It isn’t always easy to do but sometimes we have to sell one home while buying another. Last year I helped a couple move from Bloomington to Eagan. They found their dream home in Eagan and made an offer that was contingent on the sale of their home in Bloomington.
The homeowner in Eagan accepted the offer giving the buyers about 60 days to sell their home, and it wasn’t even on the market yet. We were able to sell it, and the couple was able to buy the home they wanted in Eagan.
When we make an offer that is contingent on the sale of another home the seller has the option of calling the contingency which means if they get an offer they like better they can give the buyer X number of hours to remove the contingency and perform proceed with the purchase. Sometimes the buyers have to get a special loan, and other times they are unable to perform and someone else gets to buy the house.
Last year I worked with a couple from out of town and we made a contingent offer on a home in Highland park. They got an offer on the home they were selling, but it fell through a few days before the closings. They could not buy the Highland park home and that seller had to put it back on the market and we had to start house hunting all over again.
It usually all works out and people are able to sell and buy at the same time. There are often questions about logistics because sometimes one person needs to move out of a home while another is moving in.
Sometimes there is a chain that involves three or four houses. If one sale falls through it may impact two or three other sales.
It is usually best to at least have your home on the market before making an offer on the home you want to buy it just makes the process easier and any home can be taken off the market if the seller can not find a home to buy.