Selling Your Current Home, While Buying A New One (Contingency)
Being a contingent buyer means that you have to sell your current home in order to buy a new one. There are different levels of contingency that a Realtor will consider when looking at a contingent buyer.
Buying a new home while selling your current home in Santa Clarita can be a challenge, however having a real estate agent with experience in these scenarios can certainly help you and advise you through the process. It is quite common in today’s real estate market to have a contingent transaction as many Santa Clarita buyers, have a home to sell and are using their equity form that sell to purchase a new home.
Levels of Contingency:
1. Not On The Market
2. On The Market But Does Not Have An Offer
3. On The Market With Offer(s)
4. On The Market, With Offer & Escrow Has Opened
5. On The Market, In Escrow and Buyers Have Removed Their Contingencies (this is the highest level you can be as a contingent offer)
What is the best way to go about this?
From a Realtor’s point of view who is listing the house you would like to purchase as a contingent buyer, it is much better to already have your current home on the market and ideally in escrow. If your home is already in escrow, this shows that you are a serious buyer who is ready to purchase the home at that moment. A Realtor will most likely consider your offer and not feel the need to wait for others.
On the other hand, if you try to put in an offer on a home but have not taken the step to list your current home, the listing agent & seller on the home you want to purchase will not take the offer seriously . In this case, the seller may want to wait for other offers that may seem less likely to fall through. And if it is a competitive market and has multiple offers, then there is a very slim chance of getting this type off accepted.
When you have decided that you would like to buy a new home and sell your current home, it is better to go through the process of putting your current home on the market first. This will ensure that when you do find your dream home, you will be in the best position to purchase it.