I want to purchase another home, but I have to sell mine first. I have found the house I want, but how can I hold it so I can sell my current home?
2006-11-29 04:33:04 · 5 answers · asked by ? 2 in Business & Finance ➔ Renting & Real Estate
The sellers will have to accept the contingency. If the market where you live is booming, they may agree. But to help your chances make an offer at or above the asking price. Just remember that the house is still available for other potential buyers to see and make offers on. So you need to move quickly.
2006-11-29 04:37:06 · answer #1 · answered by KC 5 · 0⤊ 0⤋
A contingency agmt is when the sale/purchase transaction can only be completed when a specific event occurs eg a sale can be contigent to the buyer selling is current home. Once the event occurs, the contigency is removed.
A pending sale is a transaction in the process of been completed i.e. both buyer and seller have agreed but title is yet to be conveyed.
A property under contract is one with a pending sale ie the seller has committed to a specific buyer and the property is officially off the market. Seller cannot entertain any new offers unless the current one falls through for some reason.
2006-11-29 08:34:30 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
a contingency sale is based on something else happening - usually the sale of the buyers existing house. A sale pending means things have been approved but are still waiting to close.
there is no real way to hold it without removing the contingency, sorry.
2006-11-29 04:38:24 · answer #3 · answered by Jim7368 3 · 0⤊ 0⤋
You would submit an offer to purchase contingent on your home selling.
Here is some additional info. Hope this helps.
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2016-12-13 16:50:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋