How to Buy a House Contingent on Selling Yours

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Buying a new home can be an exciting and stressful time. You want to be able to sell your home with enough time to be able to move into your new one with minimal complications. While there is no guarantee that your selling and buying closing dates will be coordinated, with the right plan, your transition can go smoothly.

If you are selling your home and you haven’t yet bought another one, you will have to purchase on the contingency of selling yours. This simply means that there will be conditions on your offer for a new home that you won’t close until you have sold your home. While some sellers prefer to deal with buyers that have no conditions like a contingent sale, that doesn’t mean that you won’t be able to make a deal. 

When selling your current home to buy a new one you wear both hats of the buyer and the seller. Your main goal is to sell your home and then quickly find a new home to purchase. If that doesn’t happen by the time you find your dream home, there are a few ways to make your contingent sale a success.

Do Your Research

Before you work with a real estate investor or any other private buyer, it’s important to do your research. If you choose to sell for cash, you should do some investigation on the firm that you choose to work with. Do an internet search on each company, focus on the recommendations and client reviews and check the Better Business Bureau file for any complaints.

Understand Your Agreement

It’s important to understand the details of your contingency agreement. You will need to know how much time you have until the home you have purchased is closed so that you have a timeframe in which to sell. Talk to your realtor about anything in your agreement that may need clarification.

Buy and Sell Aggressively

If you want to make your contingent offer more attractive you need to prove that you are working diligently to sell your home. Talk to your sellers about your tactics and let them know that you are working to get your home sold quickly.

When you find a home that you want to buy, there is no time to hesitate. Your contingency agreement may put you in a position where you don’t have a lot of time to negotiate. Know what you want, and trust your broker to show you homes that could result in a quick sale.

Open Communication

When you are in the position of buying a home on contingent to selling your own house, you need to be upfront and honest with all involved parties. It’s likely that one of them may also be in a similar situation. To help the sale go through, you need to be open to compromise and concessions. You could talk to your seller about lengthening the closing dates to suit you or to your buyers about moving up the date or including closing costs in the offer. 

Buying a new home on a contingency is all about timing. Consider the tips above so you can navigate this process and have you in your dream home quickly.

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