Buying a new home is an exciting milestone, but it can also be a stressful process—especially if you need to sell your current home first. That’s where the concept of buying a home "subject to selling your current home" comes in. This approach has gained popularity among homeowners looking to transition smoothly from one property to another without the financial burden of owning two homes simultaneously.
What Does It Mean?
When you make an offer on a new home "subject to the sale of your current home," you’re essentially telling the seller that your purchase is contingent upon successfully selling your existing property. If you’re unable to sell your home within a specified period, you typically have the right to back out without penalties.
Why Is It So Popular?
Minimizes Financial Risk – Homeowners avoid the stress of carrying two mortgages at once, making the transition more manageable.
Gives Buyers More Confidence – Buyers can shop for their next home knowing they won’t be left paying for two properties if their current one doesn’t sell quickly.
Appealing to Sellers in Certain Markets – In a balanced or slow market, sellers may be more willing to accept this type of contingency rather than wait indefinitely for another offer.
Smooth Transition – This approach ensures a seamless move, reducing the likelihood of needing temporary housing between sales.
Considerations to Keep in Mind
While this strategy is beneficial, it’s important to:
Ensure your home is competitively priced to sell quickly.
Work with an experienced real estate agent who can negotiate favorable terms.
Be aware that in a competitive seller’s market, sellers may prefer offers without contingencies.
Overall, buying a home subject to selling your current home is a practical solution for homeowners looking to move without unnecessary financial stress. If you're considering this route, work closely with us (your trusted real estate professional) to navigate the process smoothly! If you have any questions about these topics please send us a message!
