This is by far one of the most common questions from Charlotte NC home Buyers – can you use a contingency (on selling a current home) when making an offer on a bank owned house for sale in Charlotte?
The answer: No.
Using a contingency on selling (or closing the sale of) your current home is just not a match for bank owned OR short sale homes for sale in Charlotte NC.
The reason? Banks are NOT going to allow you an “out” or contingency that you have to sell your current house in order to follow through and close on their bank owned home for sale. Too much risk for them and all they care about is getting the bank owned house for sale SOLD – they’re not going to wait around and risk tying up that asset while you figure out if your current home is going to sell and close (because even if your current house is under contract already, it’s not sold till it’s settled, funded and recorded!)
Same thing with short sales listed for sale in Charlotte.
If you have a house you need to sell (and close on) before you can buy your next home….you have a couple of choices:
– Focus on the non-distressed Charlotte NC homes for sale (believe it or not there are plenty of those out there)
– Focus on getting your current home sold (and successfully closed) first and consider doing a short-term rental before buying your next home
If you absolutely are opposed to renting for even a short-term before buying your next home – then you DO need to be aware that bank owned and any kind of distressed Charlotte NC home for sale is simply NOT going to be a good fit for you as you consider options in your search for a next home.
There is of course a third option – if you qualify to buy the next home without having to sell your current home first. But you’d need to seriously go over that with your mortgage professional and weigh whether that’s a valid option for you. AND you still wouldn’t be able to add a contingency on selling a home before buying that bank owned home in Charlotte.
Copyright©2012 by Diane McDermott, All Rights Reserved, “Charlotte NC Home Buyer Question: Can I Make an Offer on a Bank Owned Home Contingent on Selling My Current Home?”
The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in south Charlotte NC