If you currently own a home that must be sold before you can purchase another one, you can still write an offer on a home. The offer would include a contingency stating that your loan approval is dependent on the sale of your home. This would allow the buyer and the seller to establish a purchase agreement while awaiting the sale. In most cases there is a predetermined timeline and certain deadlines that must be met by the buyer in order to keep the contract valid.
Sellers may be willing to consider a contingency contract if the buyer is able to prove the home is priced competitively and is situated on the market to likely sell in a short amount of time. Furthermore, if the buyer has a pending contract on their home, but it hasn’t closed yet, a copy of the pending contract provided to the seller is beneficial.
In some cases the seller may require additional earnest money to secure the contract or to extend the deadline of the contract.