When it is time to sell your current home and move into a new house, there are a lot of factors you need to consider. The most stressful part might be trying to buy your new house before selling your current house. The timing can be so important. People often ask me, “Can I make a contingent offer my a new house?”. This video explains how placing a contingent offer can work.
Making a contingent offer on a new house can be a smart move for a buyer, but it’s important to understand the process and potential risks. A contingent offer means that the sale of the house is contingent on certain conditions being met, such as the buyer selling their current home or securing financing. You’ll have to complete the sale of your home within the timeframe or else you’ll lose the new house.
To make a contingent offer, it’s important to work with a real estate agent who can guide you through the process and help you draft an appropriate contract. The Colorado Real Estate contracts do allow for you to keep your earnest money if the sale does not happen within the agreed upon timeframe.
Keep in mind that a seller may be hesitant to accept a contingent offer, as it means they may have to wait for the buyer to fulfill their conditions before the sale can be completed. It’s also possible that another buyer could come along with a non-contingent offer that the seller finds more attractive. In a hot real estate market, sellers are less likely to accept an offer that is contingent on the sale of another property.
Overall, making a contingent offer can be a useful tool for buyers, but you should have a full understanding of how it works and you’ll want a real estate agent who can guide you through the process. Hit me up to discuss your home buying and selling situation.
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