You’ve weighed the options of selling before buying or buying before selling. You have finally decided that buying a new home with a contingency of selling your current home is the best way to go.

I’m going to be real…this is going to be stressful and complicated but SO worth it when you are sipping coffee on the back deck overlooking your gorgeous new back yard.

The best way I can help keep the stress level down is by breaking it down to bite sized steps. This will help you feel more “in control” during the process. Keep in mind this is a general overview. When we meet at your consultation we will put your personalized plan in place. I will give you more details as we go along and promise that I will be holding your hand the whole way.

Let’s start with a little review. Contingent Offer, what does that mean? A contingency is a provision of the contract that keeps the agreement from being fully legally binding until a certain condition is met. In this article we are specifically referencing the contingency of selling and closing the buyer’s current home prior to closing on the sale of the new home that they are purchasing.

Here we go breaking it down…

  1. Meet with your Realtor to discuss the market value of your current home and your goals for the next home.
  2. Contact a trusted mortgage lender. Discuss with them the amount of mortgage you will need to buy the next home and provide them with the approximate proceeds that your Realtor estimated for you.
  3. Determine if your goal is possible and worth it to you to continue with the process.
  4. If the numbers and information are in alignment, go through the formal pre-approval process and have your Realtor help you determine what needs to be done to your home so that you can put it on the market immediately once you find “the one”.
  5. Search for a home
  6. Go under contract on a home
  7. Put your home on the market
  8. Accept an offer on your home.
  9. Mortgage process on both sales.
  10. Close on homes, current home first and possibly both on the same day.
  11. Possession- turn over your home and move into the new one.

Ready to get the ball rolling? Start with step 1. Click here to schedule a consultation!