Foreclosure in Tomball>Question Details

Ruboni, Home Buyer in Tomball, TX

can I purchase on contingency to sell my own home?

Asked by Ruboni, Tomball, TX Sat Jun 5, 2010

I have a paid off home that I would need to sell in order to purchase a different home.

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Answers

5
Hi Ruboni,
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
281.259.0488
Linda.Fath@hotmail.com
http://www.LindaFath.com
0 votes Thank Flag Link Sat Jun 5, 2010
You are asking if you can buy another home subject to selling your home. The answer would be you can make offers on other homes with this type of contingency, however, the real question you have to ask your self, is would I accept a offer on my home subject to selling the purchasers home?

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!
Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Sat Jun 5, 2010
The seller of the property will have to agree to it but yes you can. Just put a home sale contingency in your offer.

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.
0 votes Thank Flag Link Sat Jun 5, 2010
Not if it's a foreclosure.
0 votes Thank Flag Link Sat Jun 5, 2010
Yes you can. Just make sure your Realtor puts in the necessary protective wording in your contract so that you can get out if your home does not sell and not lose your earnest money deposit. Talk to your Realtor in detail about this because the listing agent on the home you will be wanting to buy will be doing their best to lock you in. So make sure your Realtor knows what he is doing when it comes to contingencies so that your best interests and money are protected.

Good luck in your search.
0 votes Thank Flag Link Sat Jun 5, 2010
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