Can I Write An Offer On A House Contingent On Me Selling My House? - Echo Fine Properties Artboard 1? alert-icon? Artboard 1? ? ? delete-icon? edit-icon? email-icon hide-hover-icon? Artboard 1? login-icon-white Artboard 1? next-icon-left next-icon-right-left next-icon-left-ochre next-icon next-icon-right-grey next-icon-right-ochre plus-with-circle-iconP search-fw-icon? search-icon-ochre search-icon-white
7 OCT

Can I Write An Offer On A House Contingent On Me Selling My House?

By Jeff Lichtenstein

Hi Jeff,

If I want to put an offer in on the house in Jupiter Farms contingent on the sale of my home, what does that look like? Do you, for example, put a closing date 90 days from the offer date?

CF

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CF:

Unfortunately, no one will take the offer seriously because your home is not under contract. A Seller’s first choice is to have no contingencies regarding a sale of another house. In some cases they will consider a contingency on the sale of a house, but the home in question will need to be under contract. It’s unrealistic to think a Seller will take a flyer on a home that isn’t on the market or on the market and not under contract. I’ve never seen it happen, even at the bottom of a Buyer’s market. The reason is the Seller has no idea if the home is going to sell since it isn’t under contract or isn’t even on the market.

Even when a home is under contract, the Seller is going to want to examine that contract with a fine-toothed comb. The odds of them considering it will go up if the contract in question is a cash transaction, if there is close to 10% down, if the inspection period has passed, and if the mortgage contingency period has passed, if applicable. Also, if you are competing with another offer and that offer has no contingencies, then your offer will most likely not be considered.

If you need to sell first, then the lesser of two evils is to get your home under contract first. Perhaps try to negotiate a longer closing with an option to accelerate the closing if you give ample notice. That way you get some time to shop with flexibility to move up the closing. In a worst case scenario, you can go into a short-term rental or keep your furnishings in storage in case you don’t find your perfect home right away.

Jeff

Posted in Ask Jeff, Homes For Sale, real estate on October 7, 2015 at 6:56 am.

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