Profile picture for user8159827

if a house is bank owned can you make an offr with a contingency to sell your house?

  • November 09 2012 - US
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Answers (4)

Profile picture for wetdawgs
A contingency on selling your current home is rarely received with pleasure by a regular seller and a bank is even less likely to consider it.   If there is any other potential offer on the home, don't waste your time unless you already have an offer on your own home and a week or two to closing.

Many people wish to use the "sale of own home" contingency, but haven't even started the preparation work for sale of their own home.   Hence, sellers don't like those offers.

  • November 09 2012
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As my peers have stated, of course you can, but it might not get accepted.  The likelihood that it WILL be accepted depends on your local market conditions.  Down here in most So-Cal markets the answer would be: don't waste your time.

Most standard sellers have to sell (and buy) with this kind of contingency, with other standard sellers/buyers.  IE the "traditional" way of doing business.

Best wishes from So-Cal and good luck
  • November 09 2012
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Profile picture for Cindy Quinton
You can make any kind of offer you wish. However, the real question is, will the bank accept it? Maybe, but probably unlikely. Also, my guess is that if they accept it, they will continue to market the property and give you some kind of kick out clause. For instance, they may say that if they receive another offer they will give you 48 hours to remove you contingency. 

Again, you can certainly offer. My question for you is, how does going ahead and offering help YOU? Is there any way you could or would drop the contingency if another offer was made? The only way it works in your favor is if you are willing to make a really strong (read high priced) offer. 
  • November 09 2012
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Profile picture for Outer Banks N C
You can always make an offer, the seller does not have to accept it and can say no. Banks rarely accept a contingent contracts with the contingency being selling of another house.

Tim
  • November 09 2012
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