Home Buying in Doylestown>Question Details

Shortandswee…, Other/Just Looking in Doylestown, PA

our contingency offers a good idea

Asked by Shortandsweet2, Doylestown, PA Mon Sep 5, 2011

I would like to purchase a new home but I want to make sure I can find the perfect home I want. I currently own a condo but would like to but an offer in on a home I found. I have not put my condo on the market yet. Can I put in an offer with the coningency on selling my condo?

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Sellers may accept your offer with the right to continue marketing their home. My buyers recently lost out on a home. Their offer was accepted but the sellers got another offer without the home sale contingency so they cancelled our contract.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Tue Nov 15, 2011
Dear Short & Sweet,

Did you ever decide whenther or not to put your condo on the market?
0 votes Thank Flag Link Mon Oct 17, 2011
It depends. If the condos in your community move relatively quickly and your condo is ready for sale, I would say that a seller may consider a home sale contingency. Typically, it would be with is called a "first right of refusal". I would suggest having your home ready to go prior to putting in an offer so you can move quickly. I have had 2 sellers in the past year take such offers and they worked out well. It would better if your home was already on the market but as I mentioned, be ready if yoou are considering a bid on this home. Please feel free to contact me if you have any questions.

Good Luck!

Frank Dolski MBA, ABR, e-PRO
Associate Broker
CARTUS & SIRVA Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
215-803-3237 (mobile)
215-794-1070 x-103
f.dolski@cbhearthside.com
http://www.FrankDolski.Com
Web Reference: http://www.FrankDolski
0 votes Thank Flag Link Fri Sep 30, 2011
You would be hard pressed to get an offer accepted with a sale contingency if the property in question is not on the market.

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, REALTOR®
Long & Foster - Blue Bell
215-591-5676 Direct
joshua.stein@lnf.com
0 votes Thank Flag Link Thu Sep 15, 2011
Yes you can certainly put an offer in! However, the sellers may or may not accept your contingency.

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.
0 votes Thank Flag Link Tue Sep 6, 2011
I don't know if your contingency offers a good idea. Or an unusual or unique one.

"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."
0 votes Thank Flag Link Mon Sep 5, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Hi Shortandsweet2,

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.....

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Sep 5, 2011
Shortandsweet2,
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.
0 votes Thank Flag Link Mon Sep 5, 2011
You can put in an offer but the chances it is accepted without even having your house in the market is smaller. The seller could consider giving you a first right of refusal where you would be able to list your house, put this one under contract however if another buyer came along and made an offer withot contingincies, you would be given 24-48 hours to remove your home sale contingincy and close or would be released from the contract, Good luck with your offer and with your sale
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Sep 5, 2011
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