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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?
Your only hope - and it's a long shot - is a seller who wants more time to find a place themselves, or a place that for some reason is not selling fast.
We recently did sell a listing where the seller turned down a high cash offer with a quick close because they wanted more time and the buyer needed to close fast. They were perfectly willing to consider contingencies with a 60+ day closing time frame.
Look for the listing that has been on the market awhile for some reason. See if it's a reason you can live with.
I bought my current house in 2016. It was a multiple bid situation. I won the bid despite having a contingent offer on my old house selling (I was under contract and had gotten through inspection), because i offered over asking and I could close when the sellers needed me to close. The closing date was by far the most important to the sellers of my house, because they already had a contract on another house, and in order to close on their new house, they had close on their current one.
So it does happen. And, my house hits the market on Friday. I’m in a hot sellers market. And my priorities are lack of inspection and the ability to rent back. If someone with a contingency submitted a strong offer (it wouldn’t need to be the highest, but would need to be good) waived an inspection and allowed me to rent back I’d take that offer in a heart beat. I doubt I’ll get that, but you never know what the sellers priorities will be.
We were in this situation last summer. So we went ahead and made an offer on a house with no contingency and as soon as our offer was accepted we listed our house and it sold in 12 hours. In our case, we already had the house we were living in perfectly ready in every way to be listed immediately. Every corner perfectly clean, totally decluttered, etc. And our realtor ready to pull the trigger the minute we said GO.
We actually bought a house that needed work and sold a house totally updated so in our case we closed on the new house before the old house....but we had money for the first house that wasn’t dependent on the sale of the house we were selling. But you could time it differently. With a multi-offer environment, if you list the price of your home realistically then you should get multi offers with a variety of terms...and for you, the closing date will be very important.
I bought my current house in 2016. It was a multiple bid situation. I won the bid despite having a contingent offer on my old house selling (I was under contract and had gotten through inspection), because i offered over asking and I could close when the sellers needed me to close. The closing date was by far the most important to the sellers of my house, because they already had a contract on another house, and in order to close on their new house, they had close on their current one.
So it does happen. And, my house hits the market on Friday. I’m in a hot sellers market. And my priorities are lack of inspection and the ability to rent back. If someone with a contingency submitted a strong offer (it wouldn’t need to be the highest, but would need to be good) waived an inspection and allowed me to rent back I’d take that offer in a heart beat. I doubt I’ll get that, but you never know what the sellers priorities will be.
Why are you avoiding inspection?
Unless a buyer pays cash, isn’t that an issue with a mortgage company for the buyer?
Why are you avoiding inspection?
Unless a buyer pays cash, isn’t that an issue with a mortgage company for the buyer?
So as a buyer I would assume the seller knows there are problems
Maybe as visible as windows with broken seals or more serious as foundation problems or plumbing problems...
Even in a sellers’ market I would be very leery of a house saying no inspection...
That is different than a “sold as is” listing...it is more than a turn of phrase difference
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