Have you heard the term contingent offer before? This video helps explain the difference between contingent offers and non-contingent offers. This one’s fairly simple to understand and is more relevant right now since we’re in such a competitive market for buyers.
Buying contingent means, in order to purchase a home, you need to sell your current one first. This usually happens when a buyer needs the funds from the sale of their current home to put towards the purchase of a new one. I mean, most of us don’t have another down payment available in our accounts after putting a downpayment on our current home. This is important to remember since the real estate market is so hot and most homes are going under contract with multiple offers.
If you’re submitting a contingent offer on a home right now, there’s a good chance there could be other offers alongside yours that aren’t contingent. Meaning they’re ready to go, now, and don’t need to wait to sell another home in order to purchase this new one. Non-contingent offers can be more attractive to sellers, since they can often mean a simpler and smoother closing process. But that doesn’t always mean that they are the best offer and that a contingent offer won’t be competitive.
If you’re looking to buy a home with a contingent offer right now, don’t give up! I have several things that I suggest my buyers do in order to make their offers stand out amongst the crowd, and give them a better chance for success when competing. I’ve had a lot of success in this market getting my clients contingent offers accepted.
If you’re thinking about taking advantage of maximizing your return on the sale of your current home and securing a low interest rate, shoot me a message so you can learn more about how I can help you write a winning offer on a home.
