{"id":8810,"date":"2015-02-23T20:15:57","date_gmt":"2015-02-24T04:15:57","guid":{"rendered":"https:\/\/www.conejovalleyguy.com\/?p=8810"},"modified":"2024-11-14T11:57:35","modified_gmt":"2024-11-14T19:57:35","slug":"hoc","status":"publish","type":"post","link":"https:\/\/www.conejovalleyguy.com\/hoc\/","title":{"rendered":"How Does a Contingency on Selling My Current Home Affect My Ability To Buy Another Home?"},"content":{"rendered":"

With limited inventory, many homeowners want to put their current home on the market with a \u201cHome of Choice\u201d contingency. \u00a0A Home of Choice contingency basically gives you a pre-determined period of time to find a new home before you commit to the sale of your current home (usually 17 days).<\/p>\n

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Escrow officially opens and the time frames start only after you remove your Home of Choice contingency.<\/p>\n

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A Home of Choice contingency allows you to sell your home to a buyer with the option to back out of the agreement and stay in your home if you\u2019re unable to find a new home within your Home of Choice contingency period.<\/p>\n

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While that sounds like a good option for homeowners, it can put you in a Catch 22 position in a competitive market.<\/p>\n

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Why? \u00a0Because if you\u2019re competing against other buyers for your new home, the chances of them accepting your offer over other non-contingent offers when you haven\u2019t opened escrow on your new home is slim.<\/p>\n

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Here\u2019s a breakdown of the potential strength of your offer on a new home when you need to sell your current home first. \u00a0\u00a0(Listed from weakest to strongest):<\/p>\n