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CONTINGENT OFFERS?

I know of many people that would like to move, but don’t really HAVE to. They don’t want to put their current home on the market until they find the “right one” to buy, but because there isn’t much for sale, they continue to wait. And even when the “right one” comes on the market they find that many sellers won’t accept an offer contingent on their home selling if it’s not on the market yet.

 

One solution is to buy first, then sell after. The hard part to this option is that the lender will want to see that you can afford to make the payments on both homes, even though you plan to sell the second home soon after. The other problem with this plan is that you could own two homes for a while, and that can get expensive if it takes a while to sell your old home. You could rent out the home you are leaving to have the rent cover that payment. However, most lenders won’t just take your word on that plan. They may require a signed rental agreement, plus proof the tenant has given you a deposit and first month’s rent, and some even want proof that the tenant has taken possession. This means you would have to move out and into temporary housing yourself.

 

Another option is to put your home on the market and then ask your buyer for a long close of escrow. Some sellers will accept a contingent offer if the buyer’s home is in contract and closing looks likely. Another option is a long rent-back period after closing and you hope that the right home comes on the market before you have to move out. If not, you then move out and rent until the right home comes on the market.

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