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…afraid 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:
1) 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 know 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.