Buying a Home when you need to Sell

Here’s an excerpt from Cornerstone’s Video Blog today. Most buyers, are also home owners which means they need to sell their home before they can close on their new property. It’s important to understand contingencies and time clauses when you go about the buy and sell real estate transaction.

It is okay to start looking for Logan homes, even though your current home for sale doesn’t have any offers. And, if you find one you like, you can still make an offer, you will just need to make it contingent on the sale of your house. Writing your real estate purchase contract this way protects you as the buyer in the event that you have trouble selling your home.The downside of writing offers this way is that an offer with a contingency is never this strong. In addition, with as slow as the Logan Real Estate market is right now, some sellers may not accept your offer at all, or might accept it with a “time clause.” The time clause means that the sellers are going to be permitted to continue marketing their home to other potential buyers. If they get an offer, then they will give you 72 hours in which you must remove your contingency if you want your offer to remain in first position.The best thing to do if you are looking to buy and sell, is to price your home right so you can actually get it sold. When you do this the obstacles for buying your new home will be minimized.

via Cornerstone Real Estate Video Blog.

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