A home sale contingency is a common inclusion in a real estate contract. With this provision accepted, the buyer can sell their existing home by a specified date. Then, the contract can proceed and the buyer can purchase the new home from the seller. This arrangement to sell your home and buy another makes things easier for a repeat buyer looking to move on to a second or subsequent home.
Problem is, no seller is crazy about a contingency that makes it easier to sell your home and buy another. In recent years, it was harder to get sellers to agree to this. That’s because it was more of a seller’s market and there was more competition for homes for sale. But new data show that sellers may be more willing to work with buyers who have a home to sell. That’s good news for buyers.
Learn more about this latest trend by reading my newest article published by The Mortgage Reports, available here.