Ep. 110 - The Home Sale Contingency / Buying A New House When You Need to Sell Your Current One

Buying a new house when you need to sell your current one can be difficult.  Do you sell yours first and show while you are living there?  If you wait too long, panic can set in trying to find the new home.   But can you afford the deposit and to close on the new home, if your current home has not sold? 

A home sale contingency clause can be included in your offer to purchase that new home. With a home sale contingency, the transaction is contingent on the sale of the buyer’s home. If the house sells by the specified date, the contract moves forward. But if it doesn’t, the contract can be terminated.  Sounds great right?  But will the Seller accept such a provision?  In a Seller’s market, probably not.  

 

Why would a Seller give a Buyer the time and the opportunity to cancel the contract if the house they are selling to buy this house falls through?

 

In this episode, Matthew discusses under what circumstances he, as a Seller, would take such an offer.  Because in the real world, this is a real issue that real people have to deal with.  

 

Then we discuss the sticky situation Staci found herself in which may result in a new listing.  

 

We have a full studio with Preston Smith, Jill Glanzer and Staci Garcia in the studio with Matthew Maschler, Real Estate Finder. 

 

 

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