Stern Market Minute: How to Buy a House With a Contingent Offer
Channel: The Stern Team | KW Salt Lake City Real Estate
Date: 2023-07-27

Learn more: Purchasing a new home is an exciting experience, but for many people, it requires selling their current property first. However, not everyone has the financial ability to own two homes at once. If you need to buy your dream home but have yet to sell your existing property, don’t worry. There is a way to make an offer contingent on the sale of your old home and increase your chances of being accepted. 

Firstly, offering competitive terms will give you leverage. Ordinarily, contingent offers aren't the most attractive to home sellers, but supplementing your offer with competitive terms creates a valuable trading point. Be sure to discuss with your real estate agent, who will help you determine what the seller is looking for. Quicker closing periods or shorter inspections might be some of the benchmarks to make your offer more appealing.

Secondly, offering a competitive price can go a long way. If you're not enthusiastic about spending over the listed price, there are other ways to make the seller amenable. For example, you can take care of some of the seller's closing costs or provide a more substantial deposit or earnest money deposit.

Thirdly, working with an experienced real estate professional is another essential tip. A successful real estate professional who has a proven track record of quickly selling homes will be able to direct you through the complexities of a home-sale contingency. They can also offer valuable suggestions on how to make a competitive offer and navigate the entire process smoothly. Additionally, an experienced real estate professional can foster confidence in the seller that your existing home will sell successfully.

Fourthly, make the necessary home improvements to ready the house for sale. You don't have to break the bank here to make changes. You can make minimal changes like decluttering the house, removing personal effects, and taking care of minor home repairs. This, in turn, can make the house more aesthetically pleasing to potential buyers.

Lastly, keep the lines of communication open with your real estate agent. As you prepare to sell your home, keep in touch with your agent. Your agent will assess the state of your home, suggest improvements, and track the progress of your sale. Be sure to keep them updated about the transaction, including when you have an offer for your home.

In conclusion, buying a new home while you're in the process of selling your existing one can be a bit nerve-wracking. However, you can significantly boost the probability of success by utilizing these five tips.

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The decision to buy or sell a home shouldn’t be made lightly. Here at The Stern Team, we want to help make that decision easier by providing you with relevant, educational information about real estate in Salt Lake City, and the real estate market, right here on our YouTube channel. Whether you’re looking for helpful tips about buying a home, selling a home, or the latest market statistics, we’re here to bring that information together all in one place. We have a passion for helping homebuyers and home sellers achieve their goals and we’d love to talk to you about how we might help you achieve yours. If you have any real estate-related questions for us, don’t hesitate to reach out to us via phone or email today.

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