The Bridges are Coming ? The Bridges are Coming !

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 

  Thinventory (few homes on the market if you are new to our blog) is complicating the lives of buyers and sellers throughout our market.   

    Twice in the last 24 hours we have Buyers writing with home sale contingencies…Thinventoryafraid to list with no place to go.  Yes, yes we know…the first offer is sometimes the best one…BUT….here the only option for renting is most usually not less than a year…sigh.  

   Yes, yes we ALSO know that the Sellers “control the closing”.  So we sent an email to the hopeful “new buyers” with ALL the options we know of (no living in a tent option during a Wisconsin winter) .

 

EMAIL to the Sellers with Homesale Contingencies: 

 

email1)  The Sellers reject the offer because they have to move on and have no idea when your house would sell

 

 2) The Sellers accept your offer with a 48 hour bump clause you get your house on the market and the Sellers get an offer with NO home sale and give you 48 hours to remove your home sale contingency - you have no offer,no bridge loan and lose the house 

 

  3)The Sellers accept your offer, they get another offer, you have a bridge loan in place and remove your home sale contingency and close on the house

 

  4) The Sellers accept your offer and you get an offer with a Home Sale contingency - Now..."Your" Sellers are waiting for 2 homes to close -oops

 

  5) You write an offer...Ask your agent how long it will take to get yours on the market and knemailow that you control the closing and don't have to accept something if you have not found anything OR if this IS "THE house" you know how long it will take to get the wheels in motion

 

     The "right answer" for one Buyer may not be right for another...we encourage every buyer to get ALL the information they can from reliable lenders and real estate agents to make the best decision for their real estate future.

       This has been a Lending/Buying/Selling real estate advisory post...from the agents who believe you cannot have "too much information" . Sally K. & David L. Hanson, Broker Associates with EXP Realty honored to be of service for all things real estate in  southeastern Wisconsin.

 

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
3,120,189
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Dear Sally and David- - -your local knowledge matters and your advice should be heeded by buyers and sellers alike. It's not one size fits all across the country.

Feb 11, 2019 12:00 PM #1
Rainmaker
3,048,215
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

It sure is not Michael Jacobs in ANY sense of the word...not market conditions, Market-ing, "Usual and Customary".....everything is where you are....at the moment...always subject to change !

Feb 11, 2019 03:19 PM #2
Rainmaker
1,458,248
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hello Sally K. & David L. Hanson, this is a contingency that may not work for everyone but I've had a few within the past two years, happy to report they all closed successfully. 

Feb 11, 2019 04:11 PM #3
Ambassador
2,944,744
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

 Sounds like a mass to me and because of our blizzard we are running into the same thing Sally K. & David L. Hanson 

Feb 11, 2019 04:27 PM #4
Rainmaker
4,743,573
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  The choice of one of these options not only depends on the parties involved but also the state of the current market.

Feb 12, 2019 06:09 AM #5
Ambassador
3,663,319
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David you are right this is not a one size fits all business.

By the way those are all options worth considering.

Feb 12, 2019 05:06 PM #6
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Rainmaker
3,048,215

Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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