We get a lot of questions about Real Estate in Santa Clarita. This week we’re answering your question what is a home of choice contingency?

A: The“Home of Choice” is a contingency for the seller – it gives them the “out” from the contract if they can’t find another house to buy. In most cases, sellers need the equity (cash) from the sale of their house, to buy the new one. Even if they’re taking a loss and selling it for less than they paid, they may have put down a lot of cash on it and need to get it back before they can go on to the next one. Or, they may not be willing to enter into a short term rental, or would like to avoid moving more than once. This typically lasts from 30-60 days a must be agreed to by both buyer and seller.

If you are considering buying a home in 2017, we would love to hear from you! Connect with us here, or at 661-505-1051.