Home Buying in 55901>Question Details

Erik, Home Buyer in 55901

Does a contingent offer hold any weight these days, or should we sell our home first?

Asked by Erik, 55901 Wed Feb 22, 2012

Help the community by answering this question:


I know it was not part of your question, but just a quick note on financing (it may be worth its weight in gold):

Be sure to close on the sale of your current home before the purchase of your new home or be prepared to qualify with BOTH mortgage payments.

Best wishes to you, Erik!
0 votes Thank Flag Link Wed Feb 27, 2013
Hello Erik,
I just closed on a home with a contingent contract. The seller was ready to go ahead and get a contract. They finally moved up the closing date so the seller would accept not having a 24-48 hr right of refusal. The buyer wanted to be sure the home would be there for them when theirs is sold and closed on. If you do not have a serious buyer for your home it is more difficult but if you make a good offer and are willing to pay your closing or most of it , the seller should look at it more serious! Hope it works out!
0 votes Thank Flag Link Mon Feb 25, 2013
Contingent offers are worthless in todays market. http://www.mnownerfinancedhomes.com/contract-for-deed-listings/
0 votes Thank Flag Link Sun Dec 23, 2012
I think there are a lot of variables that a sellers has to weed through when you come with a contingency of any length. It is always best to sell first, but if it is a house you love and want then you should submit it and see what the sellers are willing to do. I always as for the first right as well in the event the sellers get another offer on it in the meanwhile.
0 votes Thank Flag Link Mon Nov 19, 2012
A contingent offer doesn't hold much weight in this market. In most scenarios selling your home first would be the route to go.

Kris Lindahl
Edina Realty
Web Reference: http://www.krislindahl.com
0 votes Thank Flag Link Tue Mar 27, 2012
It primarily depends on 2 factors:

1- How long has the subject property been on the market? If there are no other buyers knocking on their door and you are the only game in town, then the seller would be more open to the idea of a contingent sale.

2- How aggressively are you planning to price your home? If you can show the sellers that you mean business and want to get this done asap, then you have a better chance.

Best of luck,

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference: http://www.oggikashi.com
0 votes Thank Flag Link Wed Feb 22, 2012
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