If you find your dream home before you’ve listed your current property for sale, it can be hard to feel confident placing an offer. But it’s not as scary as you think.
When selling your home and buying a new one, it’s easy to feel overwhelmed by not knowing which to do first. While we’ve talked about how to make that decision and the pros and cons of both, in this post we’re exploring what to do when you find a home first.
Sometimes, the perfect property comes on the market when you’re only starting to look long before you have had a chance to get your home ready to be listed for sale or have even considered putting it on the market.
The opportunity to buy your perfect home isn’t lost because you have to sell your home and your real estate agent can help you negotiate the perfect situation to make it all come together.
One option that is common practice in Central Florida is the option to place an offer on a home with a contingency dependent on your home selling. This condition gives you the ability to walk away from the transaction if your home doesn’t sell and you’re not comfortable carrying both mortgages.
These contingencies work by allowing you, the buyer, a specific timeframe to sell your property before the transaction is firm. The listing agent for the home you want to buy will likely look at the home you have to sell, what it will be listed at, and its marketability in helping their seller decide whether they accept the offer with the contingency.
The likelihood of your home selling quickly will have an impact on whether a seller is comfortable accepting this type of offer on their home.
The seller may also include a first right of refusal as part of their counter if another buyer comes along and places an offer on the property that the seller wants to consider. With this in place, the seller can give you notice that if the contingency isn’t waived or removed within a specific amount of time, the contract is null and void and they are free and clear to accept the other offer.
While it may be daunting to place an offer on a home without your sold first, if it’s the perfect home it is worth the consideration. Transactions that are contingent on the sale of a buyer’s home can be difficult to navigate and it’s important to make sure you have an experience real estate agent in your corner.