Strategy #3 - Buy First Then Sell 💥 Using A Contingency💥
What is a contingent offer…?
A contingent offer is an offer based upon you selling your home 1st before you finalize the offer and buy your new home. Within this contingency it states the seller will hold their house for you until you sell your home.
Now in this paperwork it states (the devil is in the details) when your home will be under contract and when it will close by. If you house doesn’t sell within that timeframe the sellers can cancel the deal.
Your going to have a better chance getting the person who’s home your buying agree to this… if you already have a buyer for your house and it’s under contract..! Because you’ll know exactly when you will be closing, and when you can finalize the deal on your new home.
#1 Dream - Decided Where You Want To Be, Get Your Wish List put together and involve the whole family to get everyone’s buy in!
#2 Debit - You need to know exactly where you stand with your current mortgage and it’s best to avoid surprises at all times! Call your mortgage company and get your pay off amount. That way your Realtor can provide a net estimate with the most accurate numbers possible. You want to have a specific number in mind.
#3 Decide - You need to find out who you want to represent you in your home search and sell, I would highly recommend talking to several different Realtors. You need to find someone who is experienced and knows what they are doing. The Realtor who only helps people buy homes is probably a great person and good at helping people buy real estate. But, it’s a totally different type of transaction to sell, it takes a completely different type of experience to be able to sell real estate let alone while help you buy it at the same time. You need to have someone who has been through this exact experience before.
#4 Determined - You need to be determined on how much money you can barrow for your next home.You want to talk with a experienced mortgage lender who has been through it all, not every transaction is the same and it’s good to have someone with experience in case you get into a pinch.
#5 Don’t - Move yourself Find out our moving costs, when you're in the process of selling a home and buying another at the same time hiring a moving company will only have one day to get everything moved out and move into your new home. A great question to ask your Realtor is what can they contribute to this?
If you write a contingent offer after you passed the inspection period on your home.. you will have a MUCH higher chance of getting your offer accepted. Because the buyer has fully inspected your home and they still want to buy it! Which significantly eliminates the chances of the buyer changing their mind.