Home Sale Contingency

Hey folks..time to address another issue in the current Hudson Valley real estate market. More and more potential buyers are, as part of their offer, making the purchase "contingent" on the sale of their existing home. When gas prices went up, the buyer pool from New York City and Rockland county nearly dried up. That left home sellers with a potential buyer pool almost exclusively from this area. With prices still as high as they are, buyers can't afford to purchase a home outright. Therefore, the only way for them to buy is with a large portion of the selling price coming from the sale of their previous home. If you are a seller waiting for a 20% down payment with a conventional mortgage, you'll be waiting a long time.. I just closed on my 37th house this year and not a single loan was of the "old" conventional variety. While seller's concessions and home sale contingencies do put the seller at greater risk, they provide a means for a buyer to purchase your home...the proverbial win-win situation...Just make sure your Realtor understands and is familiar with these types on transactions.