Location: Florida
Submitted 02/24/12 03:00 PM

Q. It seems most sellers don't want to accept a contract that is conditional upon the buyer selling and closing upon his existing property. This has been typical experience for me. Don't most people have to sell their existing primary residence in order to qualify for and have the funds to purchase the new home?

 

Answer #1
Submitted 05/23/12 07:04 PM
Charles Stallions, 800-309-3414 - Pace & Pensacola Short Sales and Foreclosures (Charles Stallions Real Estate Services ): Broker Owner in Pensacola, FL Charles Stallions, 800-309-3414 - Pace & Pensacola Short Sales and Foreclosures (Charles Stallions Real Estate Services )
Broker Owner
Pensacola, FL

Contact Me

A.

Your biggest competition is renters coming back in the market and first time buyers that have no house for sell. If it was me and I had a home I really wanted I would put a large non refundable deposit down or somehow sweeten the pot.

Answer #2
Submitted 05/25/12 12:01 PM
Ken Rizza (Homestar Financial Corp): Mortgage in Buford, GA Ken Rizza (Homestar Financial Corp)
Mortgage
Buford, GA

Contact Me

A.

You could suggest a "kick-out" clause that says if they come up with a buyer with a bigger and better offer than you have only so much time to perform or you are out of the deal.  This is the fairwest way to do it.  Call me to qualify if you have not done so already.  Thanks.

 

Non-member response
Submitted 05/25/12 02:44 PM Thank you all for the great info.

Answer #3
Submitted 05/25/12 06:37 PM
Richard Weisser, Richard Weisser Coweta Newnan Homes for Sale (Better Homes and Gardens Real Estate Metro Brokers): Agent in Newnan, GA Richard Weisser, Richard Weisser Coweta Newnan Homes for Sale (Better Homes and Gardens Real Estate Metro Brokers)
Agent
Newnan, GA

Contact Me

A.

Accepting a contingency is a seller concession, and they can negotiate to do so if they wish, but few want to accept that kind of uncertainty.

Answer #4
Submitted 05/25/12 09:01 PM
Susan Neal, Fair Oaks CA and Sacramento County Real Estate Broker, CA DRE#686562 (Century 21 Noel David Realty): Agent in Fair Oaks, CA Susan Neal, Fair Oaks CA and Sacramento County Real Estate Broker, CA DRE#686562 (Century 21 Noel David Realty)
Agent
Fair Oaks, CA

Contact Me

A.

It is becoming very competitive for buyers these days, especially in the most popular price ranges.  Nearly every listing receives multiple offers, usually above the list price, and the seller can be pretty choosy.  It's natural for him to choose the deal that looks like it may have the least trouble closing in a timely manner. 

There are also many first time homebuyers who have saved a down payment and now are buyers, and a large number of people who had to short sell or undergo foreclosure when they lost their jobs several years ago who are now creditworthy and ready to buy again.  With prices still low and interest rates the lowest in 50+ years, there are now lots of buyers vying for just a few homes.
Sponsor

Disclaimer: ActiveRain does not evaluate or guarantee the accuracy of any Ask a Real Estate Professional responses. All questions and responses are provided by ActiveRain Real Estate Network community members. You agree that any use you make of such responses is at your own risk and that ActiveRain is not responsible for any losses resulting from your reliance on any Ask a Real Estate Professional responses. Ask a Real Estate Professional responses should never be used as a substitute for advice from a qualified professional. By submitting a question to Ask a Real Estate Professional, you acknowledge that ActiveRain is not responsible for any response you receive or do not receive, and you agree to hold ActiveRain harmless from any loss, harm, injury or damage resulting from or arising out of your submission of the question or your use of or reliance on any response thereto.