A lot of people don’t have the means to rent or to put their possessions into storage while they search for a new home; using a contingency contract allows them to move from one property to another without making a double move.
In today’s second installment in my series on contingency contracts, I’ll show you how to prepare your home if you’re considering going through with this ‘domino deal’ (click here to see my video on home staging):
If you’re going to navigate the marketplace as a seller with a contingency contract, it’s almost mandatory that you put your home in its best light. You’ll need to price your home correctly per its market value, or perhaps even a little below. That way, you can get your property under contract with a buyer as quickly as possible and a higher chance of the seller accepting your offer.
To position your home in the market properly, you’ll also need to do more than price it correctly and stage it—you’ll also need to have a very, very flexible schedule for showings. Never reschedule buyers when they ask to view your home; let them come as they deem fit. You’re trying to generate an offer quickly so that you can get to the next one, and delaying their visits will not only extend the time period in which you need to sell your home, but it may also cause buyers to pursue other options.
When you do find a home that you love, you’ll also need to structure your offer depending on its price point. If you’re shopping in, say, the $275,000-or-below range and the home you find is in good condition, you’ll probably find some competition in the form of multiple-offer situations. Since you’re a contingency buyer, you’ll need to put your best foot forward to have the seller even consider your offer. You’ll have a harder time in a multiple-offer situation if you don’t have a buyer for your current home by the time you place an offer on the home you’re attempting to purchase.
In my next video, I’ll discuss more about how to structure an offer so that yours wins out amidst a crowd of competing buyers.
I hope you found this information valuable! If you have any questions or comments about contingency contracts, feel free to reach out to me. I’m always available for you.