3 - Need To Sell Your Home To Buy A New One? Important Info You Need to Know
Want To Buy A New Home But You Need To Sell Your Home First?

Article written by Richard J. Freedkin, Realtor.
Are you looking to purchase a new home in the near future?
Do you need to sell your home in order to be able to afford the new one?
If so, the following information can help you avoid costly and time-consuming mistakes, so you are better prepared to enter the market and get your offer accepted.
While the market is slowing down slightly from the hyper-crazy multiple offers frenzy we have been experiencing over the past 2 years, there is still less inventory than buyers, making it still a sellers’ market.
While we are not seeing offers 50K above list price or homes sold before they even hit the market as much as before and we are not seeing 20 offers for every home, we are still seeing "time to contract" considerably less than typical real estate markets in the past and are still seeing multiple offer bidding wars with continued upward price pressure.
Sellers can and still are being picky about the offers they will entertain.
Unless you are looking to make an offer on a home that has had multiple contracts fall through and /or has been on the market for more than 60 days, you will need to be savvy as to how you approach your offer. Those homes may have much more motivated sellers than a home that just recently went up for sale on the market.
Not everyone has the luxury of having enough cash on hand to make an all cash offer and therefore they must sell their home to come up with the amount needed to purchase their new home. Because of the hyper crazy market we have been in the last two years, many buyers just sold their home first, banked the money, arranged to move in with family or friends temporarily while looking for and purchasing their new home. This gave them an edge when making offers as they could possibly be an all cash offer giving them strength over other offers that relied on a mortgage for financing as well as not having to make an offer contingent on the sale of their home. This is still the best option if a buyer can make those arrangements but for those who do not have that option, the following will help to explain the scenarios that make a contingent offer more or less risky for a seller to accept. There are also other negotiating tactics I have outlined in another article I authored entitled "12 Strategies on How to WIN in a Multiple Offer Situation". Combining those strategies along with the understanding discussed below can help formulate and plan on the best steps and timing when moving forward to make an offer.
If you have no choice but to make an offer subject to the sale of your home, the following three scenarios rate your offer success from worst to best:
WORST POSITION - NOT HAVING YOUR HOME LISTED FOR SALE WHEN MAKING AN OFFER ON A NEW HOME
If you need to sell your home in order to purchase a new home, you will be making your offer "Contingent" on selling your present home.
If you have not put your home up for sale yet, do not expect a seller to look at your offer seriously. Why would they want to accept an offer on their home from a buyer who has not even put their home up for sale yet? They look at any buyer who makes a contingent offer without first having their home for sale as someone who is not serious about buying.
A funny thing happens when a home listed for sale goes under contract (even if that contract is contingent on the buyer selling their home).
As soon as the MLS and its syndicated websites (such as Zillow, Redfin, Realtor,com etc) pick up the CTG (contingent) code, interest in that property drops to an almost nonexistent level.
Take a look at the data chart below on one of my listings where the home went contingent.

As you can see in the red section, a seller who accepts a contract to sell their home will see traffic fall off dramatically. This means that a seller (hopefully advised by their real estate agent and or attorney), will only be willing to accept an offer that is contingent on a home sale that has a high likelihood of actually going thru. If the home buyer has not even put their home up for sale, the seller will have no idea if the home is going to be priced right, its condition, time on the market and many other factors they will use to decide whether to accept a home sale contingency.
Also, if the seller has received other strong offers that are NOT contingent on a home sale (as we have seen from so many offers made the last couple years), the odds are they will take those offers over a home sale contingency offer.
No matter how strong your offer may be, the chance of something happening out of your control that could happen on your home sale such as the buyer losing their job, or the buyer purchases something that affects their loan qualification or the home buyer just getting cold feet and backing out will all cause a home seller to think twice about accepting a home sale contingency over another offer that may even be for less money but is not contingent on a home sale. Again, the home seller does NOT want to jeopardize other potential better offers that may come in but didn't because their listing went CTG on a home sale contingency offer.
So, our first decision is that we MUST have your home at least listed for sale before making an offer on another home. However, while a seller may consider your offer, the odds of it getting accepted will be difficult as the seller will wonder if your home will even sell due to some of the factors mentioned above.
SLIGHTLY BETTER POSITION - HAVING YOUR HOME LISTED BUT NOT HAVING YOUR HOME UNDER CONTRACT WHEN MAKING AN OFFER ON A NEW HOME
For the same reasons stated previously, a seller is still going to be leery about accepting any offer that is CTG on a home sale because there are many things beyond their and your control regarding your home sale that could cause your home purchase to fall apart.
With that said, if your home is listed for sale, a good seller's realtor will research your listing to see if your home is priced correctly. They will look at the pictures, seller disclosure and try to do some research to evaluate the odds of your home selling quickly. Any of those factors leaving a bad taste in the seller's agents’ mouth may be reason for your seller to take another contingent offer or better yet another NON contingent offer.
Realize that any offer you make that is contingent on a home sale is weaker than any other non-contingent offers a seller gets even if the price is lower, has less down payment etc. There are just too many extra "unknowns" with a CTG offer that a seller has to consider and if the deal falls apart, it could affect another purchase and move they need to make and so on. The domino effect can be dramatic.
But at least having your home listed for sale will show you are more serious than a buyer who has not even listed their home yet.
Keep in mind that if you have listed your home for sale and it has been on the market for a while (ie: 15 days or more) the seller may feel uncomfortable accepting your offer as your home is showing signs that it may be overpriced or having issues where buyers are not willing to make an offer. This would make any seller leery about whether they are taking a contingent offer where the deal could blow up due to your hoe not selling,
BETTER POSITION - HAVING YOUR HOME LISTED AND HAVING YOUR HOME UNDER CONTRACT WHEN MAKING AN OFFER ON A NEW HOME
The best scenario you can expect if you have to sell your home in order to purchase a new one is that you have your home already under contract when you make an offer on a new home. Even under this scenario however, a seller, when faced with two competing offers where one is contingent on a home sale and one is not, will typically choose the non-contingent offer. It’s almost like a seller having to choose from an all-cash offer versus one where the buyer needs a mortgage.
BEST POSITION - The best scenario is that your home is under contract and has already gone through and passed its home inspection. All these completed timeline steps make your home sale less risky to a seller. A good seller's agent should even call your buyer's lender to see if there are any red flags on your buyer's loan that could put a wrench into the deal. While the lender may not come right and tell the agent, there may be small statements that can give some insight as to the quality of your buyer. (When I represent a seller, I always call our buyer's lender to see if they can give us any information about the strength of the borrower)
GET YOUR HOME "SHOW READY"ASAP
If you remember the Zillow Graphic above, you will notice that while traffic drops to almost nothing when a home goes CTG on the MLS, the views also steadily decrease from the day it fist hits the market. Your best time to get your home sold quickly and for top dollar is during its first handful of days on the market. (ie: the first 4-5 days). Buyers today are used to seeing a home already under contract in a matter of a few days so if your home has not sold quickly, its views drop off substantially as "there must be something wrong with it" mindset happens. This is why it is critical to make sure that your home is in "show ready" condition before putting it on the market as you will not have time to work on getting your home show ready when the listing goes live, and showings begin. The longer your home sits on the market typically results in lower and lower offers and less of them as well.
When making offers on a new home subject to selling your current home, if your offer is accepted sellers are allowed to continue to market their home in the chance of getting other offers that are not contingent on a home sale. Should they receive such an offer, the seller will give you 48 or 72 hours ("kick out clause") to drop your home sale contingency or they may accept the other offer leaving you back out looking for another home.
Lastly, because inventory is still not keeping up with demand, it is possible you may get your home under contract before closing on or even finding a new home. You should consider having a contingency plan to have a temporary place to stay in between the closing of your current home while waiting to close on your new home.
I have written and entire 50+ page comprehensive booklet entitled "Get Your Home Ready For Sale". This booklet covers everything you need to know on how to get your home ready for the masses to WANT to see it. It will show you the little things you need to do to sell your home for the most amount of money in the fastest amount of time.
If you would like a copy, please contact me and I will be happy to get it out to you.
Interested in buying or selling your home - Contact me!
Richard J. Freedkin, Realtor
RENE, SRS, ABR
(847) 922-8423
eXp Realty LLC
10 N. Martingale Rd., Suite 400
Schaumburg, IL 60173
equal housing opportunity
if your home is currently listed by a realtor, please disregard this. This is not a solicitation to list your home.
Copyright 2021, 2022 - Richard J. Freedkin - All Rights Reserved
Testimonials
- Christina Hoblin-Lamorena - Algonquin, IL
- Brennan Burchill - Elgin, IL
- Mary Lou Garcia - Purchase of Home in McHenry
- Mike McInerney - Hawthorn Woods Country Club - Hawthorn Woods IL
- John Griffin - Geneva, IL
- Susan Yon Hansen - 20 Year Realtor - Century 21 (by text message)
- Stephen Macfarlan - Avon, IN
- Michael and Eunice Chang - Schaumburg (purchase)
- Michael and Judy Jacobazzi - Chicago, IL
- Mary Christoff - Lake Barrington Shores - (purchase)
- Margo Pelak - Hawthorn Woods, IL
- Ray Rodriguez - Pingree Grove, IL
- Steve Tripp - Success Lending Schaumburg, IL
- Douglas Comption - Sycamore, IL
- William Genzler, Elgin IL
- Jason Fulford - Inverness, IL
- Mary Lou Garcia - Sale of Home in Waukegan, IL
- Adriana Laura Cook - Winnetka, IL
- Shelah Hoblin - Woodstock IL
- Ronald and Lillian Fowler
- Evelina D. - Orland Park, IL
- Tim and Lela Wong - Algonquin IL
- Debra Horton - Deer Park, IL
- Mark and Joyce Sherman - Palatine, IL
- Joyce Doma - Streamwood, IL
- Gloria Salazar - Waukegan, IL
- Semir Jaganjac - Schaumburg, IL
- Marisa Roach, Elgin, IL
- Jeremy M D Jaeger - Lake In The Hills, IL
- Audry Starzyk - Aurora, IL
- James and Michelle Gonzales - Elburn, IL
- Warren and Regina Coler - Algonquin, IL - (sellers)
- Sandy Krc - Geneva, IL
- Jeremiah Stephens - Gilberts, IL
- Michael and Judy Jacobazzi - Roselle, IL
- Jake Eisenwasser - Lincolnshire, IL
- Chris Thompson - Elk Grove Village
- Cheryl Jacobs Lewin - Skokie, IL
- Tashuna Rodriguez - Pingree Grove, IL
- Greg Gault - Des Plaines, IL
- Raj kaur - Chicago, IL
- Chuck Cutler - Buffalo Grove, IL
- Melissa Broughton - Wonder Lake, IL
- Abdessettar Ibourki - Hoffman Estates, IL
- Ana Martins - Vernon Hills - (purchase)
- Christian Kisereu - Schaumburg, IL
- Katie and Jason Fulford - Inverness, IL
- Ricardo Martins - Vernon Hills - (purchase)
- Patricia Hoffman - Schaumburg, IL
- Jake Sherman - Palatine, IL
Midwest Real Estate Data (MRED) All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than eXp Realty in Illinois may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2026 All rights reserved.Based on information submitted to the MLS GRID as of September 20, 2026 6:44 PM UTC All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice.
Data is updated as of September 20, 2026 6:44 PM UTC