Some sellers will accept a contingent sale contract - but they will ask for a 24 hour first right of refusal clause. This means that if they retain the right to actively market the property and if they receive another offer that is able to close and is suitable to their terms they can come back to you and demand that you lift your contingency clause within 24 hours. If you are unable to do so, and the sller chooses they can then return your earnest money and release the contract they have with you in order to pursue contract with the other party.
No it does not cost a larger sum of earnest money - earnest money is a negotiable amount.
Our TAR contracts have a section for special stipulations and the clause can simply be inserted there.
Best of luck - let me know if you need any further help.
Yes you can make an offer with the contingency clause that you must sell your condo first, however, the seller may not accept those terms.
Try to think of it in the terms of you selling your condo - would you take the condo off the market to wait on the potential buyers to sell their home? What if they had interested buyers that also had to sell their home - it can create a domino effect and if one piece falls apart - they all do.
It is best to put your home on the market, priced appropriately to sell quickly and then consider making an offer on a property you love after your condo is scheduled to close.
Hope this helps - feel free to call or email if you have additional questions
RE/MAX Preferred Properties
Most Sellers will consider your offer more seriously when your house is on the Market. The Agent for the Seller will most likely do some research on your home, evaluate its marketability and advise their seller. Obviously if you have a contract on your property, it will make it a bonus for the seller to accept your contract. The first step would be to put your home on the market at a realistic price at pretty good value. I hope This Helps.
Andrew Pacillo Affiliate Broker
Century 21 The Real Estate Place
Margaret Rodgers Realtor,Broker,AHWDC
The Real Estate Market Inc
2911 Essary Rd Suite 100
In this market you will see alot of sellers willing to do this as something is better than nothing. You will need to get a pre approval letter for anything you look to make an offer on, so go ahead and get that. As far as selling your property, you should list with a leading broker in your area who will be able to assist you in getting a quicker sale at the best obtainable price.
It is possible to make an offer on a property before yours is sold. Basically you include a clause in your offer that the purchase of your new home is contingent on the sale and funding of your current property. However, it is not a very strong offer. When I represent a seller I usually do not recommend the sellers take a contingent offer unless the prospective buyer's property is under contract and there is a closing date. I would advise you to get your current property on the market, with a Realtor, before you make any offers on what could be your new home.
I have a great contact in your home area. Feel free to let me know if you'd like further assistance.
My contact information is below
Owen Zweiback PA, GRI, Realtor, e-Pro
Coldwell Banker Real Estate
800-547-3019 Toll Free Office
http://www.floridamoves.com/owen.zweiback Personal Website
http://activerain.com/blogs/realtoro Personal Blog