One way of co-ordinating your buying
and selling of a home is to make your offer conditional
on selling your current home. With a conditional-on-sale
offer, the offer becomes firm and binding only if you sign
an offer to sell your home within a specified period of
time, maybe three months. If it doesn’t happen, then the
offer is null and void and you don’t need to do anything
more.
The seller might not want to
accept a conditional-on-sale offer but if they are
unsure of selling their home in a time frame they
want or the market is slow, they might consider it.
Sellers can protect themselves (I’m
sure you can appreciate this) by accepting a conditional
offer but allows them to continue listing their house for
sale during the conditional period. If the seller has an
offer, you have first opportunity to waive the condition
of selling your home and going ahead to buy the home you
want. If market conditions are good and you feel you can
sell your home in a short time, you could go ahead and
purchase this home while still marketing your original
home. If you have a mortgage, you might consider ‘bridging’,
something which would be explained to you in detail by
your lender. |
