We are putting our house up for sale in about 3 to 4 weeks. We have found the house of our dreams that we would like to buy but are terrified it will be sold by the time we are able to sell ours and make an offer on it. We are unable to convert our pre-approval into a loan until we sell our current home but can we at least make an offer on the new house with a contingency that we sell our home first? The home is being sold by a builder, not a private owner. It has been for sale since March 2006. They just lowered the price into our range. Thanks.
2007-09-28 07:55:31 · 3 answers · asked by Luv2Answer 7 in Business & Finance ➔ Renting & Real Estate
ooops. I meant 2007, not 2006.
2007-09-28 08:04:07 · update #1
Contingencies are meant to be used for specific circumstances that won't allow the parties to proceed in accordance to standards used in the market. Anyone that is set against contingencies without analyzing their current market, needs to change their view. It might be that when you propose your offer (which your should do ) then they will respond with a counter offer telling you what other terms they will ask of you for you to be able to accomplish what your contingency says. Then you go back and forth until you come to an agreement that allows you to purchase the property under your terms and limitations and the seller gets what they feel is appropriate in their given market.
2007-09-28 08:08:53 · answer #1 · answered by newmexicorealestateforms 6 · 1⤊ 1⤋
You could ask the builder for a 48 hours right of refusal.
Some builders will go for it, some wont.
They will NOT in fact stop showing it to prospective buyers.
If they get an offer on the home, they will call you and give you 48 hours to come up with an offer to purchase or it goes to the other party.
Hope this helps.
P.S. In this market I would advise my clients to agree to a 24 hour right of refusal just to tell any other party we have another buyer interested in the house.
Terry S.
http://www.Welcome2Arizona.com
2007-09-29 22:13:49 · answer #2 · answered by Terry S 5 · 0⤊ 1⤋
You won't know until you tender your offer, now will you? If it's been on the market for that long, they just might accept it. I don't accept contingency offers but they might.
2007-09-28 15:01:46 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋