How to Upgrade with a Contingent Offer
If you currently own a home and are thinking about upgrading, your greatest advantage is being able to leverage the equity you've built up. This allows you to make a bigger down payment, avoid private mortgage insurance, and even fund improvements on the new property. A common way to achieve this is through a contingent offer . You secure a contract on the new house first, list your current property, and then schedule both closings back to back. Let's walk through the mechanics in a little more detail. When you find the right house, your offer will include a clause making the purchase contingent on selling your current home, typically within 30-60 days. It can be more or less time depending on how competitive you want your offer to be. If they accept, we'll want to get your house listed right away. When considering how to price your home with this strategy, keep in mind that you don't have months to test a high price. We'll look at comparable home sales and decide...