Frank Dolski MBA, ABR, e-PRO
CARTUS & SIRVA Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
If you were my client, I would recommend you put your current condo on the market first. Once it is under contract, THEN go out and find the perfect place. In a buyer's market such as this, the odds of finding the right property on a tight schedule are far greater than trying to sell a property in a condensed time period.
I would be happy to discuss your options with you.
Joshua Stein, REALTORÂ®
Long & Foster - Blue Bell
At least get info from a real estate broker on listing the condo, and make sure you are ready to go if that seller accepts your contingency.
"Are" contingency offers a good idea? Sometimes. It'll weaken your offer substantially. But for your own protection, you should have it in there . . . unless you're prepared to pay for two mortgages.
But if you don't even have your condo on the market yet, no seller in his/her right mind would accept your offer. Putting your current property on the market at least shows you're serious. Not even having it on the market sends a big message to sellers: "I'm not serious about buying your property because I don't even have mine on the market yet."
The 'perfect' scenario would be for you to sell your condo first. However, you can make an offer with a contingency that you sell your condo. You would need to get your condo on the market though. Most sellers don't like to accept offers with a contingency that a buyer sell their property first - especially in today's market where it may take a long time for you to sell your condo (if it sells). You never know if don't try though.....
You can, but realize that a seller accepting a contingency is like accepting any other concession. You can ask for a discount, closing costs, and contingency on selling, but the more you ask the seller to give up, the less likely they will say yes.
If you do decide to move forward with a contingent offer, have your home ready to get on the market right away. Cleaned, prepped, staged and with a price guaranteed to bring a fast offer. When I receive a contingent offer on one of my listings, my first instinct is to say no, but I don't. I ask about the place for sale and do my own research. If the buyer is making a top dollar offer on my listing and willing to put a great place on at a compelling price, I might advise my clients to consider it.
A home sold, contingent, stays on the market and may be "bumped" if another offer comes in and you are not sold yet. Talk to your local agent to discuss the full terms of what it takes to bump your offer before you proceed.