
You might find that you need to sell their current home in order to buy your next one. But you might not want to list your current home for sale until you know you have somewhere to go.
That's where a home sale contingency comes in -- it allows you to make an offer to buy a home only if you're able to sell your current one.
But, as you might imagine (in a relatively competitive Harrisonburg and Rockingham County market) sellers aren't always interested in an offer with a home sale contingency.
Here's a look at five of the ways a seller might respond to your offer with a home sale contingency...
1. The seller might use your offer to spark interest from other buyers.
This seller would receive your offer and then turn around and say "we have an offer" (yours) to other buyers, hoping it motivates a prospective buyer to make an offer without a home sale contingency.
2. The seller might just say no.
Many sellers won't want to wait on your home to sell -- especially if they just listed their home for sale and if they expect strong interest.
3. The seller might say: "Come back once your home is under contract."
In this case, you'd need to decide if you're willing to list your home without knowing if the one you want will still be available once your current home is under contract.
4. The seller might accept your offer, but with a kick-out clause.
A kick-out clause allows a seller to keep marketing their home to other buyers and allows them to accept another offer if you can't remove your contingency in time.
5. The seller might fully accept your offer, without a kick-out clause.
This is rare -- but possible, especially if the home's been on the market for a while.
Whether or not a seller will work with a home sale contingency often depends on how long their home has been on the market, overall market conditions, how appealing your other offer terms are or are not, and the seller's optimism (or pessimism) about when another offer might come along.
If you're in this situation -- wanting to buy but needing to sell -- let's talk through what might make the most sense for you.