If you're considering purchasing a home and you currently own a home that you need to sell first there are a couple of ways to go about buying and selling property.
Contingent on an offer.
If you want to sell your home but you've already considered making an offer on a new home you can put in a contingency clause stating that you cannot purchase the new home until your other home sells. This would be a contingency, meaning that something has to happen in order for the property to close. You have to get an offer and sell your home before you can purchase the new one. This type of contingency clause usually happens before the homebuyer has listed their property. They have found a home that they want to buy and put in an offer with a contingency clause stating that now they will list their property and they can only purchase the new home when their old property sells.
Read more: How Should I Price my Portland Home?
Subject to Closing
Another way to go about this, one that provides a more solid offer, is once you already have an offer on your existing home before buying another one. This means that you list your home first and once you receive an offer then you can go and look at new homes and potentially put an offer down. This offer would now be subject to closing rather than a contingency clause on your home selling. Because you already have an offer on your home there is more of a chance that the home will now close in a certain timeframe rather than sitting on the market without an offer at all.
At this point, real estate agents will want to know at what stage the offer and the purchase and sale contract is in; has it already had an appraisal, has it already gone under inspection, is it pending or subject to inspection? The farther along and offer or purchase and sale contract is the more likely it will close on time and the better response you might get from the seller of the home you are trying to purchase.
This can be a confusing time but finding the right real estate agent to give you the best advice along every step of the home buying or selling process is really key. As a local Portland real estate agent I make sure that I work for my clients first helping them with the best option, the most choices, and the best advice I can give them to the position they're currently in.
Regardless of what position you are at on the buying or selling timeline give me a call and I would be happy to answer any questions you might have or offer advice on purchasing or selling property.