Home Buying in Garden Grove>Question Details

Mercedes Sam…, Home Buyer in Huntington Beach, CA

I want to buy a new home, but my boyfriend and I will not be able to unless we sell our condo. Is buying a house with a Hubbard clause impossible?

Asked by Mercedes Samudio, Huntington Beach, CA Sat Feb 9, 2013

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Mercedes,

The first step would be to get your condo listed. In this market, it should sell quickly if it's correctly priced and marketed. While your home is being shown, you can be looking for your new house. When offers come in, you can request (counter with) a 45 or more day escrow - whatever it will take to get escrow to close on the new house.

If you don't have an offer on your condo yet, and you find your next home, you can make contingent offers but, as noted below, they won't be viewed favorably by sellers, especially in this sellers' market. That does work in your favor when considering the scenario I mentioned for selling your condo.

If you've got an offer on your condo, that makes your offer on a new home stronger but not as strong as someone else's without a contingency. There's still the possibility that your condo buyer could cause you to fall out of escrow which would have the domino effect of making you fall out of escrow on your new home.

How can I be of assistance? Give me a call or send me an email.

Tim Kunze, Realtor(r)
Huntington Coast Properties
714-552-2335
Tim@TimKunze.com
0 votes Thank Flag Link Sat Feb 9, 2013
Mercedes,

It can be done. You just need to have an experience agent and loan officer to explain all available options. Base on their advices, pick the best option that fits your situation.

Good luck,

David Pham
National Brokers
DRE #01333519
NMLS #284907
1 vote Thank Flag Link Mon Feb 11, 2013
Hi Mercedes,
Please let me know if you need a loan, also i will help you to cross qualify any buyer who is trying to buy your property (why because it will make sure that your can close on time and i can offer great benefits for the buyer).
For purchase transactions we are the best in the market Why:
- Very competitive rates and closing cost
- $500 for closing cost
- .625bps for better rate or used for closing cost
- Guarantee to close in 30 days or less OR up to $895 refunds
- VIP membership for one year and all banking benefits at Kinecta FCU
- Pre-approval certificate good for 90 days
- In-house underwriting

Please contact me to provide above benefits in writing:

LQUINTERO@KINECTA.ORG
http://www.kinecta.org/lquintero

Libardo Quintero
nmls 380933
949.861.0367
1 vote Thank Flag Link Sun Feb 10, 2013
Hi Mercedes,

As you now know you can list your property and make an offer on new home contingent on the sale of your Condo - that's the "textbook answer".

However, I would highly advise you find a professional Realtor® to work with to accomplish this.

Here's why:

I'm not familiar with the Long Beach area; however, the majority of my SF Bay Area housing market is experiencing a brutally strong Seller's market that has little time for haggling over price (or buyers with contingent offers when properties are getting 36 offers and 100% cash). I do not see this market significantly waning until Q413 after more Sellers are influenced to list their property along with a slow increase in mortgage rates over the same time frame.

To be clear, if your local market is experiencing the same market dynamic it will be easy to sell; however, what I would be concerned with is the purchase of your new destination home if it's in a strong Sellers’ market. Realistically, this may be longer than a "couple of weekends" task.

So before you start you journey I would recommend:

1) Find a professional Realtor®:
Simply put, your Realtor® will be able to answer initial key questions and guide you through the process based on what is occurring in your local market AND the one you are looking to transfer to. You can check to make sure an Agent is a Realtor® by going here: http://www.realtor.org/rofindrealtor.nsf/pages/FS_FREALTOR?O…

2) Obtain a "True Pre-Approval":
You MAY need to improve your credit score, increase cash reserves, etc.
http://www.Steven-Anthony.com/GettingStarted
&
"Retail Banks vs. Mortgage Broker/Bankers"
http://tinyurl.com/6qln6nd

-Steve
0 votes Thank Flag Link Mon Feb 11, 2013
Mercedes:

Your first step is to get pre-qualified by a mortgage banker. We can eliminate the mortgage payment from your current condo once you put it on the market. Inventory is really tight so if your condo is priced right it should move quickly.

Castle & Cooke Mortgage is a direct lender. We have the ability to close quickly. I'm available on my cell (949)212-4578 if you wish to discuss your scenarios.

Best regards,

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
gfawcett@castlecooke.com
Ph: (949)212-4578
0 votes Thank Flag Link Sun Feb 10, 2013
All the answers below are right on the money. If your home is in escrow with an accepted and strong offer, a seller will be more likely to accept your offer.
0 votes Thank Flag Link Sat Feb 9, 2013
Yes its possible, the sale of your property would be contingent on purchasing a replacement property and closing concurrently. I completed 2 of these last year, also I see that your looking in Garden Grove. I live in Garden Grove so if you are not working with an agent, I would love to help.
0 votes Thank Flag Link Sat Feb 9, 2013
with this fast moving market it is not likely that a seller will take a contingent offer. it would be best to sell the condo first unless you can qualify with the condo as a rental.
0 votes Thank Flag Link Sat Feb 9, 2013
If you are referring to a contingency that your condo must sell before you close on your purchase, it's possible, but not very likely that a seller would accept it.

The current market is moving too fast right now, sellers are receiving multiple offers quickly, and then choosing the best offer they get.

I recommend selling your condo, and asking your buyer for up to 30 days to rent it back before moving. That way, you will be "non-contingent," but hopefully avoid having to move twice. If you price your condo right, you should have several offers quickly.

Contact me if you would like some help.

Vicki
0 votes Thank Flag Link Sat Feb 9, 2013
Not sure what a Hubbard clause is, but I've had alot of successful contingency sales, if that's what you're referring to. Takes alot of preparation and experience, but can definitely be done! Good luck.
0 votes Thank Flag Link Sat Feb 9, 2013
Mercedes,

No it's done all the time. It's all about negotiations with all parties. An experienced agent can handle this task for you.

Joe Homs, Realtor
949-625-4633
Joe@joehpms.com
Web Reference: http://Thehomsteam.com
0 votes Thank Flag Link Sat Feb 9, 2013
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