3. Do I have to sell my home before I purchase a home?
If you have to sell your home to secure another property whether it is to free up equity in your current home of to be able to get financing on the next home. You may make an offer on a home contingent to the sale of your home. In doing this if the seller accepts your offer, you probably will be given 1-3 days to remove the contingency of selling your home if the seller receives another acceptable offer. If you are asked to remove the contingency of selling your home you may choose to let the other party have the home you made an offer on or show proof that you are financially capable of purchasing the home without selling your present home.
The home you are purchasing will stay active contingent house on the MLS (Multiple Listing Service) and the seller’s agent can still advertise, hold open houses, and do what needs to be done to secure another offer on the property giving you first option to complete the transaction. You will also want to get your home listed with a real estate professional in your area.