With a seller contingency, buyers agree to purchase your home while giving you time to find your next home, easing the pressure of selling and buying simultaneously.
If you’re planning to sell your home, you might be wondering how to make the process as smooth as possible. One option you should know about is the seller contingency. While you may be familiar with the home sale contingency, which requires a buyer to sell their home before they can purchase yours, a seller contingency works a bit differently. This strategy could be exactly what you need to make your move easier. Here’s what you need to know about it:
What is a seller contingency? A seller contingency is when a buyer agrees to purchase your home with the condition that you find a new home within a certain time frame. This gives you the flexibility to sell your current property without worrying about not having a place to move. You can list your home and accept an offer, but the deal won’t close until you’ve found your next home. This can be a big relief, especially in a competitive market where finding the right house can take time.
Why is this important in today’s market? In many areas, inventory is low, and many sellers hesitate to list their homes because they’re worried they won’t find another one. A seller contingency gives you the time and flexibility to search for your next home without the pressure of being stuck. This contingency is especially helpful in markets where homes are selling quickly and buyers are often competing for limited properties. With this arrangement, you can take your time to find the right property before finalizing the sale.
How does it work for buyers and sellers? For buyers, a seller contingency may seem like an extra step, but it can be a great way to keep the process moving in a market where sellers are reluctant to list. Buyers might agree to this contingency in exchange for the chance to purchase a home they love. In many cases, it’s a win-win for both parties: the seller gets the time they need, and the buyer secures the home they want.
“In low-inventory markets, a seller contingency provides the breathing room to sell your current home while searching for your next one.”
The inspection process. With a seller contingency, there’s also flexibility around the inspection. Buyers can choose to do their home inspection before the seller has found their next home, or they might agree to do it after. This is something that’s negotiated in the purchase agreement and can vary based on different factors. It’s important to understand this detail, as it can impact how quickly the deal progresses once the seller finds their new home.
Why should you consider a seller contingency? In today’s housing market, where inventory is tight and sellers are often hesitant to list their homes, a seller contingency could be just the solution you need. It gives you peace of mind knowing you won’t be rushed into a purchase you’re not ready for. Plus, it can make your home more attractive to potential buyers, as they know you’re serious about selling and willing to work with them on a flexible timeline.
If you’re ready to sell but have concerns about finding your next home, a seller contingency might be exactly what you need. If you have questions or need help navigating this process, feel free to call or text us at 952-212-3597 or email us at ChadandSara@edinarealty.com. We’re happy to guide you through every step of the way.
