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It will be very difficult if your house isn't listed yet. You have a better chance if your house is in escrow with inspections passed and the buyer's financing solid.
Still, easiest would be to sell and move to a rental long enough to find a new house.
This tight market is difficult. I have one that I would like to sell and 1031 into something closer to my home, but I can't sell it because there is nothing to replace it with.
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.
It is the same here. I've only had one person use the full 90 days. Everyone has been 30-60 days within the lender guidelines.
The only contingency that I allowed for my house sale was a 10 day mortgage contingency. I wasn't too worried about that since the potential buyers were putting more than 20% down, were middle aged, and owned several pieces of unencumbered real estate.
I would not accept a house sale contingency, no matter how short.
As I stated previously, house sold same day as listed for full ask.
An Inspection is also good for the Seller. I always want a buyer to do one as the listing agent.
If there was ever a lawsuit over something wrong with the house, that Inspection would protect the Seller and reduce his liability.
An Inspection is a law suit preventer and good for all parties.
Absolutely have the buyer preform an inspection before closing. The last thing a seller wants is the buyer to contact them a month later threatening a lawsuit.
When I sold my San Francisco single family home in 2019 I wouldn't reduce my asking price. Yes, repairs were needed and this was clearly documented but I was selling the home "as is."
However, five days before closing the buyers had yet to sign off as having received a copy of the inspection report along with an offer to conduct their own inspection if they wanted.
Everything else was in order. However, I had a feeling these buyer might try and come back at a later date and claim they weren't aware of the extent of the problems. Imo, this why they never returned the doc stating they were aware of the defects. Again they weren't happy paying my asking price. I was bluffing when I insisted my RE agent tell their agent my offer was asking price. Take it or leave it. They took it.
Three days before the closing date I contacted the title company. I explained I needed a signed copy of the inspection doc the seller stating they were aware of the defects and waved their right to preform their own inspection. I had an email paper trail over the previous three weeks asking for this doc and was repeatedly told not to worry about it. It was coming.
F-that. I told the title company I was coming in for the final signing until this was straighten out.
Like magic I got the doc the following morning. My RE agent knew I would walk and my guess is the buyers agent was also worried. After all we're talking about an 80 grand commission split two ways. Today if the buyers were to sell today they'd be looking a almost 500k loss.
But hey... as a couple they earn well over million dollars a year and put 900k cash nonpayment. Which is why I tried my bluff. They wanted 50k reduction in repair cost and I'm thinking was what's 50k to them?
We just went through this same situation. Borrowed a TON of money so that we could make non-contingent offers after getting denied even after my home was already in contract to sell. We lost two bids where our offers were the highest (sellers agent on both knew ours) based solely on our contingency. In the end we were able to go non-contingent, grabbed a steal of a deal without overbidding, and are making it into our dream home with the extra money as opposed to fueling some seller's ego to win a bidding war.
Absolutely have the buyer preform an inspection before closing. The last thing a seller wants is the buyer to contact them a month later threatening a lawsuit.
When I sold my San Francisco single family home in 2019 I wouldn't reduce my asking price. Yes, repairs were needed and this was clearly documented but I was selling the home "as is."
However, five days before closing the buyers had yet to sign off as having received a copy of the inspection report along with an offer to conduct their own inspection if they wanted.
Everything else was in order. However, I had a feeling these buyer might try and come back at a later date and claim they weren't aware of the extent of the problems. Imo, this why they never returned the doc stating they were aware of the defects. Again they weren't happy paying my asking price. I was bluffing when I insisted my RE agent tell their agent my offer was asking price. Take it or leave it. They took it.
Three days before the closing date I contacted the title company. I explained I needed a signed copy of the inspection doc the seller stating they were aware of the defects and waved their right to preform their own inspection. I had an email paper trail over the previous three weeks asking for this doc and was repeatedly told not to worry about it. It was coming.
F-that. I told the title company I was coming in for the final signing until this was straighten out.
Like magic I got the doc the following morning. My RE agent knew I would walk and my guess is the buyers agent was also worried. After all we're talking about an 80 grand commission split two ways. Today if the buyers were to sell today they'd be looking a almost 500k loss.
But hey... as a couple they earn well over million dollars a year and put 900k cash nonpayment. Which is why I tried my bluff. They wanted 50k reduction in repair cost and I'm thinking was what's 50k to them?
What was wrong with it? Why would it be a 500k loss...isn’t the SF market hot?
What was wrong with it? Why would it be a 500k loss...isn’t the SF market hot?
I was asking 1.7. Most RE agents I interviewed felt it would go for 1.3-1.4 at best. The RE agent I choose explained he had access to Hong Kong buyers. He would get me my price. Took about three weeks but I finally did.
Problems:
1. Front stair and back stair leading to the yard were damaged. The were functioning but part of full disclosure I need to tell buyers there were problems.
2. Backyard was small.
3. Kitchen was small.
4. Basement is a good size but ceiling is a few inches to low to add an additional bedroom (at least legally)
5. I used the Ellis Act which allowed me to remove renter. However, the home can't be re-rented for a number of years. Not that I expected anyone to buy it as a rental property but the buyer is required file with the city of SF for a number of years ensuring the home wasn't being rented. This turned off some of those interested.
However, the property did have strong points:
1. Great location esp. for Hong Kong buyers. Inner Sunset has a lot of shopping/dining for the Chinese community. Close to 19th Ave and the 280 if you're heading South.
2. Original wood floors and windows.
3. Upstairs bedrooms are big and get a lot of natural light.
4. House was two stories (not including basement.) From the master bedroom you can look over other homes and see the GG Bridge.
But the housing market had already begun to slow down when I put my property on the market. Fortunately, there was a lot of talk in early 2019 in SF about IOP's and a flood of new millionaires. Of course this didn't happen. A year later SF is locked-down, Hong Kong buyers shut out, tech workers suddenly have become mobile and tech companies have begun to leave. In other words the party is over for sellers.
Now, maybe 500k hit is too high but "as is" my guess the new owners won't get more than 1.4 million if they had to sell in today's market. Until I got my asking price the offers I received ranged from 1.1 million to 1.4 million.
I have peers/family that are in the process of selling their homes in a HOT market and it's been a nightmare.
On the selling side of things, they are getting offers with ALL contingencies waived. No inspections, no digging into unpermitted work, no asking of questions. Just "Here, take my money and i'll throw a little extra money on top" sort of offers.
On the buying side of things, they haven't been competitive at all with a home sale contingency. Realtor pretty much told them to sell their home, toss everything in storage and live with family, and throw out the most aggressive offer possible to secure a house, even if they have to overpay.
Fun times. Wife and I were debating a buy/sell right now. We've decided to hold off. Not worth the stress with 3 kids
I just accepted an offer on my house. And, in the end not one offer (of the 10+) had a home sale contingency. Every offer, but one, was well over asking. Most offers requested an inspection, but for informational purposes only and the right to walk away. And several offers agreed to make-up any difference between the sales price and the appraised price. I wouldn’t have even considered an offer with a home sale contingency. The same way I didn’t consider any offers with FHA financing or any conventional loan that only put down only 5%.
So, at least in my Midwestern city at the lower price points (probably under 750k or so), a home sale contingency is a no go. However, the city where I am moving to you can still buy contingent on the sale of your existing home, but it’s harder.
Ya. Trying to rent a house the criteria is as bad as buying.
And the inventory is just as scarce.
Someone I know had family move into their small neighborhood of $$$ zero lot homes.
His house had lot of damage from Feb freeze
Would take a year he was told to correct damage because of how buy remodelers were
He tried to rent 4 homes in the ISD zone his kids were attending.
Only got this rental beuse he isn’t even go to see it...took it sight unseen
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