Ruben Sanchez: Realtor/Broker
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
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.