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. In this situation, using a contingent offer is a common option. Here are three things to consider when purchasing a home with a contingent offer:
- Understand what a home-sale contingency is. If you submit a contingent offer, 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.
- Work with an expert. If you’re feeling uncertain about navigating the process, work with a real estate professional with 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.
- Price competitively. 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.
“Working with an experienced agent can instill confidence in the seller that your home will sell on the market.”
- Present a pre-approval letter. Pre-approved buyers are more attractive to sellers since there is less chance of the deal falling apart. Work with a lender to get pre-approved before looking at homes so that sellers know you’re financially qualified and ready to proceed with the purchase.
- Communicate clearly and transparently. Explain why you need to make a contingent offer and what your circumstances are. Don’t try to hide anything or shy away from questions.
- Be flexible. Try to meet your seller’s requests as best you can. If they need a quick close, get ready to move fast. If they need extra time, make sure you have an extra place to stay so they can move out.
- Include contingency protections. These include provisions allowing you time to sell your home, the option to extend the contingency period, or the option to remove your offer if your home doesn’t sell.
- Follow up and stay in touch. Once you’ve submitted your offer, stay in touch with the seller’s agent to stay informed.
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.
