Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I bought my first house about 5 years ago and looking to make an upgrade. The market like most places around the country is hot. My budget is entry level for a single family house (don't want a condo or townhouse). I will see a house listed but it is gone within days. One friend in my price range reports getting frequently outbid.
Starting to look now and worried that any offer contingent on my house selling would automatically take me out of contention. My realtor assures me she could sell my house very fast but I'm afraid to sell and then be unable to find a house. How are others in my situation handling this? Perhaps offering a short contingency timeframe?
Are you in the DC area? You will probably have to bid considerably above the listing price to have a real shot at getting the house you want.
Your agent will let you know this anyway. Let him or her walk you through the process.
So what you are going through is part of the reason we have an inventory issue. People can't move up or down housewise easily. Out here, no one will take a home sale contingency even if you are past inspections and appraisals. You need to find a buyer that will allow you to rent the house back so that you can close and then find a home. It is the only way unless you are moving into such a high price point that those homes are sitting longer anyway. Those sellers will take the home sale contingency.
I bought my first house about 5 years ago and looking to make an upgrade. The market like most places around the country is hot. My budget is entry level for a single family house (don't want a condo or townhouse). I will see a house listed but it is gone within days. One friend in my price range reports getting frequently outbid.
Starting to look now and worried that any offer contingent on my house selling would automatically take me out of contention. My realtor assures me she could sell my house very fast but I'm afraid to sell and then be unable to find a house. How are others in my situation handling this? Perhaps offering a short contingency timeframe?
We are in the exact same boat. While it's not ideal, I've succumbed to the fact that we may have to do a month to month rental. I hope not, but am mentally preparing for this as a strong possibility.
So what you are going through is part of the reason we have an inventory issue. People can't move up or down housewise easily. Out here, no one will take a home sale contingency even if you are past inspections and appraisals. You need to find a buyer that will allow you to rent the house back so that you can close and then find a home. It is the only way unless you are moving into such a high price point that those homes are sitting longer anyway. Those sellers will take the home sale contingency.
Most lenders will want the new Buyer in the home within 60 days IIRC. We have short term leases we use with a sale that go out 90 days and if we do a 90 day lease they get kicked back by the lender. I guess you could do it under the table.
Most lenders will want the new Buyer in the home within 60 days IIRC. We have short term leases we use with a sale that go out 90 days and if we do a 90 day lease they get kicked back by the lender. I guess you could do it under the table.
Is there a percentage down amount that ensures a lender will be more generous with occupancy time?
And, related to that, what are buyers usually putting down on a house these days, percentage-wise?
Money talks. If your offer is 10% higher than all others, the seller may accept the contingency. If it is equal to the others, they will go with the offer that has no contingency. Sometimes you can structure the contingency to make it mroe appealing. But a time limit on it, or agree they can continue to negotiate with other offers. If someone matches or beats your offer before you sell your house, they can sell it tot he other offeror.
It iseems more practical today to sell your house first - at least get it into escrow. You do not get to look around and slowly choose your next house anyway. You have to make a deal within the first few days of a listing.
Money talks. If your offer is 10% higher than all others, the seller may accept the contingency. If it is equal to the others, they will go with the offer that has no contingency. Sometimes you can structure the contingency to make it mroe appealing. But a time limit on it, or agree they can continue to negotiate with other offers. If someone matches or beats your offer before you sell your house, they can sell it tot he other offeror.
It iseems more practical today to sell your house first - at least get it into escrow. You do not get to look around and slowly choose your next house anyway. You have to make a deal within the first few days of a listing.
Ya. Trying to rent a house the criteria is as bad as buying.
I've seen people in my neighborhood readily accept contingent offers (usually from out of state buyers) simply because the market is so hot that the buyer's home is under contract within a day. These buyers may sweeten the pot in other ways. All of the homes that have accepted contingent offers closed within thirty days or a little over.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
