Home Sale Contingency

Again, your objective in buying a home in a seller's market is to position yourself to be as competitive as possible without sacrificing your contractual protections. We can help you with alternative strategies to accomplish this goal.

Removing the home sale contingency might be the most difficult.

If you are the typical homeowner, you probably need to sell your home to be able to purchase another one. When you make on offer that contains a home sale contingency you put yourself at a competitive disadvantage in a strong seller's market. Sometimes there is no other choice. On the other hand, there are ways to avoid this:

1. If you have the resources to make the down payment and you have your financing pre-approved, lock in your new purchase contract while you have your current property for sale.
2. A short term bridge loan might be appropriate. Your lender can advise you on this option.
3. Consider selling your home first to extract the equity needed with a rent back option from your buyers until your new home closes escrow.
4. Sell your home and take up temporary housing with your goods in storage until escro closes on your new home. This is perhaps the least desirable from a financial and convenience standpoint, but may be an option.