A sales contingency is basically a fancy term for ‘I’ll buy your house if I can sell mine first.’ It’s fairly common, but it comes with some drawbacks. People tend to get really worried about whether they can sell their house in time, so they price it for a quick sale. If it does sell quickly, there’s the added stress of finding a temporary place to live—maybe a motel or with family. That could be a good or bad thing, depending on your family and the competitiveness of the market.
And yes, we’re back to being competitive. It makes your offer a little less enticing because if you don’t sell your home, then you don’t have to buy theirs if you don’t want a sales contingency on your offer. Typically, you had to try and qualify with two house payments: your old home that you’re trying to sell and the new one you want to buy at the same time. Now, that’s hard for most of us.
So, we are introducing ‘buy now, sell later’—a guaranteed purchase contract on your old home. That means you don’t have to qualify with two house payments, and it gives you up to six months to sell your old home after you close on the new one. It’s just another way we are updating the mortgage process.
Contact us now to learn more.