Three Ways To Make A Contingent Offer

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Three Ways To Make A Contingent Offer
By Scott Rogers • November 10, 2020 Filed In: buying, negotiations, selling
If you have to sell your current home in order to buy a new home - there are (at least) three ways to do that... Make an offer before your home is listed for sale. Make an offer after your home is listed for sale but before it is under contract. Make an offer after your home is listed for sale and after it is under contract. If you're making an offer on a new-ish listing then Option 1 and Option 2 are not likely to be successful strategies to securing a contract on the house you want to buy. The best bet is to wait until you have your house listed for sale AND under contract - Option 3 - because at that point your have positioned yourself (and your home sale contingency) as best as you possibly can from the seller's perspective. A few additional, related, notes... Making an offer with Option 1 or Option 2 will give leverage to the seller to circle back around to other possibly interested buyers to see if they want to make an offer. If any of those other buyers do not have a home to sell, then your contingent offer will have then served as a means by which the seller is able to find another buyer (not you) to buy their house. Thus, the value of Option 3. Even if you go with Option 3- and you are making an offer on a house once your house is under contract - you may not be able to fully complete with another offer that does not have that same contingency. A seller will, reasonably, lean towards an offer without a home sale contingency - even if the home that you need to sell is already under contract. It might depend on who you ask, but in my book Option 2 (listed but not under contract) is much closer to Option 1 (not listed) than it is to Option 3 (listed, under contract). Selling and buying simultaneously can be tricky, complicated and frustrating -- but it is possible! Feel free to be in touch if you want to talk through the options outlined above as they pertain to your situation. Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: Area Wide Sale On Houses On Day After Thanksgiving! As A Home Seller, You Are Always Optimizing For Something Increasing Home Sales Despite Declining Inventory Levels Homes Usually Go Under Contract More Slowly In The Winter, But Maybe Not This Year? It Is Hard For Home Buyers To Compete If They Have A Small Downpayment Or If They Need Closing Cost Assistance Make A Decision About A Home Warranty Purchase After Your Home Inspection How High Will You Go When Competing With Other Buyers? Overbrook Subdivision in McGaheysville, Virginia Slated to Expand To A Total of 230 Homes Median Sales Price Increases $23,000. Monthly Payment Increases $3. Wait! What?? Mortgage Interest Rates Will Never Be This Low Again, I Said Countless Times In Recent Years
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 25, 2020 (unless otherwise noted).
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