With such a shortage of inventory, many potential move-up home buyers are afraid to sell for fear of not finding another home to buy and being left homeless.
Most people are familiar with the buyer contingency of their purchase being contingent upon the sale or closing of their current home so they have funds to close on the purchase their new home. But in this strong seller’s market not many sellers are willing to consider this contingency.
There is another contingency for this situation. It doesn’t have a formal name, but I refer to it as the “Home of Choice” contingency… the sale is contingent upon the seller finding a home of choice to buy within a set time frame. If the seller can’t find a suitable new home the purchase agreement is cancelled and earnest money is refunded to the buyer.
Most of the time sellers find a new home, but in a tight market having an ‘out’ can ease the stress of searching for a new home.
RE/MAX Results HomesMSP Team – info@homesmsp.com
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