Purchasing a new home is an exciting experience, but for many people, it requires selling their current property first. However, not everyone has the financial ability to own two homes at once. If you need to buy your dream home but have yet to sell your existing property, don’t worry. There is a way to make an offer contingent on the sale of your old home and increase your chances of being accepted. In this blog post, we’ll take a look at tips on how to buy a home contingent on selling yours.
Firstly, offering competitive terms will give you leverage. Ordinarily, contingent offers aren’t the most attractive to home sellers, but supplementing your offer with competitive terms creates a valuable trading point. Be sure to discuss with your real estate agent, who will help you determine what the seller is looking for. Quicker closing periods or shorter inspections might be some of the benchmarks to make your offer more appealing. By presenting a compelling, all-around offer, you’re sure to make the seller more comfortable with waiting for your current house to sell.
Secondly, offering a competitive price can go a long way. If you’re not enthusiastic about spending over the listed price, there are other ways to make the seller amenable. For example, you can take care of some of the seller’s closing costs or provide a more substantial deposit or earnest money deposit. These actions will demonstrate your commitment to the transaction and increase the seller’s comfort level with waiting for your home to sell.
Thirdly, working with an experienced real estate professional is another essential tip. A successful real estate professional who has a proven track record of quickly selling homes will be able to direct you through the complexities of a home-sale contingency. They can also offer valuable suggestions on how to make a competitive offer and navigate the entire process smoothly. Additionally, an experienced real estate professional can foster confidence in the seller that your existing home will sell successfully.
Fourthly, make the necessary home improvements to ready the house for sale. You don’t have to break the bank here to make changes. You can make minimal changes like decluttering the house, removing personal effects, and taking care of minor home repairs. This, in turn, can make the house more aesthetically pleasing to potential buyers. A real estate professional will advise on the best changes for the greatest impact.
Lastly, keep the lines of communication open with your real estate agent. As you prepare to sell your home, keep in touch with your agent. Your agent will assess the state of your home, suggest improvements, and track the progress of your sale. Be sure to keep them updated about the transaction, including when you have an offer for your home. A trusted real estate agent is vital for achieving the best outcome of a contingent sale.
In conclusion, buying a new home while you’re in the process of selling your existing one can be a bit nerve-wracking. However, you can significantly boost the probability of success by utilizing these five tips. Firstly, offer competitive terms. Secondly, offer a competitive price if you can. Thirdly, work with an experienced real estate professional. Fourthly, make the necessary home improvements to prepare the house for sale. And lastly, keep in communication with your real estate agent and let them guide you through the process. With proper guidance, you can successfully buy a home contingent on selling yours and accomplish your dream of owning your perfect home.
