Buying and selling a home can be extremely stressful, luckily there is a seller’s contingency that can help alleviate some of the stress. One of the biggest stressors when choosing to sell and buy a home at the same time is simply what happens if you accept an offer and then can’t find a home to move into. Contrary to common belief, as long as you include a contingency within your listing/accepted offer, you can simply pull out of the sale at the last minute if you haven’t found a replacement property.
Related: Do I Have to Accept the Highest Offer?
When choosing to list your property you can list your property with a contingency, “contingent on seller finding a replacement property” and this informs all potential buyers that there is a risk when offering to purchase the home that the sale could potentially unravel. While in most cases, you wouldn’t list your property unless you are actively trying and hoping to find a new home, should something go wrong, or if you can’t find a home, you don’t run the risk of losing your home and being “homeless.”
Some people may worry that by listing their property as “contingent” they may not receive as much foot traffic as other listings, however, in today’s market this couldn’t be further from the truth. We are in a seller’s market which means that houses are selling extremely fast and, in most cases, even above asking price.
Because homes are selling so quickly, even homes that are listed as contingent are still seeing the same amount of offers as those without. To put it simply, it’s a near perfect situation for sellers. You can list your house, try to find a new place to call home, and if it all fails, pull out of the deal after you’ve accepted an offer and remain in your house without ever having to pack up and move. Keep in mind, you can only back out before the close of escrow, it is important to stay in close contact with your realtor so that you know when your deadlines are and that if needed, they are not missed as then you will be unable to pull out of the deal.
Related: Waiving an Appraisal
While the contingency can indeed keep you safe when selling your home while you try to find a replacement property, it is important to try and remember that you should only use this when you are serious about selling and purchasing a home. While you can pull out of the sale, try to remember that this will heavily impact the buyer and thus you should only use the contingency if absolutely needed.
If you’re currently searching for a new home, are ready to sell your home and are in need of a qualified seller’s agent, or if you have any questions regarding Carolina Real Estate, please feel free to contact our office at any time and we would be more than happy to assist you.