3 Things To Know If You Want To Add A Sale Contingency To A Purchase Offer


If you finally find the perfect home for your family, you may want to get an offer ready for that property as quickly as you can. Making an offer soon may improve your chances of getting this home, but what should you do if you need to sell your house before you buy the dream home you have found? Here are several things you should understand about this common predicament.

You can make an offer with a contingency to sell

The first thing to understand is that you can still make an offer on another home if you need to sell the house you are currently living in. To do this, you would add a contingency to the purchase offer that states the deal is contingent upon you selling your home. If you end up selling your home within the time frame stated on the purchase offer, you will get to proceed with buying the house you made the offer on. If you cannot sell your home during this time, you may lose out on buying this particular home.

You should make a really good offer if you want the seller to accept it

Secondly, it's important to understand that sellers do not always view sale contingencies very favorably. When you make an offer like this, you should realize that the seller might be leery with accepting it. A contingency like this one will prevent the sale from going through right away, simply because you will need time to find a buyer and close on your house.

Because of this, you should make a good offer to the seller if you want him or her to consider accepting it. This may mean making a full-price offer, and you may want to think twice about adding any other types of contingencies. With the right offer, the seller might agree to it more quickly.

You should do everything you can to sell your home

Finally, you will need to get on the ball with selling your current home. You will only have a limited amount of time to sell it after the seller of the home you want accepts your offer. If your house is not yet listed for sale, get it on the market quickly and price it right so it sells faster.

If you are house shopping and have questions about the home-buying process, you should contact a real estate agent to discuss your questions with an experienced professional.


18 May 2017

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