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 How much do we offer on this house? First time home buyers!? |
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Hoping to sell | Is it a good idea to put a bid on a house contingent upon my house selling? |
My house has been on the market for a little over 3 months. We have had several people come through and say they love the house, but no second showing or offers. I have found a house that has been on the market for over a year, and I am considering putting a bid on it contingent upon my house selling. Is this a good idea for the buyer? Also, do contingent offers usually have a specific time period?
Thanks for any input!!!! |
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Landlord
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12 weeks is the max. If you are thinking of buying a bank owned house they will not accept this contingency. Most people would not. |
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goz1111
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You can always try but as posted above its not a great deal for the seller, combined with the fact that it’s a horrible market probably means it’s a long shot at best that the seller would agree to that contingency |
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Marysue
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It’s a good idea for you if you can’t qualify for the second mortgage without selling your house.
It’s a bad idea if you want your offer to be accepted because if homes aren’t moving well in your area or the listing agent feels your home isn’t priced appropriately, she’ll advise her client accordingly. While an offer is an offer in a slow market, a contingency that looks unlikely to be met in a reasonable amount of time makes for a really unappealing offer.
It doesn’t hurt to try though. The worst that can happen is that your offer will be rejected or that you won’t be able to sell in the time allotted (60 or 90 days) and the contract will die.
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massomia
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Are you listed with a broker that is actively marketing your property? Have you had an appraisal on your current home to be sure you are properly priced? Does your lender say you must sell your current home before purchasing another home? What is your current home's condition compared to others in your market?
As you can see, It is too much of a hassle to risk future troubles with a weak buyer .
But there's a compromise option that might suit both of your needs.
There would usually be a clause that the buyer has a fairly short time to go firm on purchasing your home or cede it to a backup buyer, if one should come along.
This approach is a good hedge against uncertainty, plus it's a motivator for the other party.
If a seller is going to wait on a contingency buyer, it most certainly has to be a GREAT offer. The buyer most certainly is putting themself in a of lose lose situation.
First, I think you will pay more for the house you want. Second, I think you will take less for the home you are currently in.
It's best to wait until you have a solid offer and are in escrow on your own home, which puts you in a better negotiating position to win win.
Purchasing a home is an emotional rollercoaster. The ideal situation would be not to put yourself under such stress. It's not healthy.
Good luck to you. I hope you have an advisor helping you through this situation. I somehow feel you do not. otherwise......why ask here?
Realtor.
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Libby
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It can be a good idea but some people are against it.
Your house must be at a good, competitive price and the listing agent needs to know that.
But, if your house is under contract then most people will accept a contingency offer.
Sellers want a sure thing and no run around. |
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Dan
 |
If the seller has not sold for a year, they should be happy to get your offer with the contigent. The only other option is to try to sell your house first and then enter contract with the seller (if it is still available).
It's a buyers market so both of you will find it challenging to sell your home. Even if you drop the price there are simply not as many buyers around, the recession is worsening, and credit is tight.
Good luck.
* |
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I Buy And Sell Houses
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Yes; it's absolutely essential that your bid on a new house be contingent upon the sale of your current house.
If your house has been on the market for over 3 months with no second showings or offers, and only "several people coming through," then your house is significantly overpriced. Ask your Realtor to run a new CMA. Then price your home at the bottom end of the comps.
Your offer itself should have a very limited time period--such as 72 hours. Ask your Realtor what's customary in your area. Time limits on offers have nothing to do with contingencies. Your offer should have other contingencies as well: acceptable financing, a satisfactory home inspection, etc. Again, ask your Realtor.
The sellers can accept your offer, subject to your contingencies. Then, if they receive another offer (one not contingent on the sale of a property), you will have a limited period of time either to remove your contingency or to allow your offer to expire. In today's market, you would not want to remove your contingency.
One other point: If that other house has been on the market for over a year and hasn't sold, that house too is substantially overpriced. Have your Realtor run a CMA on the house you're interested in. Figure out what it's really, truly worth. Then base your offer on its real value.
Hope that helps. |
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src50
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It is a much better idea to sell your old house first. As a seller, I would be inclined to reject any offer that is contingent on the offerer selling another house. |
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hottotrot1_usa
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yes, its a good idea to make your bid contingent on selling your old house. I don't think you want to own two houses, do you?
The seller of your new house may not like the contingency. But they may be desperate to sell.
If the seller suggests a specific time period, you may have to accept that as part of the terms. |
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Jennifer S
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That is exactly what you want to do. and the best thing is if they put no time line n it at all. Are you flexible in your listed price? Are you willing to lower it to get the new house? These are all thing you need to consider. Good Luck |
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