When working with a seller, it's essential to understand their motivation when buying or selling a home. In some cases, a reverse contingency can be helpful when a client is concerned about making two separate moves. This allows the seller to find the home of their choice within a short amount of time after an offer is made. As a real estate agent, it's essential to ask the right questions and understand your client's needs to provide the best possible service.
In my years as an agent, my buyers bought their new home while selling their current home, in that way. Sometimes, we used bridge loans, rather than contingencies, especially when the market was very competitive.
CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!
Good morning Margaret. Pays to use a knowledgeable agent who understands timing and the needs of the customer. Where there is a will there is a way but it requires experience. Enjoy your day.
Good morning Margaret,
Its all in asking the right questions to see what works best for your sellers. I've had several sellers in 2023 who purchased before they sold but also owned their home free and clear and were in a good position. My sellers did buy a home in another city with a builder and they had a 30 day contingency. They were motivated and I was able to get their home sold! It can happen but timing and communication is crucial!
Margaret in a low inventory market like we are in that would be a wise contingency to a Seller to include in their selling agreement.
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