March 29th - How To Buy A Home When You Already Own A Home

Buy When You Own

What options does a current home owner have if they decide they really want to buy a new home but are unable to come up with the money before selling the home they’re living in?  Terry talks with Steve about the ins and outs of what is called a “sale contingency,” in which a prospective buyer enters into a contract with a home seller that gives them the option to buy the new home if they sell their existing home by a certain date. Terry admits that these deals are often difficult to negotiate because they can delay the sale and add another layer of complexity from the seller’s perspective. Moreover, they always come at a cost to the buyer, who, of course, wants to minimize those costs.