can you put an offer on a property with the knowledge you haven't sold your own house yet?

Answer 1

Yes. You have no idea what the finances of the buyer are. Maybe they have enough money to buy this house before there house is sold. Maybe they plan to rent there house out. I own three houses and two of them are rented. There could be alot of possibilities but right now we are just guessing.

Answer 2

Yes, you can buy as many properties as you like without selling the one(s) you already have.

The question is, will you be able to close on the purchase of the new home before the current house is sold? In other words, will you have the money for the down payment AND be able to pay on two mortgages if you close on the new home before the current home is sold?

IF YES, then you have no problem-- go for it!
IF NO, then you will need to make your purchase offer contingent upon closing on the sale of your current home. Depending on your local market and the needs of the seller, the seller may or may not be willing to accept an offer contingent upon selling. For example, if it's a "buyer's market" the seller may agree. On the other hand, if the seller needs to sell quickly, s/he may not be willing to wait for your property to sell.

If the seller is willing to accept your contingent offer, the seller might require a "release clause" allowing them to sell the property to another buyer who doesn't need to sell. There are technicalities to this that are too much to type here. If you need more info, ask and I'll help as best I can.

Also, prior to accepting your contingent offer, the seller might ask to see a copy of the "for sale" listing for your present house. They'll want assurance that your asking price is reasonable, etc.

Good luck!

Answer 3

Can you afford to pay both mortgages in the event your current home doesn't sell?

If not, then you must disclose that to the seller. If you make an offer, and don't make it contingent upon selling your current home, and your home doesn't sell (and you hid that fact) and you don't qualify for a mortgage b/c of it, that is considered non-performance on the buyers-part and you will lose all of your earnest money and may also be liable for the listing agent's commission.

I don't believe in suing people for commission, but if I found out someone pulled that deliberately? You bet I would.

Answer 4

You can but the seller is under no obligation to accept your offer.

As a matter of routine I do not accept offers that are conditional upon the buyer selling their current home. They can always get a bridge loan.

Answer 5

Yes you can and you can also make what is known as "a gentleman's agreement". You need to agree terms with the vendor and then shake hands with them. This becomes an unofficial contract between the two of you. Estate Agents hate it with a passion. I did it when I was buying my present property. I hadn't sold and so I asked the vendor to wait for me. She agreed and we shook hands. The estate agent wasn't happy, but as they failed to show up for the viewing, they couldn't say much.

Answer 6

Obviously yes. But the vendor will rank you behind any other potential buyers who may be in a better position (ie first time buyers with mortgages agreed, people who have already agreed a sale, cash purchasers etc).

Answer 7

Yes, offer subject to sale

Answer 8

Technically yes, but this sometimes leads to agreements falling through if you can't sell your house, which would be a great inconvenience for you if your situation was reversed.

Answer 9

yes, but the sellers will be unlikely to take their house off the market until you have a buyer for yours (or unless you organise a bridging loan)

Answer 10

no they check to see if u have first, although u can offer some money to them, to take it of the market till yours is sold, although it will have to be a good offer to be excepted