Profile picture for adosweet

Ask our community...

We're buying our current home with a VA loan. We've decided to upgrade, and have been seriously looking for another home. We've been pre-qualified, and would like to stay with a VA loan when we find something. In that case, we have to sell our house first, and/or include a contingency in any offer to that effect. Since the majority of the properties we've seen, and are interested in, have been on the market for some time anyway, we've been asking for a possible lease/purchase, if only until our house sells; and have decided not to list it until we have something secure.Is that unreasonable? We feel that we're serious enough buyers to warrant that security back from the seller. Also, are we better off going to the listing agent ourselves, or what? From what we've experienced so far,we're a lot more enthusiastic about this house-hunting game than anyone; licensed or otherwise!!

  • October 30 2011 - Gillette
  • 1
    1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

There was a similar topic discussed on another site such as this very recently.  In a nutshell, most sellers will be hesitant to accept a contract contingent on the sale of a home that is not yet on the market.  Not knowing the specifics of the market where you live, it may take longer to sell your current home then to buy a new one.

Ask yourself a very important question: If you were the seller, would you accept your offer?
  • October 30 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
It certainly is possible to offer on a house contingent on your current home selling, but most buyers will respond with a counter  that the house still stays on the market and you have a right of first refusal (of 1 to 3 days) if they get a non-contingent offer.

You would strengthen your position if you had your current home on the market already with an offer already in hand.

  • October 30 2011
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for the_country_hick
You want the best of both worlds without the drawbacks of either one.

You want to live in a house you hold title to and then to buy another house being unable to handle the 2 mortgages together.

It can take a long time to sell a house. You have already seen this to be true. There is no reason to expect that someone elses house will be on the market for 18 months and yours will sell in 1 week. If you want to make an interesting offer to a seller be prepared to buy as soon as possible. Owning another house you can not sell immediately makes your offer look very unlikely to work out for the seller. Then the seller loses all interest in your offer.

I would place your house up for sale immediately. Once you sell it then you can make an offer a seller would consider as it would be a simple I want, I can pay, do you want to sell at this price now kind of offer. You can always rent short term after your house does sell.
  • October 30 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.