{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.getloans.com\/blog\/home-choice-contingency\/#BlogPosting","mainEntityOfPage":"https:\/\/www.getloans.com\/blog\/home-choice-contingency\/","headline":"Home Of Choice Contingency","name":"Home Of Choice Contingency","description":"What is a home of choice contingency in a real estate contract? A home of choice contingency is a contingency that protects a seller from having to sell their current home if they haven’t found their next home. This way a seller can sell their home and just in case they can\u2019t find a new […]","datePublished":"2014-07-18","dateModified":"2023-11-15","author":{"@type":"Person","@id":"https:\/\/www.getloans.com\/blog\/author\/brianm\/#Person","name":"brianm","url":"https:\/\/www.getloans.com\/blog\/author\/brianm\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/b03dd1a5c12d48f4023463adfa5dbd6d38ebf6f4d842bd8f8d55ec71cb0ca275?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/b03dd1a5c12d48f4023463adfa5dbd6d38ebf6f4d842bd8f8d55ec71cb0ca275?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Person","name":"Brian Martucci","image":{"@type":"ImageObject","@id":"https:\/\/www.getloans.com\/wp-content\/uploads\/2026\/06\/brianmartucci-getloans-logo2017.webp","url":"https:\/\/www.getloans.com\/wp-content\/uploads\/2026\/06\/brianmartucci-getloans-logo2017.webp","width":400,"height":70}},"image":{"@type":"ImageObject","@id":"https:\/\/www.getloans.com\/wp-content\/uploads\/2011\/07\/choice-2692575_1920.jpg","url":"https:\/\/www.getloans.com\/wp-content\/uploads\/2011\/07\/choice-2692575_1920.jpg","height":712,"width":1920},"url":"https:\/\/www.getloans.com\/blog\/home-choice-contingency\/","about":["Loan Process"],"wordCount":397,"keywords":["contingency","contract"],"articleBody":"What is a home of choice contingency in a real estate contract? A home of choice contingency is a contingency that protects a seller from having to sell their current home if they haven’t found their next home. This way a seller can sell their home and just in case they can\u2019t find a new home they like and be protected. They can declare the contract to sell their current home void if they can’t find a place to buy, and call off the deal.Selling a home seems to be much easier than buying a home in this market of limited inventory.A home of choice contingency may read something like the below:\u201cThis Contract is contingent until 45 Days after the Date of Ratification to allow the Seller to obtain a ratified contract to purchase another home, and then another 30 days for seller to obtain financing for their new home.\u00a0 This contingency will remain in effect unless the Seller delivers Notice, prior to the Deadline of this contingency, to the Purchaser that this Contract is void.\u201dDo buyers care?Buyers may lock themselves into this deal for a long while without knowing if the seller will find a new home to buy. The seller may not actually sell their current home. Will buyers hesitate to engage in a contract like this? In a market with such limited inventory it seems there are buyers willing to take that risk.As a buyer, if you don\u2019t like this type of contingency that favors the seller you have an option. You could offer the seller a rent back period of up to 60 days. This is where the buyer and seller would go to settlement on the seller\u2019s house and the buyer would become the new owner. But the buyer lets the seller live in the house and rent it from them for up to 60 days. This gives the seller time to look for a new home. Of course the seller may reject this. The seller mat want the most safety of not having to sell their current house, which comes from a\u00a0home of choice contingency.As with anything in real estate sales, it is all negotiable!To contact me to discuss your local housing market, mortgage rates, or other mortgage questions,\u00a0click here to schedule a call\u00a0or you can\u00a0email me\u00a0directly."}