I bought my first house when I was 22 years old. Since then, I’ve owned 3 more houses, and am in the process of purchasing my 5th. If I’ve learned anything as a realtor and as a home owner, it’s that you should NEVER start looking at houses to buy until your current property is sold, or at least until it’s on the market.
It’s part of my job as a REALTOR™ to mitigate risk for my Minnesota home buyers, and one of the largest risks to avoid is writing an offer on your next home, contingent upon the sale of your current home. This is a large risk for a couple of significant reasons:
- If another buyer comes along that can purchase the house you want non-contingent, the sellers have every right to entertain their offer and challenge your contingency. That gives you approximately 48 hours to come up with a valid purchase agreement on your home. If you cannot do that, you get “bumped” from the purchase. Even if you can produce proof that you can purchase the house without having to sell your current home, the only proof the sells HAS to accept is a valid purchase agreement. Therefore, if the other offer is better than yours, you have no recourse except a valid purchase agreement.
- When that eventuality happens, you are resigned to starting your search all over again. And, often, your “ideal” house becomes a “ghost house” to which no other property will measure up. By writing an offer to purchase a home contingent upon the sale of your current home, you are giving the seller ALOT of power over whether your deal happens. I’m here to help even the playing field.
So, protect yourselves as buyers AND sellers and take it one step at a time. Call me; I can help you find the right seller services, too!
Learn more about Susan Hofflander