Okay, so you've outgrown your current home. The new arrival turned out to be 'twins,' your husband's mother decided to stay a little bit longer than you had anticipated to help out, and you haven't parked your car in the garage for years! That 'spacious' rambler you bought as newlyweds is literally 'busting' at the seams!

So what's the best strategy for buying your next home?

Is it better to put your house on the market first, get it under contract with a qualified Buyer, and then find your new home?

Or, should you go out and find just the perfect house first, THEN put your house on the market?

For inquiring minds that want to know more, go to SOUNDBITEBLOG for the rest of the article!

(click on the above link to open up a seperate window)

Follow KitsapAgent on TwitterFriend Rich Jacobson on FacebookJoin Rich Jacobson's LinkedIn NetworkSubcribe to Rich Jacobson's YouTube ChannelListen to My Sweet Tunes on Last.fm

 

10 Comments on "Putting the Cart before the Horse" - Making a Contingent Offer

APR
08
2007
294,780 Points 11 Featured Posts Outside Blog Attended Rain Camp

Hey Rich,

Nice blog,  I first suggest to people to  sell then buy,  I have seen a lot of troubles with people contigent upon sell, lot of cases, maybe they start with the left feet, still, many builders do not accept that contingent, so it is depends the who is accepting the offer.

:) keep good blogs

 
12:38am • #1
294,780 Points 11 Featured Posts Outside Blog Attended Rain Camp
oohh, and that's true  about the pros and cons,   depends on the market condition, but right now, here it is buyer's market, so you can imagine :)
12:40am • #2
5 Featured Posts Attended Rain Camp

I've explained this to several people myself, though not quite as clear and coherently as you laid it out... Great post!!

-Bill

 
5:30pm • #3
1,360,336 Points 244 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Rich, from the prospective of a Loan Officer it makes my job a lot easier if they have already sold their house, and we do not have to deal with the possibility of them having to get a Bridge Loan later and maybe not qualify for the loan any because their ratio's are now to high.

I would rather deal with having to rush a loan through underwriting because they need to close in 2 - 3 weeks, than deal with a Borrower who is stressing out how they are going to handle two mortgage payments plus a Bridge Loan until their house sells.
8:30pm • #4
APR
09
2007
195,216 Points 2 Featured Posts

Rich-

Have you had much experience with using the Windermere Bridge Loan program? I have heard good things about it, but have not had occasion to use it in our market. It seems like this would work well in a hot market and avoid the use of the contingent offer.
9:56am • #5
520,678 Points 229 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Geordie - thanks for stoppin' by! I am familiar with the Windermere Bridge Loan Program, but have never used it. The only limitation is that both properties need to be 'in' state. Othewise, it may be a good alternative to feeling rushed in the home search process.
12:53pm • #6
520,678 Points 229 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
George - I would agree with your logic. I would most always prefer to get the current residence under contract first, and then go hunting for the next home. But again, market dynamics will dictate the best approach. Thanks for your thoughts...nice to hear from you!
12:55pm • #7
520,678 Points 229 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Bill - Hey there, Neighbor! Thanks for droppin' by and sharing your thoughts. Are you ready for some sunshine or what???
12:56pm • #8
520,678 Points 229 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Ray - thank you for your kind and encouraging words! Hope you had a great Easter weekend!
1:00pm • #9
APR
10
2007
18 Featured Posts

Hi Rich-

Sell first, buy second.

I always think back to a time when I bought a new Landcruiser while waiting for my "old" landcruiser to sell. I learned alot from that whole experience and do not encourage this practice to others.  
5:11pm • #10


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Wharfpic2 Ambassador_large

Rich Jacobson Your Kitsap County WA Real Estate Broker

Poulsbo, WA

More about me…

Keller Williams West Sound Realty

Address: 3594 NW Byron Street, Ste. 101B, Silverdale, WA, 98383

Office Phone: (360) 499-6367

Cell Phone: (360) 440-4758

Email Me

Providing Knowledgeable Empowerment and Relentless Representation of Real Estate Clients throughtout the Western Puget Sound, including all of Kitsap County WA, and portions of Mason, Pierce, and Jefferson Counties.

"Helping You to Successfully Achieve Your Next Adventure in Life!"

Rich Jacobson
Rich Jacobson
Create Your Badge



Listings

Links

Archives

RSS 2.0 Feed for this blog

Find WA real estate agents and Poulsbo real estate on ActiveRain.