Brandi Pearl Thompson: How To Buy And Sell A Home, At The Same Time

Wednesday, June 3, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors
Purchasing a home can be tricky business. Many times it can be a balancing act, especially if you’re trying to sell your home and purchase a new one at the same time. There are many moving parts with one transaction, let alone two. One option for homebuyers to look at could be making an offer based on contract contingency of the purchase of their current home.

Many buyers are looking for a home prior to putting theirs on the market. People do this because they know where they want to move.
But most people don’t enjoy moving twice. If this is your case, the ability to buy and have a contingency clause is the way to go. Working with a Realtor who can get your home on the market quickly and help price it competitively is what is needed in the current market.

Homebuyers can request that their new home purchase be dependent on the successful sale of their old home. In a competitive market, this may not be the best option. However, if the seller of the house you’re interested in has had difficulty attracting interest, this may be a good deal for all parties involved—assuming that you can persuade them that your home will sell quickly. 

But what exactly does a contingent offer consist of? Our friends at Realtor.com describe it this way: “A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met. These criteria, or contingencies, are clauses in a sales contract that typically fall under three major categories: appraisal, home inspection, and mortgage approval.

“Such contingencies are mainly put in place so that buyers can back out of a real estate sale if something goes wrong, usually without losing their earnest money deposit. A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another.”

Another recent strategy is that buyers are starting to rent out their current homes which enables them to buy without selling and having an additional investment. 

Feeling a little confused about what option is best for you and your family? Consult a Realtor so that you can understand which of these items might be best in this unusual and competitive time. Realtors are here to be your housing resource. That’s who we R. 

Habitat's Home Dedication Ceremony Honors Amanda Moore And Family

Ooltewah Racetrac Sells For $1,850,000

Real Estate Transfers For Oct. 15-21


Habitat for Humanity of Cleveland will hold a Home Dedication Ceremony on Tuesday in honor of new Habitat homeowner, Amanda Moore, and her children. Her home is the 142nd home built in Bradley ... (click for more)

The Racetrac in Ooltewah has sold for $1,850,000. It is located at 9208 Lee Highway. The sale is to Ra Corp from Racetrac Petroleum Inc. (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)



Real Estate

Habitat's Home Dedication Ceremony Honors Amanda Moore And Family

Habitat for Humanity of Cleveland will hold a Home Dedication Ceremony on Tuesday in honor of new Habitat homeowner, Amanda Moore, and her children. Her home is the 142nd home built in Bradley County and is named the Women Build home. There will be a 6:30 p.m. ceremony at the Victory Cove Subdivision, 1237 Franitza Way SW in Cleveland. With a limited attendance, the ceremony ... (click for more)

Ooltewah Racetrac Sells For $1,850,000

The Racetrac in Ooltewah has sold for $1,850,000. It is located at 9208 Lee Highway. The sale is to Ra Corp from Racetrac Petroleum Inc. (click for more)

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Bus Driver, 7-Year-Old Girl Killed In Meigs County School Bus Crash; 7 Other Children Sent To Hospital, Including 1 In Critical Condition; Utility Truck Lost Control And Hit Bus Head-On

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Man, 39, In Critical Condition After Being Shot Multiple Times On Highway 58

A 39-year-old man was in critical condition after being shot multiple times on Tuesday at Highway 58. Police said the incident happened at 4500 Highway 58, which is the location of Wendy's. At approximately 4:54 a.m., a Chattanooga police officer was in the area of 4500 Highway 58 when he heard multiple gunshots coming from nearby. Upon arrival, the CPD officer ... (click for more)

Opinion

We Must Love

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Roy Exum: A Bunch Of Hogwash

There are those who fault Donald Trump for the unkind divisiveness that is “the second plague” roiling the United States right now. But did you notice that when the brilliant Amy Coney Barrett was approved by the Senate to become our newest Supreme Court Justice, the entirety of “those” Democrat Senators voted against her? I tend to believe many who voted ‘no’ would actually support ... (click for more)