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. 

Hannah Muller Named Volunteer Engagement Manager Of Habitat For Humanity Of Greater Chattanooga

Real Estate Transfers For July 2-8

Paula McDaniel Earns Internationally Recognized Designation For Performance In Luxury Real Estate


Hannah Muller has been named volunteer engagement manager of Habitat for Humanity. Ms. Muller relocated from Nashville where she served in a similar capacity. Officials said, "Her appointment ... (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)

Paula McDaniel from Real Estate Partners Chattanooga LLC earned The Institute for Luxury Home Marketing’s Certified Luxury Home Marketing Specialist designation in recognition of experience, ... (click for more)



Real Estate

Hannah Muller Named Volunteer Engagement Manager Of Habitat For Humanity Of Greater Chattanooga

Hannah Muller has been named volunteer engagement manager of Habitat for Humanity. Ms. Muller relocated from Nashville where she served in a similar capacity. Officials said, "Her appointment comes at a time requiring an additional emphasis for the safety of volunteers as they support non-profit organizations." Habitat President and CEO David Butler noted that Ms. Muller ... (click for more)

Real Estate Transfers For July 2-8

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 this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Breaking News

Mackey Pulls Resolution On Discretionary Spending For Now; Says Race Was Injected Into The Issue

County Commissioner Warren Mackey on Wednesday pulled a controversial resolution that would give each commissioner $100,000 per year for doling out to non-profit community groups. Commissioner Mackey said he believed that he had the necessary votes to pass it. However, he said "race has been injected in the issue." He said he was referring to a column in the Chattanooga ... (click for more)

Statue Of Blessed Mother Is Beheaded At St. Stephen Parish In Chattanooga

Catholic Bishop Rick Stika said a statue of the Blessed Mother was beheaded at St. Stephen Parish in Chattanooga. He said, "What a strange time we live in. Over the weekend, an outdoor statue of the Blessed Mother was beheaded. This is occurring at various spots around the U.S." Congressman Chuck Fleischmann, a practicing Roman Catholic, said , “This is a disturbing ... (click for more)

Opinion

HCSO And Justice

There have been a lot of arguments from both sides of the isle over the past few months regarding racism, social justice and other topics in reference to law enforcement. All of this is in an effort to either reform or defund law enforcement. Additionally there have been a host of ideas floated from both sides on what actions should be taken. One of the ideas that has been demanded ... (click for more)

Roy Exum: No! To Selfishness

It was a ‘heavy lift’ some years ago when a “discretionary spending allowance” was lifted away from each of the nine Hamilton County commissioners. It was no more than a “vote for me” ruse in each district. One of the best examples of it is to walk into Orchard Knob Elementary and see this ornate stone bench at the entrance. The name of the commissioner who gave it to the school ... (click for more)