Yes, you may purchase a home on contingency. There is no rules against it and people do it often. The sellers of a particular home have the option of not accept a contingency, however. You may also obtain a bridge loan which is a loan to carry you until your house sells. In either case, I can help you look for a home on contingency or put you in contact with a mortgage broker to find you a bridge loan. Please call me at your convenience to help you get started. 281.259.0488
Linda Fath, Realtor
Coldwell Banker United, Realtor
In this market, a offer with a pre approval will be considered before a offer subject ot selling a home.
Questions people ask when recieving a offer subject to a sale are:
What is the property listed for?
How long has it been on the market?
What kind of condition is the property in?
What is the market like where the property is?
Will the property sell?
If the property sells for less, will the buyer be able to close on the other home?
So the process becomes more complicated quickly!
First Weber Group
Certified Distressed Property Expert
Contingent offers are becoming more common then in past markets, but many sellers are still not accepting them. A lot will depend on what the market for the area is doing. If things are selling within a normal time frame, then sellers may be more willing to accept contingent offers. If the market is really slow and deals are falling, then sellers may not be so willing to take the contingency.
Bank owned property or foreclosures aren't likely to accept a contigent offer and in most cases won't even consider the offer if it comes with any contingencies other than a financing contingency.
Good luck in your search.