Profile picture for BillAlsup

my wife and i want to sell our home in oxnard,and pay cash for a home in kingman az will the home we

can the home in az be held on a contency basis until our home in oxnard sells? we will be paying cash for the home in az
  • September 06 2013 - Oxnard
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Answers (4)

Best Answer

Hi Bill,
As you may know, you will not have a problem selling your home locally here in Oxnard.  Simply list the home with a Contingency for Purchase, so that your (strong) buyer is aware of your intentions.  Get your home in escrow, and once your Buyer has both removed all their contingencies plus signed and agreed to give you 1-2 months to identify and "close concurrently" on your (HOC) Home of Choice, you can then be in better position to purchase in Kingman.  The local agent here in Oxnard should work closely with the Kingman agent, to coordinate the process.  This scenario is quite typical in a sell-buy situation.  It protects you, so that you don't get committed to owning two homes, and prevents you from becoming homeless after the Oxnard house sells.   IF you have somewhere to move to temporarily, then you take advantage of this to become a somewhat stronger buyer -- as a cash-in-hand ready buyer in AZ. So, basically, you will want to hold your Oxnard home in escrow, contingent on buying in AZ -- along with the purchase in AZ contingent on selling your Oxnard home, already in escrow with a strong and patient Buyer. I hope this helps.
  • September 06 2013
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In a tight inventory market such as AZ it would be very unlikely that a seller would take a contingency offer. You need to sell your home first and have the cash in hand to be taken seriously as a buyer. 
Katherine J. Higgins
Broker Associate
Luxury Homes and Investments
Realty ONE Group
7975 N. Hayden Road, #A101
Scottsdale, AZ 85258
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  • September 06 2013
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That would be up to the seller in Az.
It usually is not in the sellers best interest to take the home off the market while waiting on another home to sell but it does not hurt to ask.

If another offer comes in they almost always take it.


-Troy
  • September 06 2013
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Profile picture for wetdawgs
Is your home in Oxnard on the market with offers, or is putting it on the market still in the future?  

You can always make an offer with a contingency for your home sale, but it is most likely to be accepted if your current home is actively being marketed now.  You are also likely to discover they will still market their home and give you a 24 to 48 h right of first refusal if they get another offer.

  • September 06 2013
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