How can you sell your current home and buy another one without ending up homeless in between? I’ll explain the answer today.
How do you sell your home and buy another home without being homeless in between?
Whether you are moving up from a townhome or condo to a single-family property or downsizing, this can be a tricky transition.
Basically, you will need to use the home of choice contingency in the standard contract. So, if you have a property to sell and the buyer makes an offer, you can tell the buyer that you will accept the offer as long as they give you enough time to find the home of your choice. You can ask for two weeks, two months, 60 days—it all depends on the buyer.
"The home of choice contingency gives you the freedom to find your next home."
The buyer may be concerned because their deal depends on you being proactive about finding a property. The good news is that the contingency gives you freedom to find the home that you want because you already have a contract on your current home. Once you have a contract on your next home, give your buyer notice and you will be able to close on both transactions.
Now, there are a lot of moving parts to this process but it is necessary because a lot of people don’t have the extra cash to facilitate another home purchase. However, it has worked out well for many of our clients.
If you have any questions or would like to talk more in-depth about this process, give me a call or send me an email. I would be happy to help you!
