When purchasing a home, buyers often include home sale contingencies in their contracts to protect their investment. These contingencies can be crucial, as they allow the buyer to make an offer on a new property while simultaneously working to sell their existing home. This dual action can help buyers avoid the financial burden of owning two homes at once, creating a more manageable transition between properties.

Typically, such contingencies specify a timeline within which the buyer must complete the sale of their current home. If the sale does not go through within this period, the buyer may have the right to withdraw from the deal without penalty. Sellers must be aware that accepting an offer with home sale contingencies may mean losing out on other buyers who are ready to proceed without such conditions, potentially prolonging the selling process.

Navigating the Sale of an Existing Property

Selling a property while attempting to purchase another can create a complex situation for homeowners.

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