Home Buying in 06883>Question Details

Regina, Both Buyer and Seller in 06883

I found a great house but the seller will only sell it on a non contingency and commitment of bank mortgage.

Asked by Regina, 06883 Thu Nov 6, 2008

This in itself is not so bad but we have to sell our house. How can we buy ourselves some time to get our house on the market for a few weeks. I know the seller wants a quick close. Will we lose our deposit if we break the contract.?

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6
Darcy Sledge’s answer
Hi Regina,

After a flurry of answers from real estate agents and the somewhat predictable pitches to help you with the process, I am curious. It is almost 1 year later. Whatever happened? Did your dream house sell? Did you put your house on the market? I watch the market for several buyers and sellers, and am currently following Weston quite closely. The data is amazing to me - especially interesting for potential buyers. Some houses recently sold in 2009 at the same price, or even lower than the price paid several years ago. And they are great houses, too.So post your update - I would be interested to hear an updated chapter of your story...
0 votes Thank Flag Link Sat Oct 24, 2009
Regina,

Many sellers in this market will not accept an offer that is contingent on the sale of your current home. It sounds as though your home isn't even on the market yet - I would not recommend any of my sellers accept such an offer. Also, you say the sellers want a mortgage commitment - it is standard for an offer to purchase be accompanied with a mortgage pre-approval letter from a reputable lender or mortgage broker, and no seller should accept an offer without one.

Your agent can try to negotiate the purchase with contingency for the sale of your current home. However, many sellers in this market will not accept such a contingency, so you need to be prepared for that possibility. Marketing times for homes to sell a home are long right now, and many homes are not selling at all. You will find that many sellers do not want to remove their home from the market when the purchase is contingent on the sale of your home, which may or may not happen.

List your home on the market at a very aggressive price and sell it quickly. Try to negotiate further once the sellers see that your current home is priced to sell quickly. Otherwise, sell your home quickly and the other home may still be available.

Good luck!
0 votes Thank Flag Link Thu Nov 6, 2008
Hello Regina,

Dan and Dan Both have given you excellent advice. You absolutely need a seasoned professional agent who understands all the intricacies of accomplishing a simultaneous close. An agent, who is representing you both for your purchase, and for your sale, is the only person who's going to be able to effectively show your sellers the likelihood of you selling in a short time frame. He/She must show your sellers how competitive your home is with a comprehensive, comparative market analysis, and a stellar property marketing program that goes above and beyond the competition to get you Top Dollar in 30 days.

A likely short sale date for your current home is the only way to get your offer accepted, WITH the needed contingency of the sale of your house. A Realtor experienced in doing simultaneous closes will also help you move only ONCE, saving a great deal of nail biting, lost sleep, and moving and storage costs.

I’ve closed properties from Stamford to Milford, to Norfolk, but the core of my business is here in Fairfield County. Of course, I would be delighted to help you with a comparative market analysis and complementary consultation.

Just give a ring if you'd like to discuss your concerns.

Best Regards, Bruce Lyon, GRI, ABR William Raveis Real Estate. Cell: 203-994-2359
0 votes Thank Flag Link Thu Nov 6, 2008
Hi Regina,

As mentioned earlier, knowing more about the seller's circumstances might be helpful in structuring a deal to purchase this home. However, due to the average market time being longer to sell a property and the seller's concern about a fast closing, putting together a deal right now is going to be difficult.

I always recommend to my clients that they list their current home before actively searching for a new home. In your situation, even if you can get your home sold quickly enough to purchase the other home, you might very well accept less for your current home.

I suggest that you hold up on acting on this other home and concentrate on selling the current one. Who knows, the other home might still be available once yours is sold or under contract. Then, you will have alot more leverage to negotiate. Unless you can get the seller to accept a "hubbard" situation, don't sign a contract assuming your current home will be sold in time. This is very risky.

If I can help you in any way, please don't hesitate to contact me.

Christopher Rich
William Raveis Real Estate
Your Fairfield County Real Estate Agent
http://www.FairfieldCountyRealEstate.com
0 votes Thank Flag Link Thu Nov 6, 2008
Regina,
So much depends on what is important to the seller. You need to have your Realtor negotiate for you and find out what might work for them. Sometimes being upfront with the seller you can find out their motivation and work out something mutually agreeable. You need an agent that can be creative and negotiate well. Once you understand what they are trying to accomplish, then you have the possibility of a mutually acceptable deal.
Is your house listed yet? Is it aggressively priced? Is it being marketed to sell quickly? If it's not even listed yet, you are in a much weaker position. What reason does the seller have to think you can sell your home quickly when many others can't? You have to show them how aggressive you are being to give them any comfort that they are not waiting in vain.
If you would like a Market ananlysis done, you can feel free to contact me. We can talk about what it will take to try to get your house sold in 30-45 days in the current market.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Thu Nov 6, 2008
Regina, This is tough and depends on the State you live in. The best bet is to talk about pricing your home for a quick sale and ask the seller if they would consider a contract if you included an attractive bump clause(ability to take another offer should your home not sell in time). This would ensure you could get your deposit back should you not sell your home in time and give you the opportunity to take advantage of the perfect home. You may want to contact your Realtor for the specifics in your area.
0 votes Thank Flag Link Thu Nov 6, 2008
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