Home Selling in Bayside>Question Details

Joanne, Both Buyer and Seller in Bayside, Queens, NY

Own a condo, found a house we'd like to buy. Need to sell our condo first, but can we put an offer on the

Asked by Joanne, Bayside, Queens, NY Mon Mar 10, 2008

house before we sell ours? WE can't buy the house until we sell ours, but we want to know if they will even accept our offer. What's the correct procedure?

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Answers

10
you can certainly make an offer on the house before you sell your condo... but in order to be "safe" you'd want to make a "contingent" offer.

(that means that we'll buy your house, but only once our condo has sold)

as you can imagine... that makes your "offer" to buy, a far weaker offer... but if you can't afford to buy the house, without the sale of your condo (and quite honestly, most people can't manage to own two homes at once)... then it's the only way to go... other than selling your condo, prior to putting any offer in.
2 votes Thank Flag Link Mon Mar 10, 2008
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Joanne
Put yourself in the shoes of a seller. Let's say somone makes an offer on your home contingent upon the sale of theirs. How would you feel?
Same thing.
I'[d put your home on the market, then go shopping. Negotiate a rent back so you are protected.

Good luck. I suggest strongly sitting down with your Realtor and developing a plan. You will be a stronger buyer and seller if you sell first, then buy. If it's a buyer's market you should be able to save more than you might "lose" in selling first.
1 vote Thank Flag Link Mon Mar 10, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
First try to sell sell your condo, but stop looking for more home time
is of essences. I would like to help and sell the condo and find your
new home. Please fell free to call me.

Fajardo Delacruz
347 932-0609
0 votes Thank Flag Link Thu May 23, 2013
Joanne, You can make an offer that is contingent on the sale of your condo. If you can show that your condo is priced to sell then the seller will probably consider your offer more seriously. If you don't already have a Realtor to represent you then I would advise that you get one. They will be able to navigate you through the process.
Good Luck!
Web Reference: http://savannahgahomes.net
0 votes Thank Flag Link Sat Sep 25, 2010
Are you working on by owner houses? You should definately seek the help of a real estate agent, usually the seller pays the commission so its basically free advice to you. As everyone else has said putting in the offer with contingency on the sell of your condo is the only thing you can do unless you sell first. If you need more advise I would love to help, feel free to call or email at anytime.
Thanks,
Carey Cantagallo
ccantagallo@sparrowrealtors.com
917-414-9697
0 votes Thank Flag Link Sat Sep 25, 2010
Hi Joanne, Many owners will accept your offer-but when their attorney finds out about the contingencies they are discouraged from that deal-or they will hold you to a certain time frame (not good). The best way to insure you get a great deal on both sides-get the best price for your Condo (you can be a choosier seller even if it takes a month or 3 months-instead of being rushed having to take the 1st offer that comes in) go to contract on your Condo, then you can start being serious about making offers.-and you will know how much you have to work with. Once the mortgage for your sale comes thru-go to contract on your purchase- You will not be stressed out to the max. My professional opinion Terry K 718-614-3167 cell or email therese.korahais@elliman.com
0 votes Thank Flag Link Tue Jun 23, 2009
Isn't your Realtor advising you on the proper steps; if you don't have one, now is the time to interview and choose. Yes, you can put in an offer and be upfront with the seller, they may not be willing to wait for you--is your condo on the market yet, if so, is it priced on target with today's market, does it show well, etc. all things for discussion. If you need assistance feel free to call or e-mail.

Anna
917-576-5376
abrocco@laffey.com
0 votes Thank Flag Link Mon Jun 22, 2009
Joanne ,Off course you can make an offer with the contingency on the sell of your condo. However as a professional real estate agent I recommend you to sell first and then with the money on your bank you can have a stronger offer and better position to negotiate it. Remember to hire an agent that can help you to price right and market your property because in this kind of market takes longer to sell a property.
Good luck.
If you have any questions do not hesitate to contact me or email me
0 votes Thank Flag Link Sun Jun 21, 2009
Absolutely. just use the same lawyer for both deals so he or she can add some contingencies to the contract and let all the parties know about your particular situation. Good luck
0 votes Thank Flag Link Sun Mar 23, 2008
It depends on the terms of the sale. If the offer is accepted you will need to put 10% down when you sign the contract. Next you will need a seller to agree to your contingency, if the seller agrees, then you have a deal.

By the way, I near Bayside 198 Street and 48 Ave (showing your home will be very easy).

Any other questions please let me know.
0 votes Thank Flag Link Mon Mar 10, 2008
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