Home Buying in San Diego>Question Details

Chris C., Both Buyer and Seller in San Diego, CA

We want to buy a pre/foreclosed home but we need to sell our home on contigency. Is this possible to do.?

Asked by Chris C., San Diego, CA Fri Sep 12, 2008

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6
No. Sell you house first then take the cash and buy a preforeclosure. Are you buying ait at the courthouse? You will need cash. Keep in mind you will be selling in a down market. If you need help visit my website and lets get started!
0 votes Thank Flag Link Mon Sep 22, 2008
I really have to agree with alot of what Diane is saying. I've never accepted a contingency, any listing I have states that, just didn't want to dash your hopes if there was a "possibility", but in this market most banks will not accept a contingency.
Web Reference: http://www.jroark.com
0 votes Thank Flag Link Mon Sep 15, 2008
Hello Chris, in todays Real Estate Market thier are many options to negociate your possibilties. It is best to consult with Realtors and see your options.
Sincerely,
Ruben Sanchez: Realtor/Broker
619.251-5093
Web Reference: http://www.RuBenRealty.com
0 votes Thank Flag Link Mon Sep 15, 2008
Hi Chris,
The real answer is no. Sorry to be direct but better than leading you down a long path that goes nowhere. A preforeclosure home requires the cooperation of the lender since they will not be receiving a full payoff. It is difficult enough getting a short sale to ever close escrow without it also being conditional upon the sale of your home. Are you going to price it low enough to compete with the foreclosure pricing? The banks won't do it. They won't even accept them with a 72 hour clause as the Realtor from the fine state of Delaware suggested. (I'm from Delaware originally). Once it is bank owned, again, the bank is not going to accept your offer conditional upon your sale either. They want a sure sale as quick as possible to get it off their books. If you want to buy low to get a great deal, you usually have to sell low too. Most sellers in this market are buying their next home and keeping their current one as a rental until they can get a better price. Good luck!

Diane Conaway, RE/MAX United, (760) 749-2888
0 votes Thank Flag Link Sat Sep 13, 2008
It's possible to put a contract on a home with a contingency, but since time is of the essence when dealing with homes in pre-foreclosure, if I were the listing agent, I would keep the house on the market and have an escape clause that if another buyer came along that could close right away, we could go with that buyer. When dealing with these types of homes, it's better to have no contingencies.
Web Reference: http://www.jroark.com
0 votes Thank Flag Link Sat Sep 13, 2008
Hi Chris:

it is possible to do, but in this market, it is difficult to do a contingent upon the purchase of a pre/foreclosed home.

If you are in a seller's market where there are many buyers clamoring for a house, the seller can demand a lot of things, including making buyers wait for seller to close on the seller's new home (which is what you WANT to do) The sellers would not be worried about the sale falls through because there will be other buyers waiting.

If you are in a buyer's market, then the seller needs to do everything to attract and keep a buyer. Making a buyer to wait for you (especially if you went for a short sale where the wait can be uncertain and long), will be very difficult to pull off in a buyers market.

Sylvia
0 votes Thank Flag Link Sat Sep 13, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
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