Discover expert strategies and tips to make your offer more appealing.
Are you dreaming of buying a new home but find yourself in a situation where you need to sell your current house first? Don’t worry, you’re not alone. Many homebuyers face the challenge of a contingent sale, where they must sell their existing property before purchasing a new one. Today, we will explore what a contingent sale entails and provide you with valuable strategies to make your offer more appealing in a competitive market. With these tips, you can increase your chances of securing your dream home while navigating the intricacies of a contingent sale.
A contingent sale refers to the scenario where you want to buy a new house but are dependent on selling your current property to do so. This situation arises when either you need the proceeds from the sale to qualify for a mortgage on the new home, or you simply prefer the peace of mind that comes with having an offer in hand before purchasing another property. However, it’s important to note that for many sellers, a contingent sale may not be the most ideal scenario. There are additional factors that can introduce potential complications into the transaction.
“You can increase your chances of securing your dream home.”
To increase your chances of success in a contingent sale, it’s crucial to make your offer as competitive and attractive as possible. Here are three strategies that can help you stand out from the competition:
1. Quick closing. Speak with your loan officer to determine how soon you can close on your new home once your current house is under contract. By reducing the timeline, you can provide the seller with reassurance and a faster resolution. For instance, you may be able to secure a two-week closing, demonstrating your commitment and readiness to proceed.
2. Shortened inspection window. In a typical home purchase, buyers often allocate a couple of weeks to conduct inspections and ensure everything is in order. However, in a contingent sale, you can propose a shorter inspection window. Consider scheduling an inspection just a few days after going under contract and making a portion of your earnest money non-refundable after that time period. This approach shows the seller that you are proactive and have taken care of many important details, instilling confidence in the transaction.
3. Financial incentives. To make your offer more enticing, you can provide financial incentives to the seller. One option is offering a slightly higher purchase price than what they’re asking, signaling your commitment and seriousness. Alternatively, if you’re aiming to keep your mortgage payment as low as possible, you can propose covering some of the seller’s closing costs. Increasing the amount of earnest money you’re willing to put down can also demonstrate your dedication to the deal. These financial considerations can capture the seller’s interest and make your offer more appealing compared to others they may receive.
Navigating a contingent sale can be complex, and having the right guidance is crucial. Working with a knowledgeable real estate agent can significantly enhance your chances of success. An experienced agent understands the nuances of contingent sales and can help you structure your offer in the most favorable way. They can also protect your interests, ensuring that your earnest money is safeguarded throughout the process. By leveraging their expertise and industry relationships, a real estate agent can present your offer in a compelling manner and help you navigate the intricacies of the transaction.
If you’re considering a contingent sale or know someone who is, don’t hesitate to call or email us. We’re here to provide further guidance and walk you through the nuances of this process.
