Afraid to sell your home for fear of not being able to find another home to buy and being left homeless? An option for sellers in this position is what is often called a "Home of Choice" contingency.
Most people are familiar with the buyer contingency of their purchase being contingent upon the sale or closing of their current home so they have funds to close on the purchase their new home.
The "Home of Choice" contingency is for the seller… the sale is contingent upon the seller finding a home of choice to buy within a set timeframe. If the seller can't find a suitable new home the purchase agreement is cancelled and earnest money is refunded to the buyer.
Most of the time sellers find a new home, but in a tight market having an 'out' can ease the stress of searching for a new home.
Sharlene Hensrud, RE/MAX Results - Twin Cities Buyer's Agent
The HomesMSP Team - Sharlene, John, Angela – Minneapolis-St. Paul Realtors
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