Home Buying in New York>Question Details

Matt, Both Buyer and Seller in Long Island, KS

contingency sales

Asked by Matt, Long Island, KS Sat Sep 20, 2008

is it possible to buy a home contingent on the sale of your own home ?

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While it is possible to purchase contingent on selling yours, the sellers are usually reluctant to do this unless your offer is strong. While it is true that they can continue to market their house in hopes that a better offer comes along, the reality is that as soon as the MLS status says "48 hour contingency" many realtors won't bother to show the home. You are much better off selling yours first and comming in with an offer without the contingency. You will probably have to pay more for the house with this contingency.
1 vote Thank Flag Link Sat Sep 20, 2008
It is possible, but the sellers have to agree to do it. There are several ways in which to encourage the sellers to do so:

1. Set a date by which time if your house is not sold, you will agree to go forward with a bridge loan.
2. Allow the seller to continue marketing their house; if they get a like offer or better, ask them to give you # days to perform or you will let the contract go to the next buyer. At that time, you can active a bridge loan and move forward or give the house up. The seller will not have lost any opportunities.
3. See if you can qualify for a mortgage without the sale of your home.
4. If the seller does not have any time restraints, your offer and terms are good and you are providing a lender pre-commitment with the only contingencies being contract and appraisal, they may agree to wait.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Sat Sep 20, 2008
Hi Matt,

The quick answer to your questions is, yes you can. In previous time sellers usually did not like this kind of offer but as we all know thing have changed quite a bit. One other suggestion if you were my buyer. Make sure on your offer also that to be also contingent upon you getting the loan, if you are getting one of course. The reason for that is to add another layer of protection for you in case a loan does not go through during the contingency period since the lending rules keep changing on a daily basis.
Good luck.
Leonardo
Web Reference: http://www.leonardoteam.com
0 votes Thank Flag Link Sat Sep 20, 2008
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