Making an Offer: Are You a Contingent or Non-Contingent Buyer?

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Making an Offer: Are You a Contingent or Non-Contingent Buyer?

Today I wanted to speak with you about the ways to go about and things to avoid when making an offer on another home before your house has sold. I am starting to see the question come up a lot of a variety of different reasons. For people who are selling their home and are looking to either downsize or move up, it can be very difficult to write an offer for home when theirs has yet to sell unless they are truly non-contingent. If you have to sell a home, put yourself in the shoes of the seller who’s trying the sell their home; if that seller has more than one offer and they don’t have a contingency, which one would you choose?

That being said, there are ways to go about doing this but it really requires placing your home on the market. There contingencies that can be in place so that you’re protected and don’t end up on the streets if you can’t find a home. In the event that you couldn’t find a home in 60-90 days, you would have the ability to back out at no cost to you. Once your house has sold and the buyer has completed the physical inspection and appraisal of your home, you have just completed two of the biggest hurdles sellers face when selling their home.

Finally, now that we’re in a market that has seen 35-40% gains since the beginning of 2012, you’ve seen a lot of buyers that have been “priced out.” As a result, the buyers who are out purchasing homes for whatever reasons have contingencies in place. This means you’re not alone! It is becoming commonplace to see people who are selling homes have contingencies that need to be listed in order to purchase a property. This could cause potential problems for you! However once your home hits the market, you will find the buyer pool.

If you have any real estate questions, we are here to answer them! Give us a call at (818) 720-9922. Thanks and have a great day!