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Updated almost 9 years ago,

User Stats

68
Posts
11
Votes
Chris Watkins
  • Rental Property Investor
  • Payson, UT
11
Votes |
68
Posts

How do I buy new home without contingency - sale of current home?

Chris Watkins
  • Rental Property Investor
  • Payson, UT
Posted

So I've got a newbie question - Let's say I have my current primary residence and then I find a new home that I want to buy as my new primary residence. I don't qualify for both mortgages so the traditional thing to do would be to offer to buy this new one with the contingency that I need to sell my old home first. In the local market here in Utah that just doesn't fly well. I will get beat out by a non-contingency offer all day. So what options are there? I have come up with two ideas but I still don't know if they are better alternatives than a non-contingent conventional financing offer. 

Option 1: Offer to the seller a Lease option on the new home until you sell your current home at which time you can exercise the option to buy the 2nd. 

Option 2: Have the seller carry the note until you sell your current home at which time you can refinance the seller out of the 2nd. 

Both of those seem more "complicated" than a clean conventional financing offer without the contingency of your current home selling. 

Help? Am I missing other options?

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