"Putting the Cart before the Horse" - Making a Contingent Offer

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Real Estate Agent with Keller Williams West Sound Realty

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)

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Rainmaker
294,842
Ray Saenz
United Property Brokers, Inc - Aurora, CO
Homes for Sale in Aurora, Colorado - Aurora, CO

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

 

Apr 08, 2007 12:38 AM #1
Rainmaker
294,842
Ray Saenz
United Property Brokers, Inc - Aurora, CO
Homes for Sale in Aurora, Colorado - Aurora, CO
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 :)
Apr 08, 2007 12:40 AM #2
Rainmaker
92,803
Bill Sauneuf
Preview Properties Skagit LLC - Mount Vernon, WA

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

-Bill

 

Apr 08, 2007 05:30 PM #3
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

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.

Apr 08, 2007 08:30 PM #4
Rainmaker
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Geordie Romer
Windermere Real Estate / NCW - Leavenworth, WA
Serving Leavenworth, Lake Wenatchee, and Plain

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.

Apr 09, 2007 09:56 AM #5
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Rich Jacobson
Keller Williams West Sound Realty - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

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.

Apr 09, 2007 12:53 PM #6
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Rich Jacobson
Keller Williams West Sound Realty - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
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!
Apr 09, 2007 12:55 PM #7
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Rich Jacobson
Keller Williams West Sound Realty - Poulsbo, WA
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Bill - Hey there, Neighbor! Thanks for droppin' by and sharing your thoughts. Are you ready for some sunshine or what???
Apr 09, 2007 12:56 PM #8
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Rich Jacobson
Keller Williams West Sound Realty - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
Ray - thank you for your kind and encouraging words! Hope you had a great Easter weekend!
Apr 09, 2007 01:00 PM #9
Rainer
64,690
Kelli Fronabarger
Bend River Realty Inc. - Bend, OR
Realtor - Bend Oregon

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.  

Apr 10, 2007 05:11 PM #10
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