Are you considering purchasing a home this year but have one to sell first? You’re in luck—today I’m discussing how to be a contingent buyer. Being a contingent buyer means that an offer on a new house has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met.
Here are the top three ways to become a contingent buyer:
1. Prep the home for sale. Have everything prepared in your home while you’re looking for your next one. Typically we sit down and come up with an action plan of exactly how we help you move, we help prep your house, take photos, etc. This way we can tell the seller of your next property that you’re ready to move. The day after your offer is accepted on a new home, your current house goes up for sale, so the two processes move simultaneously. This is the most common way to be a contingent buyer, and it’s also the most seamless.
2. Sell your home and rent it back. You can sell your property without being a contingent seller, then rent it back for a short time. Generally, we see people renting their homes back for 30 to 60 days. This way you aren’t waiting for your house to sell before you buy the new home, because you’ve already sold it. This commonly works for people who don’t need to move into a new home right away. If the house you want exists in the market, it’s easy to use this strategy.
3. Store your things after you sell. This is a short-term situation where you would sell your property, move out, (and people like that you’re able to do this quickly), your items will be put into storage, we would find a short-term rental for you, and then you buy and move into your next home. This allows you to make non-contingent house purchases. You’ll win by getting a better deal.
Not every option is right for everyone. Every person and situation is different. We would build a custom plan explaining how the strategy would work for you, then we’d work from that plan. This is the ideal way to be successful as a contingent buyer.
If we can help you sell your home and buy another this year, we would love for you to reach out to us by phone or email. We look forward to assisting you.