Home-Sale Contingency Transactions Made Easy

Tips to help you buy your dream home contingent on selling your old house.

Do you already own a home but want to buy a new one? Unfortunately, not everyone has the money to keep two homes and pay both mortgages. Most people will have to sell their current property to have the funds to pay for the new house. However, two transactions can sometimes mean double the headache. If you're in this position, what can you do to ensure a successful home purchase?

One option that you have is to include a home-sale contingency clause in your offer. This means you will only buy the new home if your current one sells. If it doesn’t, you are free to walk out of the purchase agreement. However, home-sale contingencies can make your offer less attractive to sellers because it introduces uncertainty, may cause delays, and has the potential to make the deal fall through. The takeaway here is that the fewer contingencies you have, the smoother your process will be. If you need a contingent sale, it’s best to already have most of them met before you make an offer.

"Working with an experienced agent can instill confidence in the seller that your home will sell on the market."

To make your offer more appealing, consider presenting a competitive purchase price or better terms. You need to work to make your offer worth their while. You could cover some of the seller's closing costs or provide a larger earnest money deposit. By demonstrating your commitment to the transaction, you can help the seller feel more comfortable waiting for your home to sell.

If you're feeling uncertain about how to navigate the process, work with a real estate professional who has a proven track record of quickly selling homes. They can guide you through the complexities of a home-sale contingency and offer valuable advice on how to make a competitive offer. In addition, working with an experienced agent can help instill confidence in the seller that your home will sell on the market.

Buying a house contingent on selling yours can be a challenging experience, but with the right strategy and support, it can also be successful. For more tips on how you can confidently navigate this real estate move, call or email me. I’d love to connect with you.