Navigating Real Estate Contingencies in Portland, OR and Vancouver, WA: A Guide for Simultaneous Buyers and Sellers
When you’re considering buying a new home while selling your current one in the bustling markets of Portland, OR and Vancouver, WA, understanding the differences of real estate contingencies can significantly impact your decision-making process. Today, I’ll discuss with you the terms that every homeowner should be aware of to manage these dual transactions effectively.
Home to Sell Contingency: What You Need to Know
A “Home to Sell Contingency” is crucial if you’re looking to purchase a new home but have yet to sell your existing one. Here’s what this entails:
-
Listing Requirements: If your current home isn’t listed yet, potential sellers will typically expect it to be on the market within three to five days. The specific timing can vary based on negotiations.
-
Timeline Coordination: You must coordinate the sale timeline of your existing home with the purchase of your new home. This includes setting terms for earnest money deposits and inspection timelines, which can commence upon an accepted offer on your home to purchase or upon an accepted offer on your home to sell.
-
Potential Risks: The most significant risk involves the inspection costs, which you might lose if you cannot find a buyer for your home and fulfill the contingency. Also while you have your home to sell and are not in escrow the seller on your home to purchase may continue to market their property in bumpable status. What this means to you is you are at risk to be bumped if another offer comes in and you can not remove your contingency.
Understanding these terms is not just about knowing what to sign; it’s about strategically planning your move to align with market dynamics. With over two decades of experience in the Portland, OR and Vancouver, WA real estate markets, I’ve seen firsthand how crucial a well-managed contingency plan is.
Home to Close Contingency: Securing Your Transition
The “Home to Close Contingency” differs as it applies when you have a buyer for your home, and it’s only a matter of closing the transaction. Here are the advantages:
-
Protection of Earnest Money: This contingency protects your earnest money, as the transaction depends on the successful closing of your current home’s sale.
-
Continued Marketing: With a home to close contingency the seller can no longer market their property to potential buyers offering you more protection.
Expert Guidance for Your Real Estate Needs
Navigating the intricacies of buying and selling homes simultaneously requires a deep understanding of market terms and a strategic approach. Whether it’s deciding when to start inspections or how to negotiate your terms, having an expert by your side can make all the difference.
If you’re in this situation, don’t hesitate to reach out. I’m happy to provide personalized advice tailored to your unique situation. Click below to book a call with me, and let’s make sure your real estate transactions are as smooth and successful as possible!
Ready to Master Your Move?
Real estate contingencies in Portland, OR and Vancouver, WA need not be a stumbling block in your journey to finding the perfect home. With the right advice and strategic planning, you can navigate these challenges effectively. Remember, whether you’re moving to a new home or selling your current one, I’m here to help guide you every step of the way.
For a complimentary consultation, book your call here calendly.com/lewisrealtors and remember, your moving needs are always our biggest priority!
