How Can I Make My Offer More Competitive - No Home Sale Contingency
Channel: Living in Boston & the Burbs by Jeffrey Chubb
Date: 2021-02-20

How can I Make My Offer More Competitive? A Home Sale Contingency can be a big negative when trying to get an offer accepted in a competitive situation. Removing a home sale contingency is extremely risky if you haven’t done your due diligence and are not feeling 100% confident in being able to go through with the sale. 

If you are a first-time home buyer then you can check this box off! You have a built-in competitive advantage. 

If you have a house to sell, then you do have some options. The first option is to talk with your mortgage banker and see if it is possible to buy your next home without selling your current home. If that is the case, then removing the home sale contingency is far less risky. Other options are speaking to your mortgage banker and finding a friend or relative who may be able to co-sign on the next house which would allow you to carry both properties. 

The second option is very risky. That is removing the home sale contingency with your house being under agreement or not even on the market. Very risky. Even if the house is under agreement and you have rock star buyers, there is still risk. What if the buyers on your house lose their job and can’t qualify for a mortgage? 

This is an option to talk in a lot of depth with your mortgage banker as well as your real estate agent. It’s important to know all of your risks and understand that you can lose your entire deposit if you are not able to perform. Each situation is different, but it is hard to recommend this option when you can’t perform if the house doesn’t sell.

After weighing the risks, if writing an offer with no Home Contingency is right for you, then this and using some other items on the Chubb Homes Team Buying Power Checklist will help make your offer more competitive. 

The Buyer Power Checklist breaks down an offers buying power into three different categories. A buyer's offer will either be in the 'Low', 'Average' or 'High' Buying Power category. 

https://www.boston2.com/blog/how-can-i-make-my-offer-more-competitive-the-buying-power-checklist/