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. What can you do to ensure a successful home purchase if you’re in this position?

1. Offer above the asking price. You need to work to make your offer worth their while. If you don’t offer above the asking price upfront, many sellers won’t even consider your offer in this competitive market.

2. Shorten your inspection time. You shouldn’t totally skip your inspection, but you can make your offer more appealing by limiting how long it takes. This will ensure a quick sale and make your seller more comfortable working with you.

3. Offer incentives. To make your offer more appealing, consider presenting a competitive purchase price or better terms. 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.

4. Be flexible. Find out what your seller wants and try to give it to them. If they need a quick close, be prepared to close fast. If they need extra time to move, be prepared to give it to them.

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.