Can I Put an Offer on a House Before I Sell Mine | Jefferson County Real Estate | RE/MAX Shine (2024)

FAQs

Can you make an offer on a house contingent on selling yours? ›

Yes, you can make an offer on a new house contingent on selling yours. This contingency allows you to proceed with the purchase if you successfully sell your current home within a specified timeframe. It provides flexibility but may be subject to negotiation with the seller and acceptance of the contingency clause.

Yes, you are allowed to put offers on multiple houses in California. In fact, it's a common strategy for succeeding in a competitive real estate market, and it doesn't get much more competitive than California.

As a seller, you're able to back out of an accepted offer if certain contingencies outlined in your purchasing agreement aren't met. One of the most common examples of this is having in place a contingency stating that you need to purchase a new home for the original sale to go through.

“With a bridge loan in hand, you can make a home purchase offer that's not contingent on selling your current home,” says Sean Simon, mortgage loan originator at Planet Home Lending. “That will appeal to home sellers who don't want their home sale to stall while they wait for the buyer's home to sell.”

Replacing a major component before putting your home up for sale — like the furnace, water heater or even the roof — may reassure prospective buyers and help fetch a higher price. Improvements that make things easy to clean and maintain may also increase home value.

A lowball offer is a slang term for an offer that is significantly below the seller's asking price, or a quote that is deliberately lower than the price the seller intends to charge.

Can you change your mind after making an offer on a house? ›

Backing out without a contingency

You can also back out after your offer is accepted if funding falls through. If you don't have a contingency to protect you if that happens, you'll most likely lose your earnest money deposit and, in some cases, be subject to other penalties, however.

Up against multiple offers, home buyers may have to face some heartache before they win out on “the one.” Sixty-two percent of real estate professionals say their first-time home buyers typically had to put in four or more offers before closing on a home, according to Assurance IQ, an insurance provider.

While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.

Yes, a seller can back out of a contract under certain circ*mstances. But you must show that you've upheld the conditions in the purchase agreement or face consequences.

Contingency with a kick-out clause

That means the seller can continue to show the home and accept offers during the sale contingency period. If the seller gets a better offer, they'll allow the original buyer 72 hours to drop the sale contingency and proceed with the deal.

Since contingency offers are conditional upon several factors, such as financing and inspections, they can delay or jeopardize the home's sale. Sellers can worry that these stipulations could lead to a prolonged sale timeline or the sale not following through if conditions are not met.

Among contingent offers, less than five percent fall through, according to multiple sources. Broken offers may arise because the buyer isn't able to secure financing or because the seller isn't willing to lower their listing price after a low appraisal.

In California, the buyer must fill out a form to enact any contingency removal. This process includes signing a document called a contingency release agreement. With this form, you can keep the buyer's earnest money deposit in case the transaction falls through.