What is a Contingency, Concurrent Closing Sale Anyway?
Contingency Sales and the Challenges of buying real estate as a second time, move-up buyer. Why it is important that the agent you hire understands the ins and outs of handling this type of transaction?
Second time home buyers are different as they have a clear understanding of what they are looking for in their next home. But the challenges of avoiding a triple move can be difficult to overcome if the agent you hire is not experienced in handling this type of transaction.
Selling your existing home and buying another property and having both escrows close together can be very difficult if not handled correctly. Buying and/or selling real estate is stressful and challenging enough without complicating the situation with problems that are easily avoided.
So where do you start?
When hiring an agent to sell your existing home make sure and interview at least two or three agents to determine their experience in the concurrent closing of a contingency real estate sale.
Beware of the advice that an agent may give you about just selling your current home first to get that part of the transaction out of the way … after all; you would still have the cash in the bank with which you would use to make your next purchase. View the video I published that goes into more detail as to how harmful this strategy can be and how you may actually lose money in the long run!
Hiring an agent that is experienced and who has successfully closed concurrent, contingency real estate transactions in a rising home value market is critical to your success as a seller and second-time, move-up or empty-nest home buyer.
In my video I further explain how I recommend proceeding should my home sellers not be successful in finding their next home within the specified period given in the sales contract of their existing home.
For more information or to discuss your individual situation, just give me a call.
Allison Van Wig 562-882-1581