lk4home, Home Buyer in Oklahoma City, OK

If you want step up from your present house. How receptive is the market to "contingency" to buy new home.?

Asked by lk4home, Oklahoma City, OK Tue Sep 4, 2012

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Answers

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What about a "kick out clause" to protect the seller?

It could allow the seller to continue to market the home to other buyers.

I can't imagine many sellers being very excited about having to wait for the buyer's house to sell-- if it sells. The buyer's current house could be overpriced, in a bad location, outdated, bad floor plan, in need of many repairs, etc. Or, the buyer's "buyers" might not qualify, might walk away from the deal, etc.

Personally, I wouldn't want to take that gamble on "indefinitely" waiting for a buyer's house to sell... and not being able to continue to market to other buyer's. Make sure the seller (and buyer) is protected. The average house sale time in OKC now is what, 6 months, for the market average priced house? If it's a million dollar house, less than half a dozen of $1 million+ houses that aren't new construction have sold in Edmond in the past 1.5 years... if I recall correctly. You don't want to be a seller waiting 1.5 years for someone's house to sell before you get yours officially sold in that bracket. A $150,000 house sits on the market much less long, on average.

If a seller is even considering a contingency offer, the contract should be carefully drafted to allow the seller a good "out" so they're not waiting "indefinitely" for the buyer to sell their house.

A good number of people offer based on contingency. You just have to make sure the seller is protected and not stuck.

A strong priced offer with a reasonable contingency duration might be a win-win.
0 votes Thank Flag Link Thu Sep 6, 2012
Most people find a house they would like to offer a bid. If the house is sold
before you sell your's your left in a bad situtation. Have to settle for someting else. This is a large untapped amount of sales your missing. Don't agree with
comments. I thought you guys were trying to sell the large amount of inventory
in a very unstable market.
Flag Thu Sep 6, 2012
I have sold several homes with contingency offers. The seller will want to know that your house is on the market, that you are using a realtor who gets results and that you are willing to do what it takes to get your house sold.

Let me know if I can help you.

Carolyn Sims
Keller Williams Northwest
405-808-7922
Carolynsims@kw.com
Web Reference: http://www.csimshomes.com
0 votes Thank Flag Link Tue Sep 4, 2012
Goodevening:

I am a Realtor that actually set my sellers up with the thought of accepting a contigency: This absolutely does nothing to hurt the sellers chances of selling his home: How ever you do need to have your home on the market but not necessarily to make the offer, some sellers will not take a contigency and that stems a lot from their Realtor: If you are looking to buy a new constructed home I have actually worked a trade for some of my clients, this is a possibility you might consider,
I do give a discount for listing your home when you use me as your Realtor to list and help you with your purchase:

If you will contact me I will explain everything in full detail:

Thank You
John Phillips
Re/Max Preferred Properties
405 413 0791
jphillips81@cox.net
0 votes Thank Flag Link Tue Sep 4, 2012
Most sellers are hesitant but will consider depending on your offer. If you give a reasonable time frame.. who knows? But it is important to have it listed with a realtor to get your offer accepted :)

Hope this helps, feel free to call me anytime @ 405-812-5507 ~ MOVING YOU FORWARD! ~


Sandra Cooper
Stellar Realty
2713 SW 139th
OKC OK 73170
0 votes Thank Flag Link Tue Sep 4, 2012
This is a common occurance. Most people need to sell their current home before they can buy another home. You really need to have a solid contract on the home you're selling before a contingency offer will have much potential. Once you have your home listed with an agent, you need to be actively looking for your new home. You should also be talking to your lender to make sure your credit is where it needs to be. I work with some great lenders if you'd like more information. I would also be happy to run the comps for your home and see what the market value is.

Feel free to contact me at your leisure. I'm here to help.

Thanks,

Bridgett Wells
Keller Williams Realty
bridgettwells@kw.com
651-9320
0 votes Thank Flag Link Tue Sep 4, 2012
lk4home,

What you and everyone else out there needs to realize is that most buyers including myself can not purchase a newer home unless we sell our current home. I have no problems with writing offers on homes that have a contingency with them. But just realize to write an offer your home has to be listed with a realtor. You can not do a contingency if you are doing a For Sale By Owner. If I can be of any service as to answer any questions you might have give "Yukon John" a call at 405-250-7825 or send me a text or email me at johnmarquiess@gmail.com. I will tell you what other realtors won't!
0 votes Thank Flag Link Tue Sep 4, 2012
ik4home,

All depends on the seller. You will never get to take the girl out if you do not ask her on a date.

Hope this helps,

Josh Barnett, Realtor
Web Reference: http://www.1ListingFee.com
0 votes Thank Flag Link Tue Sep 4, 2012
Most sellers are still generally hesitant to take on contingencies, but some will. Truth is though, if you have a good agent, he/she can get you under contract quickly enough that you won't have to worry about it. Once your home is under contract, sellers will be much more willing to negotiate with you.
0 votes Thank Flag Link Tue Sep 4, 2012
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