Now is a great time to buy Real Estate, mortgage rates are still very low and there is a lot of inventory ripe for Fall picking!
Most people have something to sell before they can buy, and during the hay days of 2004-2007, that would have been a real problem. Very often great houses would have multiple offers and the offer with the fewest contingencies would have an advantage. In today’s market, while there are still multiple bids on some houses, the reality is that many sellers are willing to consider offers that they would not have considered previously, such as an offer with a Hubbard Clause, which I think can be a win-win for both parties.
A Hubbard Clause is simply an extension of your mortgage contingency. It states that to purchase the house you are making an offer on you have to sell your house first. That said, there are time frames and parameters set up within the Hubbard Clause to give both parties the opportunity to get the job done without penalty. In other words, you aren’t going to add a Hubbard Clause if your house isn’t on the market. This is not a long term agreement. Sellers will want to know that your house is actively on the market, getting showings and even offers. Many sellers understand that you are in the same position as they are and want to work with you if it means getting their house sold.
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