Home Buying in Union City>Question Details

Heathert1, Both Buyer and Seller in Union City, NJ

Can you have the sale of a new property be contingent upon the sale of your current home when dealing with short sales in NJ?

Asked by Heathert1, Union City, NJ Thu Jun 24, 2010

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Answers

7
Heather, not only will banks more than likely not allow such a contingency, but even most "regular" sellers will be hesitant.
At best, a seller might accept your offer, and let you try to sell your home, but they will want to keep marketing their own home. Very few sellers will take their homes off the market for a home selling contingency.

I understand it is difficult to coordinate buying and selling a home - you can't buy unless you sell first.....but you don't want to sell first in fear of not finding a home you want to buy!
What to do!
I would make sure you are realistic in what you think you can get for your home. Make sure you have a conservative price opinion to work with. Speak to an agent - ask for an honest opinion.

You might want to list your home with a contingency that gives you a short time period to find a home...that's one option.
The other is so sell your home, try for a longer closing date and hope for the best. As a back up plan - I'd suggest you look into short term rentals, as the best position would be for your home to close, you have your money in hand, and you are ready to jump on the first home you fall in love with!

Good luck!
Debbie Rose
Prudential NJ Properties
1 vote Thank Flag Link Thu Jun 24, 2010
Hi Heather,

That is probably not going to happen. That is a tough one.. but I would guess as long as you are able and willing to take out a bridge loan on your current home to close the short sale.. Otherwise.. you are in a slim to none catgory.
1 vote Thank Flag Link Thu Jun 24, 2010
If you are serious about buying a home, just sale your home and find a new home! We are still in declining market so if you sale your house today you will get mugh higher than in 6 months. And, you still get a better and cheaper home ( real estate is local, not everywhere is declining) in 6 months!
Just a thought!
0 votes Thank Flag Link Fri Jun 25, 2010
The fact of the matter is that both the seller and the lender would benefit greatly from the disposal of the property. Since the only beneficiary of this arrangement would be the buyer, it is highly doubtful that your proposal would be viewed as acceptable.
0 votes Thank Flag Link Thu Jun 24, 2010
You will not be able to get a short sale approval for your offer it is continegnt upon the sale of your house. The bank will mandate it closes in as little as 14 days from approval to no more than 30 days from approival. you need to be ready, willing and able to purchase within the timelines.

A short sale may not be for you until you get your house sold.

http://www.trulia.com/blog/scott_godzyk/2010/06/how_to_get_a…

please check out my blog for short sale tips and assistance
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Jun 24, 2010
Hi Heather,

Basically no. You have to be ready to close on a few days notice and have all your ducks in a row.

Good luck!

-Marc

Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: http://www.marcpaolella.com
0 votes Thank Flag Link Thu Jun 24, 2010
Very difficult. Banks will rarely approve a short sale contract that contains a sale contingency. While it has bee done, it is....by far, the exception.
0 votes Thank Flag Link Thu Jun 24, 2010
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
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