Home Buying in Highland>Question Details

Dabemc, Home Buyer in 20832

how do i plan a contingency sale?

Asked by Dabemc, 20832 Sat Sep 17, 2011

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6
Hi there,

I will be happy to answer your question but you have to give more details as to what contingencies you are referring to.

If I were you, I would hire a realtor to help you in the process. You can post your town and state so that professionals in your area can correspond with you.

Best.

Maria
1 vote Thank Flag Link Sat Sep 17, 2011
Good afternoon! I spent time with several other clients this weekend, working with them on this very issue. From your zip code, I think you may be in Montgomery County, with thoughts of buying in Highland. So, you need to get a market analysis on your Montgomery County property, and then -- with your agent -- set up an asking price for that house that makes it appeal to the mot buyers possible without 'leaving money on the table.' Meanwhile -- preferably with the same agent since quite a few of us work in both counties -- you look for houses in Highland that you like. You can put an offer in on a house, contingent on selling and settling your existing house. The sellers will evaluate that risk, along with the other terms of the contract you are offering, to decide if they want to wait for your house to sell. Some sellers will agree; some won't.

The key word in your question was 'plan' -- it takes planning and strategizing to make this work, but it can as long as everyone involves understands the process, and respects each other!
0 votes Thank Flag Link Mon Sep 19, 2011
Hi

It depends on which type of contingency you are referring to, but most sales contracts have some type of contingency be it for an appraisal or home home inspection. There also could be the buyer or seller needs to find a new home before the one in question can go to settlement.

Good luck!
0 votes Thank Flag Link Mon Sep 19, 2011
Good Morning Dabemac,

For our contingency buyers (assuming home sale contingency), the first thing we do is a preliminary valuation on their home to know what funds will be available to work with for the purchase. We then get you pre-qualified with a good LOCAL lender and do some preliminary home searches and viewings to make sure their is something out there in your price range that will tempt you away from your existing home. Then we get your existing home on the market for sale. Once it appears that the showing levels and interest indicate an offer will be coming soon we start looking for homes again. We would want you to pick at least three (or more) homes of interest since sellers are usually apprehensive about home sale contingencies we want one that will definitely work with you. Once your new home is secured we work with the dates using a pre-occupancy or post occupancy settlement agreement to make sure that your transition from one home to the next is relatively seamless. Best of luck and make sure you choose an experienced agent to assist you!
0 votes Thank Flag Link Sun Sep 18, 2011
Good morning. Contingency sale means you make an offer to a seller with a contingency that you cannot buy their home until for example your home sells. It is a mutual agreement between buyer and seller for a limited period of time. Also various inspections are other examples. Can discuss in more detail if you contact me. K
0 votes Thank Flag Link Sun Sep 18, 2011
Maria is correct. More information is needed. I am in Howard County, Maryland and I think that;'s where you need assistance. I'm very familiar with most buying/selling situations, so if you are not working with an Agent, feel free to contact me. My web site is below. I'd be glad to discuss your situation.
0 votes Thank Flag Link Sat Sep 17, 2011
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