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Home-Sale Contingency Transactions Made Easy

Sunday, May 28, 2023   /   by John Salkowski

Home-Sale Contingency Transactions Made Easy

Tips to help you buy your dream home contingent on selling your old house.

How do you buy a home when you need to sell yours at the same time? If you have a home to sell and want to buy a new one, here are the top three tips for success:

1. Come in at the asking price. While many people prefer not to pay over asking, paying the asking price is necessary if you want a competitive offer with a contingent home sale. Additionally, consider shortening your contingency periods, such as the home inspection and mortgage contingency.

"Find a true professional who is experienced in this type of negotiation."

2. Consider covering the seller’s state transfer tax. With a big contingency like a home sale, you need to sweeten the deal and make your offer more appealing. There are numerous competitive offers above asking price, so consider paying the seller's state transfer tax, which is usually 1% of the price for the home, and be flexible with closing.

3. Work with a skilled professional. It's crucial to collaborate with a Realtor who knows how to negotiate a home sale contingency in this market. Finding a true professional who is experienced in this type of negotiation is essential.

To learn more or discuss your specific situation, feel free to contact our office. Call or email us anytime. There is no cost or obligation. We look forward to connecting with you in the future.
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