Reverse Contingencies and Transitional Housing

Today's market is moving fast and homes are selling within a few days. While this may seem as a significant upside for many sellers, it is also the cause of anxiety. Sellers are faced with the problem of finding an new home before their current home closes. No need to worry, there are options to help ease your problems.

Using a reverse contingency is one of the best options a seller has during this time. The use of this contingency is pretty simple. Sellers have the option of inserting a clause into the purchase agreement that makes their home sale contingent on finding another home to buy. This intern give the seller more time and relieves a lot of pressure. This is the opposite of a normal contingency clause commonly used by a buyer. Once an attractive offer is received on your home but you have not yet found another one to buy simply put in a reverse contingency clause. This requiring that the buyers must wait at least two weeks to sign the final purchase agreement so you, the seller, can find new turf while keeping the offer on the table. If you are unable to find new turf during that two weeks, you can negotiate a longer contingency if needed.

Transitional housing is the second option a seller has when caught in this dilemma. Transitional housing allows you and your family to stay in a location for a short period of time until you find the right home. You could rent a single family house, rent your own home from your buyers, rent an appartment, stay with friends and family, or even stay at an extended stay hotel for the short term until you have found the one.

When you sell your home before buying a new one, you do not need to worry. I will make sure to help you plan accordingly so that we make arrangements for your situation. It is important that we work closely together throughout the buying and selling process. I promise to make your home buying and selling process the best one yet!