Tips to help you buy your dream home contingent on selling your old house.
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Today, I’m here to address the issue of buying a new home at the same time as selling your current one. If this is something you want to do, you most likely know that this can be a very bumpy process. Most people don’t have the money for two mortgages at the same time, so they decide to submit an offer that’s contingent on the sale of their current home. However, how do you make a contingent offer stand out and get accepted? There are three avenues you can try:
1. Make your offer more competitive. Your agent can help you figure out how to make this work for you, but you can try things like shortening the inspection period, giving the seller a rentback period, or giving them something else they want. The terms can make your offer more attractive to the seller.
2. Offer a higher price. This is an obvious option, but if you don’t want to do this financially, you can also offer more money in your earnest money deposit. When a seller is looking at offers, they look at the purchase price and how likely the offer is to close. Therefore, anything you can do to show your commitment will help your chances.
3. Use a bridge loan. Some companies will offer you money upfront to pay back your loan in a certain amount of time. This varies depending on which company you go to, so talk to your lender about your options. Still, this could truly help your chances and increase your options.
Overall, know that I highly recommend working with a real estate professional who has the experience to guide you through this process, especially if you’re feeling uncertain. They can make things a lot smoother and help you understand the risks and the pitfalls. Then you can know exactly what you'll go through each step of the process.
If you want help with this process or have any questions about your specific situation, please feel free to reach out to me. You can call or email me anytime, and I would be happy to help you.