How to Buy a House Contingent on Selling Yours: 4 Paths to Success

As a homeowner, there’s a good chance that your next move will involve two major decisions at once: selling your current home and buying a new one.

If you’ve found yourself in this complicated situation, know that you’re not alone: 51% of all buyers owned a previous home, according to a 2024 National Association of Realtors (NAR) report, and 59% said that finding the right property was the most difficult step of the home buying process.

Start Making Offers Without Waiting to Sell Your Home

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.

Buy Before You Sell

Should you prefer not to use a home equity line of credit (HELOC) or a bridge loan to purchase a new house before selling your current one, your real estate agent might recommend including a home sale contingency in your offer. This means that if you’re unable to sell your current home by a specified date, you have the option of walking away from the contract and retaining your earnest money.

A sales contingency can make it harder to get your offer accepted, but it’s not impossible, especially if you sweeten the deal in other ways. Ahead, we’ll explore how to buy a house contingent on selling yours and glean insights from a top-performing agent who has helped buyers win a house with a home-sale contingency clause.

What is a home sale contingency?

In real estate, a “contingency” refers to certain circumstances that must be met before a home sale can be finalized. For instance, a property might go under contract with a house inspection or financing contingency. This means that if a significant structural issue is found during the inspection or the buyer’s financing falls through, they’ll be able to terminate the contract without penalty.

In the case of a home sale contingency, the buyer is under no obligation to purchase the new house unless their home sells.

These contingencies are typically good for one or two months, giving buyers a set amount of time to put their current house on the market and find a buyer. If their home fails to sell during this timeframe, the contract can be terminated.



from HomeLight Blog https://www.homelight.com/blog/how-to-buy-house-contingent-on-selling-yours/

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

How to Sell My House Fast in Washington DC: Cash Offer Options

Hình ảnh
Selling your home in the bustling Washington, D.C. area can feel like a daunting task, especially when you’re on a tight deadline. If you’re a homeowner faced with the need for a fast sale, you may be weighed down by questions and uncertainty. This guide is designed to help you navigate the real estate market in D.C. when time is of the essence. We’ll explore options such as getting a cash offer for your home and partnering with a top real estate agent. We’ll also provide expert tips to help sell your Washington, D.C. house faster. Sell Your District of Columbia House Fast With an All-Cash Offer Get an all-cash, no-obligation offer on your District of Columbia home through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in as little as a week and close in as few as 10 days. No showings, no repairs, no open houses. Step 1: Request Offer Why you might need to sell your Washington, D.C. house fast Sometimes, life throws curveballs that demand quick d...
Đọc thêm

6 Reasons to Move to Brentwood, CA: Why You’ll Love Living Here

Hình ảnh
Nestled in the East Bay region just east of San Francisco, Brentwood, CA, is a hidden gem that blends small-town charm with the amenities and opportunities of big-city living. Known for its idyllic weather, high quality of life, and ample outdoor recreation, Brentwood has plenty to offer everyone looking to call it home. From its rich agricultural history and focus on local produce to its robust calendar of community events, there are countless reasons to consider a move to this thriving city. So, if you’re looking for homes for sale in Brentwood , apartments for rent , or are just curious about what the area has to offer, this Redfin guide is for you. To give you a taste, here are 6 reasons to move to Brentwood, CA, and why you’ll love living here.  1. Weather Brentwood has a Mediterranean climate , making it popular for people who love plenty of sunlight and limited rainfall. Winters are generally mild and wet, while summers are hot and dry with cool evenings. This kind ...
Đọc thêm

Buying a Mediterranean Style House: Luxury Living or Not Worth the Trouble?

Hình ảnh
You’re reading through the MLS listing of a new potential home, and you see “Mediterranean house” advertised front and center. Right away, your mind takes you to the seaside villas of Spain and Italy with red-tile roofs and gorgeous courtyards. A life of romance and leisure is undoubtedly ahead. Sounds great, right? It definitely can be, but beyond the mosaic tiling and rustic charm, there’s a lot more to Mediterranean houses. The Mediterranean-style home America knows so well dates back to the early 20th century and has seen fluctuations in its popularity over the last few decades. The style provides an excellent indoor-outdoor living balance, and the light, earthy tones give off a welcoming warmth. But, depending on your location and needs, the potential challenges may just cause more headaches than dreamy nights. So how do you know if a Mediterranean home is the right fit for you? We talked to real estate agents and architects with over 50 years of combined experience, and we sc...
Đọc thêm