Tips to help you buy your dream home contingent on selling your old house.
If you already own a home and are looking to buy a new one, you probably can’t afford to pay for both mortgages at once. Here are some tips to help you submit an offer contingent upon the sale of your current home:
1. Consider using advantageous terms. Make every condition as simple as possible. For instance, schedule property inspections quickly and have short delays for reviewing documents and financing contingencies. Also, try to match the seller’s desired closing date to make the transaction smoother.
2. Offer a competitive price. A seller will likely not take their property off the market for a long time without a good reason. Offer the best price possible, and if you’re not comfortable paying above the list price, consider making other concessions.
3. Use a nonrefundable deposit. This will make the seller more seriously consider your offer, as they’ll receive a deposit as a penalty if you fail to sell your house. Although not ideal, this helps the seller feel more comfortable giving you time to sell your home.
It’s crucial to work with a professional real estate broker who can guide you through the process of selling and buying simultaneously. Ideally, they should help you sell your house quickly and for top dollar so that it’s not even a condition in the offer for the new property.
Everyone’s situation is different, so it’s important to discuss your specific circumstances with a professional who can help. If you have any real estate-related questions, don’t hesitate to reach out directly. Call or email me anytime. I look forward to hearing from you.