In an effort to avoid making multiple moves after selling your home, a seller's contingency can be added to a contract which requires you to have time to find a new home of your choosing before closing. MarketWatch staffer Amy Hoak reports on the addition of this contingency to contracts and the benefits that come from it for sellers.
If a buyer agrees to this contingency, a seller would get a certain period of time to find a new home and after that period passes if the seller does not have a home, the buyer can back out or continue to wait. But this works best in certain markets:
The ability for sellers to use this technique is dependent on the strength of the local market, said Ralph McLaughlin, chief economist of Trulia, a real-estate listings site. “In a very hot market, that is something sellers could get away with. Sellers are probably less able to do that in flat or cool markets.”