Selling Your Home Subject to Buying a New Home

It's not unusual for a seller to insist on selling contingent, subject to buying a new home.

Last week we discussed contracts contingent on the buyer selling a home. But what happens when a seller wants to put a home on the market yet receive an assurance of finding a suitable replacement home? It can be a sellers' worst nightmare. They worry their home will sell and they'll have no place to move. In this case, the seller would be selling contingent on the purchase of another home.

The first step is to put that contingency in writing into the purchase agreement, either as part of the original offer, on an addendum or in a counter offer. However, the problem arises when a buyer wants to know his or her offer is solid and binding, and there are ways to accomplish that directive while protecting both parties . . . read more about Selling Contingent.

More Articles by Elizabeth Weintraub:

• Buying and Selling at the Same Time
  
• Security Alarm Debate for Home Sellers
  
• Calculating How Much Your Home is Worth

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