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If you're considering selling your current home to purchase a new one, or do a 1031 exchange, it's essential to follow a strategic approach. Start by discussing listing your current property before actively searching for a new home. This approach guarantees a streamlined process, minimizing the risk of overlapping commitments and the potential burden of managing multiple properties and mortgage payments simultaneously. By securing an offer on your current home before making purchase offers, you gain a significant advantage. This approach not only provides financial leverage for your new purchase but also ensures that you won't be left without a place to live. Additionally, having an offer in hand for your current property strengthens your position as a buyer, because you’ll be able to make an offer with a heavier down payment and better terms, making your offers more attractive to sellers.

Opting to renovate or extensively update your property before selling can present challenges beyond the potential return on investment. Not only can it consume valuable time, potentially delaying your ability to transition to a new home, but it also entails significant financial investment. It's important to consider that the return on investment for such updates is not always guaranteed, as buyer preferences and market trends can vary widely. Moreover, making extensive changes beyond essential repairs may not align with the eventual buyer's preferences, leading to a potential loss of time and resources. Ultimately, I recommend focusing on essential repairs and maintenance to ensure the property is in good condition for sale, allowing buyers the flexibility to customize the space according to their own preferences.

Regarding selling a property with existing tenants, it's crucial to ensure seamless access for potential buyers to view the property. While selling with tenants in place is feasible, cooperation from tenants is essential to facilitate showings. If the tenants are uncooperative, I strongly advise engaging our specialized eviction attorney to address the situation promptly before initiating the selling process. Purchasing a home is a significant financial decision, and buyers typically prefer to physically inspect the property before committing. Therefore, ensuring access to showcase the property without interruptions is paramount. In cases where a multifamily property is involved and one unit is cooperative or vacant, this provides an opportunity to showcase the property more effectively and reassure potential buyers about their investment. Buyers are generally willing to undertake tenant eviction procedures if assured of adequate access to assess the property's condition and potential. Ultimately, prioritizing seamless access can facilitate a smoother selling process and instill confidence in prospective buyers.