Those buyers who can buy a different home provided that they sell their current home should convince sellers that it is worth the risk to accept a contingent offer. A strategy which will work well for you is to list your property for sale before presenting an offer on the house you plan to buy.
It makes the sellers sure about how serious you are about selling your house. There are buyers who tend to be tentative and will not list their house until they get an accepted offer on the property they wish to buy.
Most home sale transactions are being put together with the assistance of agents involved who will communicate freely with each other. As buyers who should first sell their current home, the listing agent can help in convincing the sellers to accept the offer you got through arming the agent who represents you as the buyer with details which can help in sealing the deal.
You can request your listing agent to prepare the latest sales details of listings in your neighborhood similar to yours which sold recently to show that the price of your property is in line with your area’s existing market conditions. The sellers will be interested to know the average time it takes for houses like yours to sell. Also, they might want their agent to discuss with your agent to confirm the details your agent has provided.
The possibilities of a timely sale will all depend on buyer demand for houses like yours and the number of houses similar to yours in your area currently put up in the market. In low inventory markets with high demands, there is a chance for your house to sell quickly. If there are plenty of listings in your place, you have to be very aggressive with the price of your listing through making it lower compared to that of your competitors.
In the event that a contingent offer doesn’t work well for you, then, don’t worry because there are still other options available for you. For one, you will be enjoying some flexibility if you get to qualify for and if you are also comfortable to make two mortgage payments for the mean times.
There are also a lot of repeat buyers that rely on equity they build in their current home to put toward the new house they want to buy. If you like to keep your current property, you will not be able to use the sale proceeds as a down payment. Thus, you have to ensure that you have some cash in savings together with some other forms of asset accounts.
Posted by Randy Blakeslee