Property Q&A in Ballwin>Question Details

Rsddmd, Other/Just Looking in Creve Coeur, MO

Will a contingent contract be accepted on a short sale property?

Asked by Rsddmd, Creve Coeur, MO Fri Apr 15, 2011

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This question will need to be answered with more questions about your situation and what type of contingency you are talking about. As Dale said banks generally will not accept offer contingent on the sale of the buyers home. This home in perticular was under a multiple offer situation and would not have a chance with a contingent offer. Another very important thing to look for is the qualifications of the selleing agent. If he/she is not CDPE accredited then you should move on. These processes are very important to be handled carefully and the agent must be properly trained to handle them. I handle short sales and Certified Distressed Property Expert, trained in this type of sale. I enjoy helping buyers and sellers through this process.
I live and work in Ballwin and would love to assist you in your purchase.
0 votes Thank Flag Link Sun Apr 17, 2011
Routinely no. The banks want them sold and they aren't interested in waiting around for someone to sell their property first, esp since in this market that might take 6 months or longer. Occasionally we find a small bank that will accept a contingency, but it's general for closing, not for getting a contract then closing, or it might be for a spouse to come to town and approve the property.

We have many buyers who are doing lines of credit against their current home, in order to buy a new one, but you have to be careful, since if you can't get your current home sold quickly, you will have 2 payments for awhile.

Let me know if I can help with anything. I"m in Creve Coeur.
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0 votes Thank Flag Link Fri Apr 15, 2011
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