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Answers (4)
- wetdawgs
- Contributions:26852
When you want to buy and have one that is not yet sold, buy the second one if and only if you have sufficient financial resources to carry them both for a year or two.
If you don't have the financial resources, the easiest approach to to have a solid offer on your current home before making an offer on another house.
You can make contingent offers, as mentioned by others, but sellers know how hard it is to sell and get rather grumbly. If I were a seller, I'd be very rigorous in examining a contingent offer. Is the house on the market already? Is it priced aggressively? I would also include a clause that I can accept another non-contingent offer at any time.
If you don't have the financial resources, the easiest approach to to have a solid offer on your current home before making an offer on another house.
You can make contingent offers, as mentioned by others, but sellers know how hard it is to sell and get rather grumbly. If I were a seller, I'd be very rigorous in examining a contingent offer. Is the house on the market already? Is it priced aggressively? I would also include a clause that I can accept another non-contingent offer at any time.
- Terry Osburn, "PawsitiveRealEstate"
- Contributions:106
In this market takes real thought and planning. You can as suggested by prior replies make an offer subject to your home selling.......Depending on the motivation of the sellers home you are interested as well as your offer and your market and what you have you home listed for will determine if that seller wants to take a chance and miss other opportunities and/or they may very well write in a clause if a higher offer comes in and/or a non contingenct offer comes in that you would be given notice to perform with 72 hrs or so and if not they will cancel your contract and go with another buyer. Let me ask you this-Are you going to sell no matter what? Or is there a specific neighborhood and home you are looking to purchase? Depending on your circumstances you may need to sell without finding a home right away and put your things in storage or do a month to month rental in order to position yourself firmly for your next home....Just a thought....
- June Piper-Brandon, "junepiperbrandon"
- Contributions:248
When you list your home for sale you make any contract contingent on you finding a home of choice. Likewise when you find the home you want to purchase you add an addendum that states your purchase is contingent on your home selling. A few years ago when the market was hot you hardly ever saw these kinds of contingencies, however, now that the market has returned to a more normal state sellers are no longer so skittish about accepting contracts that are contingent on things like that. If your home does not sell during the specified period in the contract you can also negotiate an extension in that period. A good realtor will be able to negotiate all these things for you.
- Nancy Lee, "An OrderLee Home"
- Contributions:1195
You can offer the seller a contract contingent on selling your house. Meaning the contract to purchase the new house will not activate until after you get a contract on your current house. The seller can (a) accept your contract, (b) reject your contract, (c) add a condition that says if they get another, non-contingent offer you will have x days to either buy or the lose the new house. Let us assume the seller accepts your offer, either outright or conditionally. When you get an offer, you can try to negotiate a period of time after you sell where you will rent the house back from your buyer. During that time, you will close on and move into your new home. If your buyer needs to close immediately, you can find out if the seller can also close immediately. Sometimes it is possible to arrange back-to-back closings in the morning and then move in the afternoon. But, it is more likely you will sell, move most of your belongings into storage, move yourself into a short-term rental, then close on your new home. I strongly encourage you do not try to do something like this by yourself. In cases like this, your agent adds immeasurably to the a successful co-ordination and conclusion.
When you want to buy a house, and have to sell your current house, how does the timing work out?
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