Andrew Lam explains how to make a contingent offer competitive when buying a home before you've sold yours. Speed up your sale, offer better terms like shorter inspections or quick closing, and consider covering the seller's closing costs to sweeten the deal.
Do you already own a home, but you want to buy a new one? I'm Andrew Lam with Keller Williams and I've been getting this question a lot and unfortunately not everyone has the money to keep two homes and pay both mortgages. Most people will have to sell their current property to have the funds to pay for the new house. If you need to submit an offer contingent on the sale of your old home, what can you do to ensure your offer gets accepted? So here are three things that you can do to buy a new house with a contingent offer. My first tip is to offer competitive terms. Usually, contingent offers are viewed as less attractive by home sellers. To combat that, work with your agent to offer competitive terms. For example, offer a quick closing period or a shortened inspection period and many sellers will be willing to accept a contingent offer if you can give them what they want. Usually, price is not the most important factor. 2 Another way to make your offer more appealing is to offer competitive price. If you don't want to pay over the list price, you can cover some of the seller's closing costs or provide a larger earnest money deposit. By demonstrating your commitment to the transaction, you can help the seller feel more comfortable waiting for your home to sell. 3. If you're feeling uncertain about how to navigate the process, work with a real estate professional who has a proven track record of quickly selling homes. They can guide you through the complexities of a home sale contingency and offer valuable advice on how to make a competitive offer. In addition, working with a real estate professional can help instill confidence in the seller that your home will sell on the market. If you have any questions about how to get your offer accepted in the market like this while you're still selling your home, reach out to my team. We'd love to help you. We work with clients like this all the time and you can reach us either by calling the phone number here or by email. We'll talk to you soon. It.
