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Buyers Who Change Their Plans

Dear Monica: I just closed escrow on a property that I had planned to move into but my plans have now changed. How difficult would it be to resell this property and not lose money? Beth T.
 
Dear Beth: If you have just closed escrow and now want to resell, it will be tricky to do so and not lose some money. A new buyer will know what you paid for the property because it is now in the public record, and will be unlikely to want to pay a price high enough to cover what you paid for the property and any costs you will incur such as real estate commission, transfer taxes, title and escrow fees.
 
If I were you I would see how the spring market is and as soon as I know a comparable property has sold at a higher price than I purchased mine, I would quickly try to sell at the same price and hope that a buyer who may have missed out on the other property steps in and makes an offer. If you are patient and have a good agent, you could be successful.

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