Upgrading to a larger home can be a complex process, especially when you need to sell your current property to fund the new purchase. In some cases, clients may face the added challenge of not being able to secure a bridging loan, as was the case with a couple I recently worked with. They were ready to move into a larger home but could not make the numbers work within their budget, even after consulting with Moreton Bay Finance Brokers.

Here’s how we made it happen—and how a buyer’s agent can help you in a similar situation.

Assessing the Situation

The first step was meeting with my clients to understand their property needs and preferences. We honed in on their three “must-haves,” eight “nice-to-haves,” and one “deal-breaker.” With that clarity, I provided a list of comparable sold properties that ticked at least eight of their boxes, ensuring we were aligned on what they were truly looking for.

Once we were on the same page, the search began in earnest.

The Hunt for the Perfect Property

We looked at 15 properties on the market and also explored five off-market and pre-market opportunities. My clients fell in love with one property that came on the market in week two of looking, and it sat for three weeks, initially listed at $2,100,000—a price above market value. It’s important to remember that the selling agent was doing their job: representing the interests of their client and aiming to achieve the best price possible. I always say, with certain agents, you have to factor in the “agent tax,” which as a seller is exactly what you want—someone who pushes to get you the top dollar.

At the four-week mark in the search for their dream home, I began to sense a shift in the market. What had started with a bit of pessimism and buyers feeling gun-shy was rapidly turning into a hot market with properties selling quickly. I knew, and informed my clients, that we had to move by that fourth Saturday, or the market would shift price-wise, and they could miss out on their dream home.

After some negotiation at the three-week mark, we successfully secured the property for $1,950,000 with reasonable conditions: five days for building and pest inspection and 14 days for finance approval. Importantly, we avoided a subject-to-sale offer.

Why Avoid a Subject-to-Sale Offer?

Subject-to-sale offers come with risks. In this case, the sellers may not have accepted the offer, or the selling agent might have leveraged our offer to push another buyer to bid higher. By negotiating without a subject-to-sale contingency, we eliminated these risks and ensured our clients didn’t lose their dream home.

However, there is a risk to this approach, which is why it’s crucial to have a great team around you. You also need to consult with your property conveyancer or solicitor to fully understand the potential risks. If things go wrong, it can cost hundreds of thousands of dollars. So, it’s vital to have the right team and to clearly understand the risks involved.

Selling Their Current Home: A Smooth Process

For the sale of my clients’ existing home, I recommended a trusted selling agent, someone I work with regularly. To be clear, I don’t take kickbacks for these recommendations—I simply expect 120% effort from the agents I endorse. In this case, I think the agent gave 150%, going above and beyond expectations.

Here’s how quickly things moved:

• Sunday: Listing paperwork signed.
• Tuesday: Home styled, photos (including drone shots), and videos taken.
• Wednesday: Building and pest inspection completed.
• Thursday: Property listed on realestate.com.au.
• Saturday: Two open homes held, and by that evening, the home was sold with a cash, unconditional offer —$30,000 over the appraisal range. The agent got their “Agent Tax” which is what my sellers wanted.

In less than a week, the home was sold! Meanwhile, my clients were still within their finance approval window, with Moreton Bay Finance Brokers securing their approval within just three business days of their new purchase.

The Power of a Simultaneous Settlement

The final piece of the puzzle was coordinating a simultaneous settlement, where the sale of their current home and the purchase of the new one happened at the same time. The timing worked out perfectly, and my clients were able to upgrade to their new home without overpaying or losing out due to a subject-to-sale offer.

Another challenge was a change in the settlement date, which was moved four weeks earlier than the original contract. There was a total of four transactions involved: my buyers’ purchase, my buyers’ sale, the buyers of my clients’ home were also selling, and their buyers were selling as well. Thanks to the fantastic property conveyancers, everything went through without a hitch.

Conclusion

When upgrading to a new home, especially if you need to sell your existing one, a buyer’s agent can be your biggest asset. From understanding your needs to negotiating the best deal, avoiding common pitfalls like subject-to-sale offers, and recommending top-tier selling agents, the right team can make all the difference.

Teamwork is crucial in getting the best outcomes. Having a great team leader in your buyer’s agent, supported by a fantastic team with deep market knowledge, is one of the most important shifts in the Australian real estate market. This collaboration ensures every angle is covered, giving you the best possible chance of securing your dream property at the right price while making the process smooth and efficient.

If you’re ready to make your next move, reach out. I’m here to help you navigate the process and find the right property without overpaying.

Disclaimer: The above is a real-world client story, intended to highlight the value that a buyer’s agent can bring to the table. None of the information provided is advice tailored to your unique scenario. We do not recommend you take any of the actions described without a professional team around you. If you don’t have the right team and a full understanding of the risks involved, it can cost hundreds of thousands of dollars or more if something goes wrong. Please talk with your team and ensure you fully understand the risks and how much it could cost you if things don’t go as planned.