Thinking of Buying Before Selling? Here’s What You Need to Know About CONTINGENCY SALES:
First of all, what is a “Contingency Sale”?
A Contingency Sale is when a Buyer makes an offer to purchase a home with the condition that they first sell their current property. Essentially, it means they can only go through with buying the new home if they successfully sell their old one. This kind of sale helps Buyers avoid carrying two mortgages or taking on the financial strain of owning two homes at once.
THE POSITIVE: You are fully protected in the event your current home does not sell.
THE NEGATIVE: This is a significant layer of risk for the Seller of the home you wish to purchase potentially making your offer weaker than others they might have received.
If you’re considering a Contingency Sale, I know you probably have questions! Here are a few big ones you might have:
– Do I have enough equity in my home for this to even be possible?
– Will I have a deadline to sell my home?
– What if I sell my home and while we’re in escrow I learn that I am unable to purchase the new home for whatever reason?
– What if I’m buying a New Home Construction and that home won’t be ready for a while? Do I have to double-move??
And these are only some of the most common questions I get asked.
The fact is that there are a lot of moving parts with a Contingency Sale and I know all too well that there are pitfalls you must positively protect yourself from.
Contingency Sales are what I specialize in — especially Contingency Sales with the home you are purchasing being a New Home Construction. I have been working closely with Builders in Southern California since 2004 and they are comfortable with me because I speak their language and I have a reputation for delivering results.
If you are considering this type of sale… WE REALLY NEED TO TALK.
As an Area Sales Manager for a large New Home Builder, Chris has been a MASSIVE asset to my team. Understanding that we cannot close escrow on our home until our customer’s home has sold and closed escrow, the importance of receiving a quick and realistic price analysis for our potential buyers is paramount. Fortunately, this is one of Chris’s greatest strengths. Over the years I have learned that Chris specializes in cultivating relationships by listening to his clients (our customers) needs and creating urgency with his unique and extremely effective listing formula. I can count on weekly updates from Chris regarding our mutual customer’s listings as well as weekly detailed updates with homes that are in escrow. I feel fortunate to have Chris on our team!
When it comes to New Home Sales, Chris has strengths you just don’t find in other Agents. He knows the language and the expectations. He also has an impeccable track record as a Listing Agent specializing in Contingencies that speaks for itself. When my escrow department sees his name representing a Contingency they breath a sigh of relief.