Home Buying in Merced>Question Details

David, Home Buyer in Pacifica, CA

I will start a job in mid July and looking for a 4/2 with pool for my family. Sell must be contingent on

Asked by David, Pacifica, CA Wed Jun 25, 2008

sell of our house (on market for 1 week) on coast in bay area. We are looking for nice home near university for $300k-$400k. Are banks'sellers willing to sell based on our contingingcy?

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Answers

3
Hi David
It seems in our market today that all offers should be seriously considered. Depending on your property and the sales comparable in your area. A seller is going to want to see all the info on your property and recents sales. If they haven't had any activity in some time it just may be ideal for them. Basically it never hurts to ask. Just have all your ducks in a row when your Realtor presents your offer.

Come on up to Mariposa or Catheys Valley....What beautiful country this is.

Mia Gloor " Mariposa's House Hunter" 209-628-0480
Mariposa Homes & Land Co.

http://www.mariposahomes.com
0 votes Thank Flag Link Tue Aug 5, 2008
Hi David, though it is tough, as the last answer indicated, it can be done. Would recomend you go to my website and register for a Merced search of properties that match your needs. When you have done some research give me a call or email and I will find you a Realtor out of my Merced, Turlock, or Fresno offices to help you with the negotiations. There are many homes in Merced that "need" to move, so we may pull off a contingent sale, even to a bank. Best of Luck! the Coach
Web Reference: http://askPCR.com
0 votes Thank Flag Link Wed Jun 25, 2008
David:

Good luck on your new job and your new home. I am not from the Bay Area, but have a lot of experience working with the banks. Banks generally want a VERY FAST, no strings attached purchase offer. I seriously doubt that they will take a contingent offer on the more desireable properties in their portfolio. On a whole different subject, make sure that price and market your home aggressively. Needing to move mid-July and having just placed your home on the market last week, you have not left yourself much time, especially with the current high inventories (ie competition) and high days on market we are experiencing across California.

So, have you considered alternatives like:
1. Line of credit / gap loan against your home to help you buy in the new location.
2. Lease option on a non-REO property to buy you time to sell your home.
3. Leasing out your current home (if you can get high enough rents to cover your payment) to free up your cash flow
4. Doing a Lease/option on your home.
5. Any combination of the above that makes sense and gets you closer to you final goal.

In this market, good price, creativity and (unfortunately, due to your short timeframe) patience are needed at both ends of a buy / sell deal. Those who can command all three win.

Wishing you many happy years in your new location and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Wed Jun 25, 2008
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