Let’s talk about a situation many of us find ourselves in—buying a house while needing to sell our current one first. Most of us don’t have the luxury of buying multiple homes without selling the old one. So, how do you approach this tricky scenario and increase the chances of your contingent offer being accepted? Here are four essential tips to help you out.
1. Offer Competitive Terms. Contingent offers aren’t as attractive as non-contingent ones, especially if your house isn’t yet on the market or under contract. To make your offer more appealing, tailor the terms to meet the seller’s needs. Find out their preferred move-out date or other specific requirements and adjust your offer accordingly. Competitive terms can significantly improve your offer’s attractiveness
“Communicate this strategy to the listing agent of the house you want to buy.”
2. Offer a Competitive Price. A contingent offer already has a potential downside, so coming in with a lowball offer can further diminish its appeal. You need to present a reasonable and attractive price that aligns with the current market conditions. Sometimes, you might also consider increasing your earnest money or covering part of the seller’s closing costs to sweeten the deal. Offering a competitive price shows that you’re serious and can make sellers more willing to work with you.
3. Price Competitively and Inform the Agent. If your house is overpriced and likely to sit on the market for a long time, it can jeopardize the whole deal. Make sure your home is priced to sell quickly. Communicate this strategy to the listing agent of the house you want to buy. Let them know that your house is priced attractively to ensure a quick sale, which can reassure the seller that your contingent offer is solid.
4. Work with a Real Estate Professional. These transactions can be complex, involving the sale of your current home and the purchase of a new one simultaneously. A seasoned agent can navigate the intricacies, ensuring both deals go smoothly. Choosing the right agent can save you time, money, and stress, making the entire process more efficient and successful.
To improve the chances of your contingent offer being accepted, offer competitive terms, present a competitive price, ensure your current house is priced to sell quickly, and work with an experienced real estate professional. These strategies can make a significant difference in a challenging situation.
