First there must be a reason why the sellers have drawn a line in the sand.
If you really want the property your first objective is to find out why.
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
There is a window of time when a Seller has a home on the market when they are very unsure of timing. "What if we get an offer, where will me move?"
Best practice is watch the market closely and have a list of top 5 homes you are interested in, once you get a good offer be in touch with the listing agents, have your pre-approval ready, make an offer on the house you want and try to do back to back closings.
Simply placing a contract on a home does not take it off the market, it is placed under contract. Backup contracts are common. Last month 16% of contracts nationwide were withdrawn. The main problem here in the eyes of the seller is your need to sell your home. In this economic condition it could take months to sell your home, it could even take a year. This in turn would tie up their home for months or longer. Perhaps a contract that read " IF another buyer comes wishing to place a cash offer on this home, this contract will be withdrawn".
In turn while selling your home, have your listing agent understand AND put in WRITING that your listing may be withdrawn at anytime and exclude the extension. This way if the home you are wishing to buy sells to another you can take yours off the market. Another solution is to go ahead and sell your home with a thirty day possession clause. This will give you time to find another home when yours sells. IF you can't find one immediately you can temporarily move into a rental home until you find a home. This of course is assuming you will have some equity funds from your sale.
Most contracts I have seen always have one contingency in them and that is for financing. If you can't get the loan then you can't buy the house but you have not defaulted so you should get your deposit back. should!