Home Buying in Chicago>Question Details

Twilla, Home Buyer in Chicago, IL

Any ideas to make our offer stick!?

Asked by Twilla, Chicago, IL Tue Mar 25, 2014

We put our house on the market and we are looking to buy. We have an approved buyer, been through inspection and just completed the appraisal. We have lost 3 houses due to the contiengency. I just don't know anything else to do. Our lender has told them they can work the files at the same time and close on the same day even.

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Twilla’s answer
Thank you all for your help. I think I may just have to suck it up and either find a temporary place or pay my buyers rent. I didn't want to do that because I know how it feels to just want to get into your new home. Thanks again!
0 votes Thank Flag Link Wed Mar 26, 2014
Hi Twilla,

You said it...rent from you new buyer. Best option is to waive the contingency and make sure your lender is working with you through and through. Tell your buyer you may need to stay 2-4 days.

The only other option is furniture in storage while you stay in a hotel for a few days....

Good luck!
0 votes Thank Flag Link Fri Mar 28, 2014
I usually advise sellers to find an interim living situation if at all possible since in many markets it's close to impossible to get a home sale contingency accepted. The only times I've been able to get one accepted is when we've timed it so that the home sale contingency (and closing on the original property) is timed to coincide with the typical timeframe for a mortgage contingency on the property they're buying. That means my buyers/sellers need a place for a few weeks but it cuts down the interim period by quite a bit.

Probably too late now but in my market - which is very good for sellers and challenging to buy because of limited inventory - sellers are asking for and getting 30 to 60 day lease-backs. That way they have their funds from their sale in hand and time to pin down their purchase.
0 votes Thank Flag Link Tue Mar 25, 2014
You can waive the contingency. That would overcome the problem. Otherwise, you just have to pay more. In this market, the sellers have the power. You have to make things as attractive as possible.
0 votes Thank Flag Link Tue Mar 25, 2014
Sometimes you just have to liquidate the problem home and become a non contingent buyer.
Perhaps your buyer will allow you rent it back and you give them possession after you close in a month or 2.
0 votes Thank Flag Link Tue Mar 25, 2014
This was a good article with some different tactics to consider...

How to Win a Bidding War on Chicago Real Estate:

http://www.chicagomag.com/real-estate/February-2014/How-to-P…
0 votes Thank Flag Link Tue Mar 25, 2014
A contingency on the sale of your current property is a contingency that a seller would rather not deal with. If you have already been through the inspection period and appraisal with you current buyers and you are sure you are going to close you could offer a non-refundable earnest money deposit with your offer. I'm not sure I would suggest that you do that but it's just an idea. I would talk to your real estate agent about this or anything else before you do it.
0 votes Thank Flag Link Tue Mar 25, 2014
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