Home Buying in Cape Coral>Question Details

George Hoffm…, Other/Just Looking in Lexington, KY

Will banks take a contingency contract, based on our selling our out-of-state house?

Asked by George Hoffman, Lexington, KY Sun Mar 22, 2009

If the bank will take a contingency, how long will they wait for the house to sell?

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Hello Mr. Hoffman, All of us will echo the same sentiment about what the banks/sellers are looking for right now and that is exactly it, what can they get right now. I am originally from KY too and my nephew is trying to sell his large home on 100 acres in Lexington. I keep telling him there is a buyer for every home. The same goes for you sir. Price it right, advertise or list it , sell it and come on down. There are 1000's of properties meeting your criteria and 100's coming on the market daily. If you want to do some searching prior to coming down go to http://www.A59976.listingbook.com and compile your favorites or ask me specific questions about the ones you are most interested in. I would love to be your buyers agent when you are ready. I can make sure we pre-inspect for any missing appliances or AC units, check for environmental issues such as mold or chinese drywall so that you wont waste any time looking at the wrong properties.
I hope you will allow me to help you. Cell: 239-464-8620 Email: sarahgarrett@argfl.com

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2008"
By Gulfshore Life Magazine
http://www.homebuyersellerhelp.com
0 votes Thank Flag Link Mon Mar 23, 2009
George,

Banks are interested in one thing......getting as much money for the property they have acquired as quickly as possible. Taking on the complexity of a contingency does not fit their agenda.

Good luck
0 votes Thank Flag Link Mon Mar 23, 2009
No, institutional owners will generally not accept a contingency for you to sell an out-of-state house. They are requiring proof of funds or pre-approval when you submit an offer. Once you have sold your home in Kentucky, you will be in a much better position to purchase an REO home in Southwest Florida.

Here is a resource to view foreclosure homes in Cape Coral: http://www.greaterftmyers.com/cape-coral-foreclosures.php

Good luck in your search!
0 votes Thank Flag Link Mon Mar 23, 2009
I assume that your question is regarding an REO or bank-owned property. It is certainly less likely that they will take a contingency contract. But ... not impossible. A lot depends on what property you are buying, the market it is in, it's condition and how long it's been sitting on the market, etc.

What I'd recommend is that you immediately prep and stage the heck out of the house you wish to sell, then get it really well-marketed - at the correct price. Price it too high and it will sit and not sell. If you think that you'll get a great deal on your next home, then price your current one accordingly and the figures may balance out. For all we know, you bought your current one a long time ago and will do fine even in today's market.

Do you know the sold comps for your current out-of-state house?
0 votes Thank Flag Link Sun Mar 22, 2009
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