Selling and Buying in Summit County
When you are both selling your property and buying another there are additional considerations you should take a look at before and during the transactions.
- Contingency - If you must sell your current property in order to buy your next property it is typical to submit your offer to purchase with a contingency clause. A contingency on the sale of your home in the contract basically says that you will only purchase the new property if your current property sells by the date specified. This contingency puts the seller at higher risk. Because of the extra risk, many sellers, especially if it is a second home they are selling, may refuse to accept a contingent offer. Often times, if the contingent offer is accepted, the house will remain on the market and open to other offers. If another offer is received, the seller can ask you to remove the contingency on the contract or they can terminate the contract and accept the second offer. There are other alternatives besides writing a contingent offer or ways to make your contingent offer less risky for the seller that should be discussed with your real estate agent up front.
- Exchange - If the property you are selling has not been your primary residence for at least two years you may be eligible to exchange your property allowing you to defer any taxes due on the profit from the sale. More 1031 Exchange information.
- Market Fluctuations. Real estate decisions you make may change based on the current real estate market. Be sure to discuss the market with your real estate agent and how it may impact the timing of your sale and/or purchase, pricing, and your expectations.
- Buyer Resources. Be sure and take advantage of all the Buyer Resouces we have available to you as well.
Copyright © 2008 The Mountain Living Team. All rights reserved. Privacy Policy | Contact | Sitemap
Joanne Hanson is a licensed Colorado Realtor® | 400 Main Street, Frisco, Colorado 80443
