Will the sellers take a contingency so I can sell my house?
Maybe. Maybe not. There really is no universal answer to whether a Charlotte NC home seller will agree to a contingency that you have to sell (close) your current home before buying their house. It’s definitely an “it depends” kind of question.
There are however some general guidelines to keep in mind if you do have a home you need to sell before buying a home in Charlotte NC.
– If your house isn’t listed yet, you have a slim to NONE chance of getting a seller to agree to a home sale contingency.
You’d essentially be asking the sellers to “hang in there and wait, hope you don’t turn off any other buyers who are actually ready to buy now” while I have my home listed, marketed, wait for a buyer, hopefully get an offer, agree on a contract, and THEN still have the contract to close process on my current home before I can buy yours. Sorry folks but the likelihood of that going over well is just not reality.
– If it’s a distressed property (potential short sale or bank owned home), a contingency on the sale of your home also isn’t likely
Distressed sales and contingencies on the sale of a buyer’s home just aren’t a good match. In my experience banks typically aren’t likely to allow a contingency like that as part of a contract. They’re looking for buyers who can buy NOW not “if/when” their house sells. And with short sales, although they can take a looooooong time to get an approval on, it still doesn’t matter.
– What’s the best chance you have to get a contingency on selling your current home before buying your next home?
Once your current home is under contract and you’re moving toward closing, and it looks pretty realistic that you’ll actually get to closing is when you as a home buyer would have the best chance at getting a contingency on closing your home accepted. By that point you’ll have an idea of what timeline you’re really looking at being able to buy instead of an open-ended and big unknown which home sellers aren’t likely to view favorably.
Is it possible to ask for a contingency on selling my home before I buy this one?
Sure. How likely it is to get one accepted just depends on where you are in the home selling process and how well that matches up with the situation/timeline/specifics of the seller whose house you’re interested in buying. And in general….distressed sales are not going to be a good match for buyers who need a contingency on selling their current home.
Best case scenario for you as a home buyer is to have the home you’re selling already under contract before seriously considering making an offer to buy your next home!
Copyright©2010 by Diane McDermott, All Rights Reserved, “Will They Take A Contingency for Me to Sell My House?”