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JenniferOChomes explains a sale contingency. If you are a seller who wants to purchase another home but must sell your existing property first, this video is for you. Click the link to like JenniferOchomes   / jenniferochomes  

In this episode I explain what it means when a seller has a sale contingency. A sale contingency is when a Homeowner must sell his/her current home to buy another.
If you are a homeowner with a sale contingency, you are also a buyer. It can be quite tricky pulling this off, so here is what you need to know:

1) The contractual term "contingency" simply means "dependent upon," or "a condition of." Anytime an offer calls for a "sales contingency," it means your ability to purchase a replacement home depends upon how quickly you can close the sale on your primary residence.

It is not uncommon for a seller receiving an offer with a sale contingency to either reject the offer or counter back with very stiff conditions. The reason is…sellers do not want to risk their position in the market because a buyer cannot guarantee his or her home will sell first.

2) The easy way to make yourself marketable as a buyer, and beat the competition is to eliminate the sale contingency by selling your house first. This strategy will render you better results when making offers.

If selling first is not an option, you must make your offer look attractive by showing sellers you can mitigate the risks by:

3) Writing in the contract for your primary home, that your buyer has a short period of time to conduct any and all inspections and obtain loan approval. By default, the contract allots buyers up to 21 days to complete these tasks, but if you can ensure your buyer does them far sooner, the seller on your replacement home will feel more confident that your buyer will not fall through and compromise the transaction as a whole.

For added protection, your offer should include verbiage that your primary residence must close first before you can close on the replacement property.

This type of sale can get pretty complex since the terms and conditions must reflect the needs and protections for all parties involved.

Who you choose as your real estate agent matters! I am here to serve you and help you achieve your real estate goals! Whether you are looking to buy or sell or both, I would love to be a part of this amazing chapter of your life.

If you are in the Orange County California area and are considering buying a new home but need to sell your existing home first, contact me today for your free consultation. Jennifer Castaneda (License 0135791) phone 949-290-2882.

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