CONTINGENT OFFERS I’ve let you know that the number of homes for sale is up. This is welcome news to home buyers that now finally have a little more to choose from. It also appears to be having a minor chilling effect on home prices which are flattening out right now, which is also good news for home buyers that were worried they were going to be priced out of the market again. There is another group that this is good news for, and that is contingent buyers, those that need to sell a home in order to buy. Now, before you get TOO excited, contingent offers are still very tough to get accepted. But at least now some home sellers will at least consider them. The last few years it literally wasn’t even hardly worth the time to write up an offer to buy a home if the buyer needed to sell their home first. There were just so many cash and or non-contingent buyers with 20% or more down payment that the contingent buyers didn’t stand a chance. What hasn’t changed is that if you need to sell your home, and it isn’t even on the market yet, then it’s still going to be very difficult to get an offer accepted. Your odds will improve if you already have a buyer for your home in contract. Your odds go up even more if all the inspections and appraisal have been completed, and all contingencies are removed. If that is your situation, then there are a lot of sellers that will look at your offer seriously, although as soon as a similar non-contingent offer comes along they’ll likely take that one! Oh, and be VERY, VERY careful about accepting an offer from a buyer who then needs to sell their home. That will make it even more difficult and complicated for you to buy your next home until everything closes. I’ve done it in the past, but you certainly put yourself in a poor negotiating position when you write an offer if several escrows need to close first!
Posted on: Fri, 29 Aug 2014 15:00:00 +0000
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