Basically: A contingent sale is when you want to buy a house but can only do it with the money from the sale of your current home.
Let's say you have already made some equity on your current home but want to downsize or upgrade to the next, but it seems logistically impossible... well its not! A great agent can get you through this challenging but totally available option.
Here are some tips:
2. Be READY for your purchase ----> Get pre-approved for a loan, figure out what kind of property you want to buy and start to research. We can send you listings to browse!
3. Allow for pre-marketing while you look for a new home.
4. Once you know there are homes out there that you are interested in, go ahead, pull the trigger and put your home on the market.
Important: If you put a contingent offer on a house the seller won't take you seriously unless they see that your house is in Escrow or at the very least, on the MLS up for sale.
5. Don't worry. A responsible agent will make sure a contingency is in place on the sale of your home that states if you don't find a suitable replacement property, you won't sell your house. That way, you won't be left homeless.
6. Schedule the sale of your home and the purchase of your new home to close concurrently. The money from your sale will wire transfer directly into the account where your down payment needs to go. Bonus tip - if your agent uses the same title company for both transactions they could even close the very same day!