Need to Sell Before You Buy in Hudson? Contingent Offer Tips

It's the classic move-up problem. You found the house in Hudson. But your money is tied up in the house you live in now, and you can't buy the new one until the old one sells. That's what a home-sale contingency is for. The challenge is getting a seller to say yes to it.

What a home-sale contingency does

A home-sale contingency makes your purchase depend on selling your current home, usually by a certain date. If your house doesn't sell in time, you can cancel without losing your deposit. It protects you from owning two houses at once.

Why sellers hesitate

Look at it from the seller's side. They take their house off the market, and now the closing depends on a house they've never seen, priced by someone they've never met, selling in a market they don't control. If your house doesn't sell, they've lost weeks. In a higher price range like much of Hudson, where there are fewer buyers to begin with, that risk feels bigger.

Your job is to make that risk look small.

Have your house on the market first

The strongest contingent offer comes from a buyer whose house is already listed, or better yet, already under contract. A house that's listed, priced right and getting showings tells the seller you're serious. A house that hasn't even been photographed tells them they're waiting on a maybe.

Pricing matters here more than ever. An overpriced current home is the fastest way to sink your purchase. We explained why in our post on overpricing a Solon home, and the same logic applies anywhere.

Show your numbers

Give the seller reasons to believe your house will sell:

• A pre-approval that shows you qualify for the new home once your current one sells
• Your listing's activity: views, showings and any feedback
• A realistic timeline, not an open-ended one

Check your own numbers before you start, too. Know what you'll likely net from your current home after the mortgage payoff and selling costs, because that number decides what you can offer on the next one.

Know what happens if the clock runs out

Every contingency has a deadline. Before you sign, know exactly what happens if your house hasn't sold by then. Can you ask for an extension? Does the agreement end automatically? How is your earnest money handled? The answers are in how the contingency is written, so read it with your agent, not after the fact.

Have a plan for that day too. That might be a price adjustment on your current home a few weeks before the deadline, so you aren't making that decision under pressure. Sellers can tell the difference between a buyer with a plan and a buyer with a hope, and so can their agents.

Call the listing agent first

When I teach agents how to work with buyers, I tell them to call the listing agent before writing the offer. Find out what matters most to the seller. It's not always price. A seller who needs a particular closing date, or wants a short rent-back after closing, may accept a contingent offer that fits their plans over a cleaner offer that doesn't.

If you're asking the seller to take on risk, think about what you can give back: a price that reflects the wait, a larger earnest money deposit, flexible timing, or letting the seller keep showing the house and accept a backup offer, with you getting a set amount of time to remove your contingency if a better offer comes in. Ask your agent how to write that correctly. A seller who keeps the right to accept a backup offer is taking a lot less risk, and that alone can turn a no into a yes.

Other ways to do it

A contingency isn't the only path. Some move-up buyers talk with their lender about financing that lets them buy before they sell. Others sell first and rent for a few months, or negotiate a longer closing on the house they're selling so the dates line up. Each option has costs and risks, so go over them with your lender before you choose.

Another option is a "power buyer" program like our in-house MyZipHome, which guarantees the sale of your current home so you can make an offer without a home-sale contingency. Reach out and we'll walk you through how it works.

A Hudson note

At Hudson's price points, a seller may hold out for an offer without a contingency, especially in a busier season. That doesn't mean yours can't win. It means it has to be organized. We covered how sellers weigh competing offers in our post on accepting the first offer in Hudson. Reading it from the seller's side will help you write a better one.

If you're planning a move up to Hudson, schedule a time with me or someone on our team at 21mike.com.

Mike Ferrante
The Mike Team at LPT Realty
www.21mike.com
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