What Happens When Your Offer Is Contingent?


Manage episode 152666761 series 1067341
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If you’re a homeowner buying a new home, your offer may be contingent upon the sale of your current home. Having a contingent offer decreases the likelihood of acceptance, especially when competing against others. For instance, if there’s an offer identical to yours that isn't contingent on a home sale, it’ll be more attractive. What if your offer is contingent on the sale of your property in the Silicon Valley?

On the flip side, most people do have a home to sell when purchasing a new one. How then do you win a bidding war with a property to sell? There are different stages of contingency. The further along you are, the better your offer looks.

For instance, you see your dream home listed on the MLS. You want to make an offer, but your home isn’t even listed. It’s not staged, and it might even need repairs. You’re not pre-approved and you haven’t pursued an inspection. Before jumping ahead, you need to do some work. Stage one involves the time it takes to prepare your home.

However, if you’re further along in the process, that strengthens your offer. If you’re considering buying a new property, I highly suggest starting the selling process as early as possible.

The further along you are in the selling process, the better your offer looks to the seller.

If you've already prepared your home for sale, the next step might be to have professional photos taken and work on the marketing aspect. If you’ve handled all of this, your offer is even stronger. A step past that is already being listed on the market. An even further step would be already having a buyer, especially one that removed their contingencies! The further along, the better it looks for the seller.

If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’d be happy to answer your questions and serve your local real estate needs!