Zillow Advice: Buying Process - If in order to buy a new home the buyer has to sell his current home...... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ Zillow Advice | Zillow Real Estate Since the proceeds from the ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ Since the proceeds from the current home is required to close on the new home you must have a continent clause within the selling contract as also the purchasing contract and its best advice is that you also leave a few days between the closing of that escrow account and the new home purchase. This is a cushion period for you as sometimes funds are not delivered on time. It is best to use the same title agency and Realtor and if at all possible a Lender that is servicing both loans as it make it easier for the transition and cut the likelihood of any mistakes. &nbsp; Thu, 30 Jan 2014 01:02:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2014-01-30T01:02:00Z You will need to list your ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ You will need to list your home first and once you get a contract on it, then you can make an offer on another home to buy with a contingency of the sale of your home. &nbsp;In the Houston market, sellers are not going to except an offer with a contingency if you do not have a contract on your home you are trying to sale, they will not risk taking theirs off the market without seeing that you have a contract on your current home. &nbsp; Wed, 29 Jan 2014 23:38:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2014-01-29T23:38:00Z So many moving pieces here ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ So many moving pieces here will make your experience even more stressful than normal. If you can afford to carry both payments, then move forward but if not move slow. You want to make the new home contigent upon the sale of your existing property, and you might even be able to do a simultaneous close. If you need the proceeds of the sale of existing home, then go ahead and get that listed... worse case you sell the house and have to find temporary living space while you find the new home thats right for you. Such a big transaction you don't want to paint yourself into a corner on this. Thu, 05 Dec 2013 23:23:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2013-12-05T23:23:00Z Always keep in mind that ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ Always keep in mind that it takes longer to sell a home than to find a home to buy. &nbsp;You may be able to find a home that's adequate, maybe not your dream home, in a matter of days if you have to. &nbsp;But, if you had to sell your house in a matter of days, you would have a much harder time unless you priced it under market value. &nbsp;As everyone else mentioned, list your home before you begin making offers if you are going to include a contingency for the sale of another home (which is what is done here in Texas). &nbsp;This will make any offer you put in more competitive than if your home isn't even on the market yet. &nbsp;Otherwise, you have a good chance of the offer being rejected. &nbsp;And, with the current &nbsp;inventory and absorption rates, here in Texas, houses are moving quickly and often receiving multiple offers. Thu, 05 Dec 2013 22:14:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2013-12-05T22:14:00Z If your ability to purchase ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ If your ability to purchase a new home is contingent upon selling your current home - then yes - a contingency has to be added to any offer you make.<br/><br/>Most sellers will not accept such a contract unless your home is already under contract with a buyer and you are close to closing.&nbsp; The seller will want information on the strength of your buyer and their ability to qualify for your home. Tue, 26 Nov 2013 13:33:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2013-11-26T13:33:00Z it may be different in every ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ it may be different in every state.&nbsp; Here in Oklahoma an offer like that would include a 72 hour kick out clause that basically states that the contract is contingent upon the buyer obtaining an offer on their own home.&nbsp; once an offer is obtained on their own home a closing date is set based on the closing date of that deal.&nbsp; until that time the seller can continue to actively market his home with the understanding that they can not accept another offer that has a contingency but if they receive a bonafide offer on their home they will provide written notice to the buyer with the contingency contract that they have 72 hours to either drop the contingency and set a date to secure financing and close the deal or to release the contract and allow the seller to go with the other, new buyer.<br/><br/>there is a special form for it and it's more simple than I seem to have explained it.<br/>it's fairly common.&nbsp; it gets messy when the buyer has a buyer with a contingency on their sale&nbsp; (not recommended).<br/><br/>as for when to make an offer on something else...keep in good comumication with your agent and the buyer's agent and see how it's going.<br/>it's a tough spot to be in and you'll have to make the decisions based on your own risk and judgement.&nbsp; You can do the contingency offer on whatever you want to buy but honestly I think that is the most stressful spot to be in....the buyer waiting on a buyer asking a seller to wait on you.<br/>not a fun spot.-but it's likely an option there. Texas tends to have more relaxed options than Oklahoma - visit with a texas agent for a best answer.<br/> Tue, 26 Nov 2013 04:58:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2013-11-26T04:58:00Z Here you go:1) Sit down with ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ Here you go:<br/><br/>1) Sit down with your Realtor. Get a sense on how the inventory is looking and how aggressive the other prospective buyers are. (you don't want to sell and have to settle with a property you aren't crazy about due to shortage of inventory)<br/>2) Game plan on projected proceeds, time frame, where you plan on relocating to etc.<br/>3) Get a pre-approval letter, <strong>fulfill all the conditions</strong>, contingent upon the sale of your home.<br/>4) If everything is clear to go, list your property.<br/>5) Accept an offer.<br/>6) When the buyer's remove their contingencies, start looking for a replacement property.<br/>7) Make an offer on the replacement property, contingent upon the sale of your current residence. (Make sure your agent packages up the offer and presents it with style.)<br/>8) Ratify w/ the replacement property.<br/>9) Close on your current house.<br/>10) Finalize up the loan on the replacement house.<br/>11) Close escrow on the new house.<br/>12) Keys in hand. Mon, 25 Nov 2013 22:06:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2013-11-25T22:06:00Z While it is possible to make ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ While it is possible to make an offer on a new home putting a contingency about sale of your old home in the offer, sellers are not particularly happy to accept this contingency.<br/><br/>Therefore, you can improve your changes of success by:<br/><br/>Making sure home is already on the market and priced competitively before you make the offer on another home.&nbsp; (Even better if you have a good offer in hand). <br/><br/>Expect the seller to keep advertising their home and if they get another offer give you 48 h (or so) to remove the home selling contingency and move forward.<br/><br/> Mon, 25 Nov 2013 21:03:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2013-11-25T21:03:00Z I would suggest listing you ... http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ I would suggest listing you current home first. Then once you are ready to make an offer on a new home, you can make the sale of your home a contingency. Feel free to contact me directly if you have more questions. Mon, 25 Nov 2013 20:53:00 GMT http://www.zillow.com/advice-thread/If-in-order-to-buy-a-new-home-the-buyer-has-to-sell-his-current-home/520102/ 2013-11-25T20:53:00Z