Can You Make a Contingency Offer in Your Relocation?
A common question relocating buyers ask me, if they are selling a home and want to buy a new one, is “Can we make a contingency offer?”
This is one of those “it depends” questions. (see VIDEO at bottom of page)
Many relocation buyers have to sell their current home in order to buy another; lots of homeowners cannot qualify to take on a second mortgage, or may not want to. If so, a challenge in your relocation is trying to buy a new home to move in while at the same time selling your current home.
One option is to make a contingent offer on a home in your new location, i.e., the offer is contingent on the sale of your current home (we even have a form for that in California).
Being able to successfully make a contingent offer depends on a number of factors:
- the local market conditions where you are moving to (in a seller’s market the chances are slim to none)
- the competition for the home you are interested in (tough to compete with multiple offers)
- the price range (may be easier at the higher price points)
- how long the home has been on the market
- the seller’s circumstances
- and where you are in the process of selling your home (not on the market vs. on the market vs. an accepted offer is in place vs. ready to close).
Keep in mind a contingent offer, while good for you, is a risk for the seller, although if you, too, are in a strong seller’s market the risk may be lessened.
Need more relocation tips? Check out my Relocation A to Z Blog. I am happy to help from start to finish with your relocation here to SoCal, or with a move out of this area.
If you are moving someplace outside SoCal, I can still assist you. I know a great network of highly qualified agents around the country and can help refer you to the right person to help find your new home and/or sell your current one.
Check out Relocation Tips and Advice (video series)
Here are the prior articles (with videos) in this series in case you missed them:
Video #15 – Making an Offer in Your Relocation
Video #14 - Top Tips for Searching for a Home Online in Your Relocation
Video #13 – Preparing for the Move in Your Relocation
Video #12 – Relocating with Pets
Video #11 – Making the Most of Your House Hunting Trips in Your Relocation
Video #10 – Help Your REALTOR® Help You in Your Relocation
Video #9 – Finding School, Crime and Other Information During Your Relocation
Video #8 – Packing for your Relocation: Do It Yourself or Not
Video #7 – Making Your List and Checking it Twice: Your Relocation Checklist That Is
Video #6 – Questions to Ask Your Movers
Video #5 - Buying vs. Renting When Relocating to Your New Home
Video #4 – Finding the Right REALTOR® to Help in Your Relocation
Video #3 – Moving with a Relocation Package
Video #2 – Getting Pre-Approved
Video #1 – Relocation Expenses
Introduction to Relocation Tips Video Series
