We've found a new constuction home we love while our home has been on the market for less than a week. We have already had a viewing and are confident our home will sell. We are working with a realtor. Any insight or advice??
2007-07-15 17:47:07 · 9 answers · asked by RoxyGirl 1 in Business & Finance ➔ Renting & Real Estate
Do the contingency. It could really break you if you bought the new place and your house didn't sell for some reason.
The seller of the house you want will probably reserve the right to still show their house and sell it if someone else wants it but that's better than going broke.
2007-07-15 17:53:05 · answer #1 · answered by johnnyelectric 2 · 0⤊ 0⤋
The seller is under no obligation to accept that contingency. In a soft market most sellers are not going to entertain an offer with such a contingency.
The only time I'd consider accepting an offer with such a contingency was if the local market was a strong sellers market and houses were flying off the listings. Even then, I'd insist on doing my own inspection of the buyer's property to get a feel for how quickly I thought it might sell.
Alternatively I might consider it IF I could force you to pull the contingency on fairly short notice or sell to another buyer who was ready to buy without such a contingency.
2007-07-16 00:41:45 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The contract most likely has a contingency clause. Specifically, a clause that releases your friend from all obligations under the contract if she does not sell her existing home. This contingency almost always comes with what is colloquially known as a kickout clause. This clause lets the seller void the contract unless the buyer can demonstrate that she will be able to fulfill the terms of the contract regardless of whether her existing home sells or not. 72 hours is a typical deadline to be able to provide sufficient evidence. This situation is a double-edged sword. The clause protects your friend should her home not sell, but her contract to buy is not iron-clad, which is why someone else is able to trump her offer. Thus, it is a gamble of sorts and unless your friend gets an offer on her house, one that she will lose.
2016-04-01 06:18:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Unless you are in an incredibly hot market, you don't want to be obligated on another home until yours has sold AND is closed. What is the downside to trying to have the contingency ? (The seller may not accept it)
It becomes a very stressful time...
If possible, the best thing that you can TRY and do, is sell your house and have it close, and be able to rent it back from the new owner for 1 month.
This way you absolutley know that it is sold, and don't have to pack until you are sure it is sold.
Many things can go wrong that are totally out of your control.
What I suggest isn't easy, but it is possible, only if you ask (and negotiate) Good Luck!~
2007-07-15 18:57:41 · answer #4 · answered by CommonCents 4 · 0⤊ 0⤋
As a real estate agent, we regularly engage in contracts with a 'home sale contingency clause". I generally write this contingency with sufficient legal mumbo/jumbo such that you, the buyer, have the right to waive this contingency should another buyer come around who can 'bump you out' of your new home purchase.
You get anywhere from 48-72 hours to legally waive, and it requires proof of financial ability to get financing for the new purchase while still holding your mortgage for the first.
If the seller of the new property is willing to take an offer with such a contingency, there is absolutely nothing wrong with doing so.
2007-07-16 00:40:03 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
Write your offer with the contingency. If the seller doesn't accept it, talk with your Realtor about plan B.
2007-07-16 04:18:17 · answer #6 · answered by godged 7 · 0⤊ 0⤋
There is nothing wrong with putting a contract on the new home, just be sure that it clearly states that the contract in contigent on the sale of your home. This way if something falls through and yours doesn't sell than you are not stuck
2007-07-19 09:40:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋
well it would be nice if it works out for you, but dont get your hopes up as someone else can still come in and buy the house from under you if they are already approved and ready to buy.....money talks
2007-07-15 17:53:00 · answer #8 · answered by Jill S 3 · 0⤊ 0⤋
i would suggest the contingency contract because you never know what may happen... found a great site with buyer and sellers information i think it will help a lot
http://www.timmdelaney.com/PageManager/default.aspx/PageID=2041218
http://www.timmdelaney.com/PageManager/default.aspx/PageID=2041211
2007-07-15 18:35:38 · answer #9 · answered by Pure Genius 3 · 0⤊ 0⤋