in a situation like this, especially. Yep. I think you and Laci need to have Bill on a podcast for an all things real estate podcast. I think he'd be a great guest. He would be. Yeah. He would be an amazing guest. Um, amazing. As long as he has the patience of a saint like Melin did, I think we would be just fine.

Laci LeBlanc: Otherwise I might need toif that one out 'cause I have lots of questions.

Chris McAllister: I just wanted, as we, as we kind of wrap up this conversation, I want to touch on contingencies again, because, so as a seller, how do, how do you phrase that Priscilla, that purchase, the, the sale is contingent on. Let, let, let's just underline those, those, those two sentences for me. Can you do that? So a lot of times, um, what I'll do is I've kind of shifted gears on that and I will, um, change the contract where I don't, and I don't, I'm trying to make this as simple as possible.

Priscilla McNamee: Um, I don't wanna confuse people. Um. I use very simple verbiage by just simply stating that this contract is subject to a successful, um, closing of, you know, 1 23 East Main Street. Um, and then what we'll do is if, and, and I just say that, and then just make the contract good for, let's say 60 days. Okay? And then by doing that, by writing the contract like that, what we're doing is we're asking that seller.

To lock in with us. So that way there is no escape, there's no quote bump, there's no bump clause. So I am canceling that out completely. Um, so when I, and when I do that, I'm not using our Springfield board contract. Um, not to get so technical. I'm trying to keep it simple. Um, and that's typically how I have personally been writing my contingent contracts.

And then if I have a seller on the other end who says, well, I don't wanna do this for that long, I don't wanna be tied up with you. If the house doesn't sell, we'll put a clause in there that says, well. Give us three weeks, and then if we don't get their house under contract within three weeks, we'll revisit this.

And that's a way to, to at least give us some time to get their house under contract. And typically it works out. It works out for everybody. It. Yeah. And it works out in a strong market for sellers like this. It's still a seller's market, you know, especially if they're priced right. You know, you can get it done in 60 days.

Chris McAllister: Back in the day, you know, it was, it was a little bit tougher. It took a little longer. Houses were on the market longer, but that makes perfect sense. And then the other side of it is, you know, we the if seller, so, so that's when a. Now I'm confused again, right? So if you have a seller, right, that wants to sell their house, but what if they haven't found the house of their dreams yet?

So there's a contingency on that side of it as well. Potentially. So. 

Priscilla McNamee: Yep. In that case, um, what I'll do is I'll list their house subject to finding suitable housing. 

Laci LeBlanc: Yeah. And 

Priscilla McNamee: the reason I word it like that is because I do have some people who will put their house on the market. And I have this right now, which I cannot believe this young family, but they have three small children.

And, um, they will either move in with family or they're gonna move into a camper. They're okay with that. Yeah, but I still, but I still protected them and I put their house on the market subject to them finding suitable housing. That way they're just not pushed out. Um, and that way it just protects them to be on the safe side.

Chris McAllister: Is it still customary in Springfield? It seems like it was customary in Springfield that. The sellers would have up to 30 days to stay in the house after closing. And I, that was very unique because it really only happened in Springfield. It, it never happened basically in Columbus or any place like that.

Are we still seeing that? Because obviously that provides some flexibility too. 

Priscilla McNamee: That has really gone, by the way, by wayside. I mean we are really, really steering away from that. 

Chris McAllister: So it's always occupancy of closing. 

Priscilla McNamee: Yeah. Um, if somebody, I just had a closing like this where somebody had been in their house for a very long time and she was, um, you know, 80 years old.

We just made it, um, a prerequisite at the very beginning that she definitely needed 30 days after closing. So I just set that stage at the, at, at the time of listing. Um, but typically, no, we are very rarely doing 30 day possessions. 

Chris McAllister: What about rent back agreements? That was something that I used to see every once in a while, but I don't know that that's happening much anymore, where the, the seller would maybe get their 30 days in the house, but they had to pay rent to do it.

Priscilla McNamee: The last time that I've done that was actually in the Columbus market. That's where I see it more than I see it here in Clark County. 

Chris McAllister: But it is another potential option. Absolutely. It's just another absolutely tool in your toolbox if you're, that you can draw on when you're moving from one house to the other.

Priscilla McNamee: Especially people who are relocating, who are trying to secure housing, but they don't need to move right this moment, um, that rent back option is an amazing tool. And that's where the seller can stay in the house and just pay rent to the new buyer, um, and for an x amount of time. And it just works out for everybody.

And the, you know, the buyer is protected, of course, because the people, the, the, you know, the owner. The past owner, they have to keep the house in the same condition that that buyer had last seen it. So all of that still applies. 

Chris McAllister: Yeah, there's some risks, but sometimes you gotta take a risk to, to make the deal work and it is just another option to have on the table in the event that you need it.

There's some, well, as a future 

Laci LeBlanc: probably seller, that's what I hear is that. I can make this work however I need it to. Like there are so many options, like selling your home, buying a new home is completely customizable as an experience. If you have somebody who can. Tell you what all those options are and help you, um, you know, put it into words that can then be signed as a contract.

Um, so that's, that's actually such a relief. Right? And I think that a lot of, you know, people who, especially the, the people who are moving up and are moving up from their first home to their next ROOST is those folks who haven't sold before, maybe don't know what all of these options are. I would venture to say that people who have sold.

Many, many times over still don't know what all the options are if they're not in the industry. So, you know, I think we talk a lot about the first conversation you have with folks. Priscilla, I feel like every podcast we do, Chris asks you a question that has to do with when you sit down and have this first conversation with this buyer or this seller.

Um, I think just explaining that, you know, you tell me. What, what ideally this would look like, and let's work, let's work our way into that. Let's see if we can't make it ideal for you. Um, and it sounds like to me that it, it almost always could be the case. There are options out there that could accommodate whatever you might need.

It's just knowing what they are and getting connected with the people who can make it happen. 

Priscilla McNamee: I agree. And one thing I do wanna mention on this podcast, and I hope that people listen to this long enough to hear this, but I think one warning that I would definitely have for anybody out there who is in this situation, because they're gonna be very nervous.

About selling and buying. Or somebody who has a house that's just sitting vacant, for example, and they're nervous about selling it. Let's say that it needs some work and they don't have the money to do the work. Um, they're being solicited by these. We buy houses people 

Laci LeBlanc: very 

Priscilla McNamee: aggressively right now, very aggressively, and they are, they are actually sending them.

Checks in the mail. They're also sending them purchase contracts that are very appealing. Um, but yet there's a lot of, um, there's a lot of, like, they're, they're, they're garbage. I'm just gonna be honest. And I'm, I'm telling you, um, some of the offers that they've been making to these people is pretty despicable.

And I just encourage people to contact either an agent that they can trust. Contact a real estate attorney, just spend the money for a meeting, have a real estate attorney look it over before they ever agree to, to sell their house to somebody like that. Um, because like I said, they are hitting these people hard.

Um, I myself have received letters from these people, so I mean, I've seen them firsthand and it is awful. And what's so sad is like a lot of people, they think avoiding a commission. Is gonna save them money, but at the end of the day, they're actually losing three times that money. Um, it, it, it's just, it's really, really sad.

Chris McAllister: Yeah. There's a lot of that right now. I mean, I get texts every day for people unsolicited asking me if I wanna sell a rent, you know, one of my rental houses or something. It's, 

Priscilla McNamee: it's, this is the worst I've ever seen. 

Chris McAllister: It's very intrusive. 

Priscilla McNamee: Yeah. 

Chris McAllister: And if somebody's not. I don't want this to sound, if somebody's not educated in the process or has never sold a house before, they are high pressure.

They, they can come across as very compelling. There's a lot of fear behind it. You know, do this now or you're gonna lose for the rest of your life. And I think that's a great point, Priscilla. There's a lot of that going on right now, and people need to have the courage to either shut it down or, like you said, get with an attorney or a real estate professional that they trust to, to get some feedback on those offers.

Why don't we end on a hopeful note. So what would you say, Priscilla, to somebody who's in a house right now, but you know, they've got two kids, it's only a two bedroom. There's another kid on the way. What words of, uh, hope and encouragement. Can you, can you give these folks as we wrap up, we can do it?

That's right. Okay. We can do it. We've done it before. And this is on the, we, I think there's a, like I'm, I'm, I'm with you. We can, we can do it. We can do this. Yeah, we can do this. We've got, we've got this. Yep, we've got this. We team, we've got this. 

I think that's perfect. Anything else, Laci or Priscilla today?

Laci LeBlanc: I just, I think about, um, you know, I think about Lindsay and I think about her getting ready to make this exact move and the benefits that it's gonna bring for her because her life has changed, like you said at the beginning. Um, you know, when she bought this home, that was what fit her needs. Now she's ready to make a move.

And fear is never, education is the opposite of fear, right? The more you know, the, the less fearful you will be. So I just feel like the, the more we can. Learn about the process. Uh, you know, you don't have to be the expert. Priscilla will be the expert, or your agent will be the expert. But the more you can learn about the process from a reputable source, um, I think the less fearful it you'll be and the more you'll be able to focus on, you know, finding the right place and, and getting on with your life in the way that you've, you've envisioned.

Chris McAllister: Yeah. Well, if you're listening and you're starting to feel like your current home just doesn't fit anymore, I hope today gave you some encouragement. You've got options, you've got strategies, and with the right plan, you can step into your next home with confidence. If you're ready to talk about your next chapter, reach out to us at ROOST Real Estate Company.

We'd love to help you build your bigger future. We also have a very detailed, uh, blog post that, uh, we'll, we'll have the, uh, link to in the show notes that talks in detail about tax tactics and strategies that will help you confidently make the move from your current home to your next home. Well ladies, thank you very much and we'll talk next time.

Laci LeBlanc: Thanks. See you next time. 

Chris McAllister: Bye-bye.