Saving money for a down payment on a home is no easy feat, which is why I started looking into various ways to make sure that I had things sorted out like I should. I began working with a real estate agent to chat about what to do and how to start saving, and they explained how much I needed if I wanted to avoid private mortgage insurance, and when the market typically trended upwards. It was really neat for me to see everything I could do with the advice, and saving became easier after I had a clear goal. Find out more about real estate by reading this blog.
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Adding A Contingency To Sell Your Home In Your Purchase Offer
Cathy Frazier
If you need to sell your house before buying a different one to move to, you might wonder how you should handle it. This situation is something that happens to many people, and there are different options you could use, and one of the options is to make an offer on the house with a contingency to sell yours.
What This Means
A contingency is a condition or request that the buyer is making to the seller of a house. In this case, the buyer is asking to buy the seller's house but only if the buyer can sell the house he or she owns first. In other words, you write up an offer to buy the house that you want to buy with the condition that you must first sell the house you currently own and live in. This type of contingency is not extremely common in real estate, but it is used from time to time.
Why the Seller Might Be Hesitant to Accept
The seller of the house may be somewhat hesitant to accept an offer that has this type of contingency on it, and this is true for several reasons. The main reason is that the deal could fall through. If no one buys your house, you will not be able to buy the other house you want to buy. During the time when you are trying to sell your house, the seller of the house you want to buy will be waiting. If you fail to sell your home, the seller of the other house will lose out in several ways. First of all, the deal will fall through, and the seller will not sell the house. Secondly, the seller will have wasted his or her time waiting for you to sell.
Ways to Make the Offer More Enticing to the Seller
If you decide to use this type of contingency and really want the seller to accept, there are several things you can do that might help make your offer more enticing. First of all, you should use a 30-day time frame. This gives you 30 days to sell your house with the offer you are making. 30 days is not a lot of time, which means the seller might be more apt to accept your offer if it is only for this time span. Secondly, make sure your offer for the house is really good. You should consider coming in at full price or above the asking price.
If you have any questions about contingencies with purchase offers in the process of buying a home, talk to a real estate agent today.
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