Are you trying to buy your next home in Homestead Hills before your current one sells? You are not alone, and it is one of the trickiest parts of moving within the same neighborhood. The good news is that a contingent offer can work when the timing, financing, and contract deadlines are handled carefully. Let’s dive in.
Why contingent offers matter in Homestead Hills
Homestead Hills is an established HOA community in Thornton near Colorado Boulevard and East 136th Avenue through East 140th Avenue. The neighborhood includes 272 single-family homes and sits next to Homestead Hills Park, which makes it especially appealing for homeowners who want to stay close to the area they already know.
If you are moving within Homestead Hills, or from Homestead Hills to another Thornton neighborhood, your move often depends on one big question: Do you need your current home to sell before you can close on the next one? That is where a contingent offer can come in.
In Colorado, a real estate contract can include contingency language for several items, including financing, appraisal, inspection, HOA documents, and the sale of your current home. The key is that each contingency should spell out the terms, deadlines, and termination rights clearly.
What a sale contingency means in Colorado
A sale contingency means your offer on the next home depends on your current home selling and closing by a specific deadline. In the Colorado residential contract, this falls under the Conditional Upon Sale of Property section.
This provision is for the buyer’s sole benefit, but it comes with an important catch. If your current home does not sell by the stated deadline and you do not give timely notice to terminate under that provision, you may waive that termination right.
That is why the deadline itself matters so much. A realistic date is usually better than an optimistic one that looks good on paper but does not match your listing strategy or the likely pace of the market.
Should you sell first or buy first?
There is no one right answer for every homeowner in Homestead Hills. Your best path depends on your finances, your comfort with risk, and how flexible you can be with move dates.
Option 1: Sell first
Selling first is often the simpler financial route. It can give you clearer proceeds, reduce the chance of carrying two housing payments, and make your next offer cleaner.
The tradeoff is that you may need temporary housing if you have not found or closed on the next home yet. If you choose this route, it helps to plan your backup housing early instead of waiting until the last minute.
Option 2: Buy first with a contingency
This option lets you secure the next home while tying the purchase to the sale of your current one. It can work well if you want to stay in Homestead Hills or nearby and do not want to miss the right property.
The downside is that sellers may view a contingent offer as less attractive, especially if they have other options. Colorado contracts can also be written to require a quick close or even cash only, which can make a contingent buyer less competitive.
Option 3: Buy first with bridge financing
A bridge loan is a short-term financing option that can help you buy a new home while planning to sell your current one within 12 months. This can help you avoid a sale contingency and compete more strongly.
Still, bridge financing is not automatic just because you have equity. Lenders may also look at your income, credit, and overall financial profile, and they may limit how much equity you can access.
How much time should you allow between closings?
Most homeowners want the two closings to line up perfectly. In real life, that does not always happen.
Colorado contracts contain many deadlines, and closing is usually a sequence of steps rather than one simple appointment. A safer approach is to build in enough time for your current home to go under contract, complete buyer due diligence, and actually close before your purchase deadline arrives.
A good timeline should account for:
- Time to prepare and list your current home
- Time to receive and negotiate an offer
- Time for the buyer’s inspection, appraisal, and financing
- Time for your own purchase deadlines and closing schedule
- A fallback plan if the dates do not align perfectly
If your timeline is too tight, one delay can put both transactions under pressure. A more conservative schedule can give you room to problem-solve without making rushed decisions.
What happens if your home does not sell by the deadline?
This is one of the most important parts of a contingent offer. If your current home has not sold and closed by the contract deadline, your options depend on the exact contract terms and whether notices are delivered on time.
In Colorado, failing to timely terminate when the contract allows it can have serious consequences. The state also notes that if the seller is not in default and the buyer does not terminate on time, earnest money can become nonrefundable under the contract terms.
That means you should never treat deadlines as flexible. When you are trying to buy and sell at the same time, careful tracking of dates is just as important as pricing and negotiation.
Is a bridge loan safer than carrying two mortgages?
Not always. A bridge loan may help you avoid a sale contingency, but it still adds another layer of underwriting and cost.
Lenders look at your ability to repay, your credit history, and your full financial picture. You also need to think about overlap costs, cash reserves, and what happens if your current home takes longer to sell or market conditions shift.
For some homeowners, carrying two housing payments for a short period may be manageable. For others, a sale contingency or selling first may be the more comfortable choice. The right answer usually starts with a lender conversation before you write an offer.
Backup plans that protect your move
Even a well-planned move can hit timing issues. That is why it helps to decide on your fallback plan before you need it.
Temporary housing
A short-term rental can give you breathing room if your sale closes before your next purchase. This can reduce pressure and keep you from forcing a purchase decision just to avoid a gap.
Leaseback after closing
A written leaseback may allow you to stay in your current home for a short time after closing. If you are considering this, it should be in writing, insured appropriately, and approved by the lender. Many lenders will not accept leasebacks longer than 60 days.
Short-term financing
If your sale is close but not quite aligned with your purchase, short-term financing may help bridge the gap. This still requires planning, since terms and approval standards can vary.
HOA review matters in your next move
Because Homestead Hills is an HOA community, many local homeowners are already familiar with association rules and dues. But if your next home is also in an HOA, you should still review the documents carefully before waiving contingency protections.
In Colorado, buyers are entitled to HOA documents listed in section 7 of the residential contract. These documents should include governing and financial materials that help you understand how the association operates, what insurance is in place, and whether there may be special-assessment risk.
At a minimum, you should review:
- Governing documents
- Financial statements
- Meeting minutes
- Insurance information
- Dues information
- Special-assessment history
This step matters because an HOA can affect both your monthly costs and your day-to-day ownership experience. A quick review is not enough when you are making a move that depends on careful timing and budgeting.
A practical plan for moving within Homestead Hills
If you are thinking about making a contingent offer, the most effective approach is usually simple and disciplined. Start with your financing plan, build a realistic sale timeline for your current home, and decide on a backup possession strategy before you write on the next property.
That kind of planning helps you move with less stress and fewer surprises. It also makes your offer stronger because your timing is based on real steps, not best-case guesses.
When you are buying and selling at the same time, clear communication and steady guidance can make all the difference. If you want local help mapping out the right strategy for your next move in Thornton, schedule a free consultation with Jackie Roacho.
FAQs
What is a contingent offer when moving within Homestead Hills?
- A contingent offer means your purchase of the next home depends on a stated condition, such as your current home selling and closing by a certain deadline.
How do Colorado contracts handle a home sale contingency?
- Colorado residential contracts can include a Conditional Upon Sale of Property section that makes the purchase contingent on your other property selling and closing by a stated date.
What happens if my Homestead Hills home does not sell by the contract deadline?
- Your rights depend on the contract terms and whether you give notice on time, and missing a deadline can cause you to waive a termination right or risk your earnest money under the contract.
Should I use bridge financing for a Thornton move-up purchase?
- Bridge financing can help you buy before selling, but lender approval depends on more than equity and may include review of your income, credit, and overall financial profile.
What HOA documents should I review before buying another Thornton home?
- You should review governing documents, financial statements, meeting minutes, insurance information, dues, and any special-assessment history before waiving HOA-related contingency protections.
Should I plan for a leaseback or temporary housing during a Homestead Hills move?
- If your two closings may not line up, it is smart to plan a backup such as temporary housing or a written leaseback that is properly documented, insured, and lender-approved.
