So you've heard the market is HOT and homes are selling for top dollar right now. You'd love to sell your starter home and finally buy that dream house but there's a problem...where will you go if you can't find your dream home right away? You certainly don't want to rent short term and make two moves, and living with in-laws is NOT AN OPTION. Enter the Seller's "Home of Choice" contingency clause.
You Must Sell Before You Can Buy
In a hot real estate market, a Purchase Agreement with a contingency on the sale of your home may quickly lose out in multiple options. So you have to put your home on the market and get an accepted purchase agreement before you can make an offer on your dream home for your offer to be taken seriously. That's a lot of stress to time the purchase and sale!
The Seller's "Home of Choice" Contingency Clause
When listing your home, the sale may be made contingent on the Seller (YOU!) finding the home of your choice. This means you accept a purchase agreement and then have a predetermined amount of days to make an offer on your next home. Ideally, the closings are timed to line up so you move out of your home and into your dream home on the same day!