Overcoming Home-Sale Contingency: Strategies for Buying and Selling Property Successfully

Tips for a successful transaction with a home-sale contingency.

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When it comes to selling your property and buying a new one, navigating the real estate market can be challenging, especially if you have a home-sale contingency. However, with the right approach and understanding of the market dynamics, you can increase your chances of getting your offer accepted. 

The first and most crucial step is to get your current property under contract before searching for a new one. Many people tend to do it the other way around, fearing they won't find a suitable property if they sell first. However, this approach can be risky in a market with limited inventory. By securing a contract for your property, you will have a firm foundation to negotiate and proceed with confidence.

When negotiating the terms of your property sale, aim for a close date that allows you sufficient time to identify and purchase a new property. Consider requesting a close date that is approximately 30 days after finding a suitable property. This timeframe provides you with ample time to search for a new home without the added pressure of an imminent closing.

"Get your current property under contract before searching for a new one."

In a market where competition is fierce, it's crucial to offer compensating factors that make your offer more attractive to sellers. When you have a home-sale contingency, price becomes a dominant factor. To compensate for the uncertainty of your property sale, be prepared to offer a competitive price that reflects the market value. This step will demonstrate your commitment and increase the likelihood of your offer being accepted.

Aside from price, there are other terms you can adjust to make your offer more appealing to sellers. Consider offering a flexible closing date that accommodates the seller's needs. Additionally, increasing the amount of earnest money you put down can provide assurance of your commitment to the transaction. By adjusting these terms, you can make your offer more enticing and stand out from the competition.

If you have a home to sell and need to buy something and want more information, please contact us. We can help you with the necessary steps.