If you plan to be a repeat homebuyer, should you buy first or sell first? Many repeat homebuyers can’t afford a new home until their current one is sold. In this case, buying a home contingent on selling the current home is an appealing strategy. Sellers usually include a release clause that allows them to continue to offer their home.
Here are some tips:
· Sellers waiting a long time for an offer are more willing to accept a contingent-sale offer than in a fast-paced seller’s market.
· Contingent-sale buyers purchasing in a buyer’s market might negotiate a purchase contract that doesn’t include a release clause. If this doesn’t work, sellers should ask for a grace period of several weeks before release clause goes into effect.
· In a competitive market, the best strategy is to sell your home first with a provision for the possibility of renting back your home for a time after closing, giving you time to buy your new home.
· Sellers may be willing to accept a contingent-sale offer if the buyers have already found a buyer and they’re just waiting for deal to close.
· Selling before buying may seem riskier than buying contingent on the sale of your home, but you’re in a much better bargaining position as a non-contingent buyer.
Please keep in mind that I’m always available to serve you and others with the best possible home financing programs.
For more helpful resources visit BayAreaHomeBuyersInfo.com!
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