#remax sunset

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1st Quarter 2019 Home Sales in Hudson Beach Florida. Click the link above to view the digital market report. 

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Buying a Home Contingent On A Home Selling

There are times when you need the proceeds from your current home sale for use on the home you are purchasing. This is when you write an offer that is contingent on the sale of the buyers property.  There are 2 common reasons for making a purchase this way and all will require your current home is under contract with a specified closing date. There may be cause for the seller of the home you are buying to want to entertain back up offers in the event your home does not appraise or close. When you buy a property you are required to provide proof of cash funds or a mortgage pre-approval to the seller. Having the contingency of your home selling will require you to provide a copy of your sales contract from that home to the person you are buying your next home from.  This would mean that you should have your home on the market and ready to sell before you start looking for a home to buy. 

Why would you use this contingency

1- You have enough equity in your current home that you can use the proceeds from the sale to buy your next home with cash. 

2- You have a mortgage on your current home and will be using a mortgage on your next home and you either need the proceeds from your sale to pay down payment money or your mortgage approval for your purchase requires you no longer have the mortgage on your current home. Usually your debt to income ratio won’t allow for you to have two mortgages at the same time.

You will need to produce a copy of your homes sales contract to the seller of the home you are buying so keep that in mind if you are house hunting before your home is under contract.  Your Realtor can't submit an offer with a sales contingency without providing a copy of your homes sales contract. You may want to negotiate a closing date on your home that give you enough time to find another house and your Realtor will hope organize the closing dates so you can either do a back to back closing or a closing on your purchase one day after the closing on your current home.

Should you or someone you know be looking to sell or buy a home in the West Pasco area of Florida please contact me. I am always here to help.

West Pasco Board of Realtors Realtor of The Year 2018  West Pasco Board of Realtors President Elect 2019.

Mike Gallo  REMAX Sunset Realty  727-271-2667 www.MoveWithMike.us 

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11703 BOYNTON LANE #77-B

1 beds, 2 baths listing in New Port Richey, FL for $59,900

PRICE ADJUSTMENT ON THIS BEAUTIFUL CONDOMINIUM IN POINTE WEST AT SUMMERTREE IN NEW PORT RICHEY, FL. 

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13636 Bee Tree Ct. Hudson, FL. 34669

5 bedroom in the Lakeside community of Hudson Florida. Mike Gallo REMAX Sunset Realty www.MoveWithMike.us

Check out the kitchen in this home in the Lakeside community of Hudson Florida. With 5 bedrooms and 3 bathrooms the kitchen is just one of the awesome features in this home. Built by Lennar in 2017 and offered for sale with Mike Gallo of REMAX Sunset Realty