Tips to help you buy your dream home contingent on selling your old house.
Making the transition from one home to another can be a daunting task, especially when you need to sell your current home to finance your new one. One of the first things to consider when you’re in the market for a new home is whether or not you’ll need to sell your current one first. Not everyone can afford to carry two mortgages at the same time, so if you need to sell your home first, it’s essential to know your options.
One way to make an offer on a new home before selling your current one is through a contingency sale. This option allows you to make an offer on a new home, but with the condition that the sale is contingent on the sale of your current home. Essentially, this means that the seller will hold their home open for you until you sell your home.
If you’re considering this option, there are several strategies you can use to make your offer more appealing to the seller. One approach is to work with your real estate agent to find out what the seller is looking for in a sale. Some sellers may be interested in a fast closing, while others may prefer a closing that aligns with their timeline. Offering to cover some of the seller’s costs can also make your offer more attractive.
Another important strategy is to make your offer as appealing as possible. This is not the time to try to negotiate the price down on a home that you really want to buy. Instead, give the seller the best offer you can. Your real estate agent can help you identify other strategies to make your offer more competitive, such as highlighting your ability to do some of the work on the home if it needs repairs.
Finally, it’s crucial to have your current home ready to go on the market as soon as possible. This means taking steps to make your home more appealing to buyers, such as having a pre-home inspection or doing some minor repairs. You can also explore the option of a bridge loan, which allows you to use the equity in your current home to finance the purchase of your new home.
If you’re in the market for a new home and need help navigating the process, don’t hesitate to call or email me. Happy house hunting!