2 Sweet Posted April 16, 2018 Report Share Posted April 16, 2018 If I find a house that I want to buy, can I make an offer on it that is contingent on selling my house within X amount of days? Is this a common thing? I'm not trying to sell my house, but I am confident that I could sell it VERY quickly if I listed it. I don't want to actually sell it unless I agree to purchase another house, and I can't afford a new house unless I sell my current house. Would a seller even entertain a potential offer if I try to put a contingency like this in place? Quote Link to comment Share on other sites More sharing options...
Fiji ST Posted April 16, 2018 Report Share Posted April 16, 2018 Yes, you can put that in your offer. Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted April 16, 2018 Report Share Posted April 16, 2018 Yes, but good luck in this market. Many first time homebuyers do not have that stipulation so they'll get first priority. Suggestion: if you are 100% confident you'll sell your house (and you will- trust me), just don't put it in as a contingency and only do a financial contingency. Then if shit hits the fan, you can still get out of your contract. Quote Link to comment Share on other sites More sharing options...
2 Sweet Posted April 16, 2018 Author Report Share Posted April 16, 2018 Yes, but good luck in this market. Many first time homebuyers do not have that stipulation so they'll get first priority. Suggestion: if you are 100% confident you'll sell your house (and you will- trust me), just don't put it in as a contingency and only do a financial contingency. Then if shit hits the fan, you can still get out of your contract. Good stuff. Thanks for the info I found a house that's been on the market for a few weeks, which leads me to believe I might have a chance. I think it's a bit overpriced so I would definitely make an offer less than their asking price. Here's the house I have my eye on..... https://www.coldwellbankerhomes.com/oh/west-jefferson/940-olmstead-road/pid_24007332/ Quote Link to comment Share on other sites More sharing options...
o0n8 Posted April 16, 2018 Report Share Posted April 16, 2018 So much room for activities! Quote Link to comment Share on other sites More sharing options...
Widow Posted April 16, 2018 Report Share Posted April 16, 2018 Not in this market. The seller of our current house put a contingency that they will be find a house in 30 days or the deal is dead. They had multiple offers over asking but no one was willing to have their contingency. We offered 10k below asking and gave them 90 days to find a home and they accepted. Quote Link to comment Share on other sites More sharing options...
LJ Posted April 16, 2018 Report Share Posted April 16, 2018 (edited) Good stuff. Thanks for the info I found a house that's been on the market for a few weeks, which leads me to believe I might have a chance. I think it's a bit overpriced so I would definitely make an offer less than their asking price. Here's the house I have my eye on..... https://www.coldwellbankerhomes.com/oh/west-jefferson/940-olmstead-road/pid_24007332/ Don't put the contingency, just put closing at 45 days. THen when you sell your house put closing at 30 days and then 2 weeks to move out Edited April 16, 2018 by LJ fixed word vomit Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted April 16, 2018 Report Share Posted April 16, 2018 Good stuff. Thanks for the info I found a house that's been on the market for a few weeks, which leads me to believe I might have a chance. I think it's a bit overpriced so I would definitely make an offer less than their asking price. Here's the house I have my eye on..... https://www.coldwellbankerhomes.com/oh/west-jefferson/940-olmstead-road/pid_24007332/ Jesus...280k for any house in West Jeff is a bit optimistic. I smell a 225k lowball offer coming. Don't put the contingency, just put closing at 45 days. THen when you sell your house put closing at 30 days and then 2 weeks to move out Most banks can't finance in 30 days- some can, but it's a real time crunch, especially in today's market with how busy they are. Even if you have any awesome banker (Marc), you're assuming the person buying your house has an equally awesome banker (unless it's Marc, not likely). I wouldn't do any less than a 60 day close. Quote Link to comment Share on other sites More sharing options...
BIGGU Posted April 16, 2018 Report Share Posted April 16, 2018 agreed with what others have said, do not put that contingency on there because most will just ignore it and move to the next offer. Houses these days are stupid. people are putting up their literal shit house for 50k more than it should be. Quote Link to comment Share on other sites More sharing options...
LJ Posted April 16, 2018 Report Share Posted April 16, 2018 Jesus...280k for any house in West Jeff is a bit optimistic. I smell a 225k lowball offer coming. Most banks can't finance in 30 days- some can, but it's a real time crunch, especially in today's market with how busy they are. Even if you have any awesome banker (Marc), you're assuming the person buying your house has an equally awesome banker (unless it's Marc, not likely). I wouldn't do any less than a 60 day close. The people that bought our house had Concord and they had the clear to close at 27 days even though the contract was 45 days. I asked my loan processor at Huntington on our loan and they said they are about 28 days right now. Of course these are all conventional, non FHA loans. Quote Link to comment Share on other sites More sharing options...
Red Beard Posted April 16, 2018 Report Share Posted April 16, 2018 Houses these days are stupid. people are putting up their literal shit house for 50k more than it should be. This!!! I have a feeling the housing market is about to become the new car market in terms of value. That may not be such a bad thing in the aspect of the seller making a profit. But you are paying a shit ton more to get into one not needing a lot of work than what you should. On top of that, the property value/worth is ridiculous compared to a lot of the homes that are on said property. When my wife and I were looking, we could find awesome properties, with 3-5 acres but the house would be atrocious! or (the direction we chose to go) the house would be in decent shape, fairly well updated, but only be a 1/4 acre in town. Mind you we were looking in the $150k range. $250k definitely gets you a much better set up and options. Quote Link to comment Share on other sites More sharing options...
Not Brian Posted April 16, 2018 Report Share Posted April 16, 2018 I rejected every offer for my house from people in your position, and almost everybody else does the same. Put your house up for sale and make people wait on your new house's close date. They will. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted April 16, 2018 Report Share Posted April 16, 2018 The people that bought our house had Concord and they had the clear to close at 27 days even though the contract was 45 days. I asked my loan processor at Huntington on our loan and they said they are about 28 days right now. Of course these are all conventional, non FHA loans. I just closed a Conventional condo purchase in 12 days start to finish. Concord was the buyers original lender...took them 3 weeks to tell the buyers they couldn't do the deal and I was able to make it come together in the original contract period. Typical turn-time on a conventional loan should be 30 days or less...a lot of the 'bigger' banks like PNC/Chase/53rd or Huntington are between 30-45 days on conventional financing in this market. I'm happy to hear Huntington got you squared away quickly...you must have been on the ball on your paperwork for them! If I find a house that I want to buy, can I make an offer on it that is contingent on selling my house within X amount of days? Is this a common thing? I'm not trying to sell my house, but I am confident that I could sell it VERY quickly if I listed it. I don't want to actually sell it unless I agree to purchase another house, and I can't afford a new house unless I sell my current house. Would a seller even entertain a potential offer if I try to put a contingency like this in place? Regarding contingency offers...as others have said they do weaken your offer in todays market. As Brad mentioned, putting in a financing contingency on a 45 day contract and listing yours immediately should have you covered but it is still a somewhat risky move in case your buyers can't close in the timeline. Feel free to give me a call/email if you would like to discuss. Depending on your equity position on your current home we could look at a blanket loan combining the two to get rid of the issue. mstock@usavingsbank.com or 614-339-1206. Thanks, Marc Quote Link to comment Share on other sites More sharing options...
Not Brian Posted April 16, 2018 Report Share Posted April 16, 2018 If you don't call Marc to buy/sell your house, you're dumb. Quote Link to comment Share on other sites More sharing options...
2 Sweet Posted April 16, 2018 Author Report Share Posted April 16, 2018 Regarding contingency offers...as others have said they do weaken your offer in todays market. As Brad mentioned, putting in a financing contingency on a 45 day contract and listing yours immediately should have you covered but it is still a somewhat risky move in case your buyers can't close in the timeline. Feel free to give me a call/email if you would like to discuss. Depending on your equity position on your current home we could look at a blanket loan combining the two to get rid of the issue. mstock@usavingsbank.com or 614-339-1206. Thanks, Marc Thanks Marc, I'm not sure if we're going to try and make a move on this house or not, but I will definitely reach out to you when the time comes. If you don't call Marc to buy/sell your house, you're dumb. Yeah, you're probably right. Hypothetically speaking, if I check out this house and we decide we want it, is there a good reason to hire a realtor? We have already found the house we want, we would already have a finance guy (Marc) in place....what would we need our own realtor for? Quote Link to comment Share on other sites More sharing options...
Not Brian Posted April 16, 2018 Report Share Posted April 16, 2018 If you have to ask, then yes, you need one. Quote Link to comment Share on other sites More sharing options...
2 Sweet Posted April 16, 2018 Author Report Share Posted April 16, 2018 If you have to ask, then yes, you need one. Yeah probably, I just want to know why Quote Link to comment Share on other sites More sharing options...
o0n8 Posted April 16, 2018 Report Share Posted April 16, 2018 (edited) If you have to ask, then yes, you need one. +1 plus as the buyer, you're not paying anything for their service. They get their commission out of the sale proceeds. Edited April 16, 2018 by Not Brian Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted April 16, 2018 Report Share Posted April 16, 2018 Yes, get a realtor. Free for you to use as a buyer. As a seller in a crunched market like this, a good agent is worth their weight in gold. If you want a good one that is highly educated on the west side area (Hilliard/Galloway/West Jeff/London), let me know. Quote Link to comment Share on other sites More sharing options...
2 Sweet Posted April 16, 2018 Author Report Share Posted April 16, 2018 Yeah I guess it wouldn't make any sense to buy without a realtor, especially since I'll need one anyway to sell my house. Forgive me for the dumb questions, it's been a long Monday Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted April 17, 2018 Report Share Posted April 17, 2018 I get the rising market, even though being above 2006 levels are pretty darn scary and some shady lending practices have returned. And that Columbus is a hot bed for a lot of things but the part that kills me is watching these builder grade Homes from the 80's- early 2000's sell for top dollar with zero updates or real amenities. The idea of paying 300k for a house and getting a kitchen that cost the builder 4k back then makes me want to puke... Sent from my SM-G928V using Tapatalk Quote Link to comment Share on other sites More sharing options...
Not Brian Posted April 17, 2018 Report Share Posted April 17, 2018 Supply and demand 101 Quote Link to comment Share on other sites More sharing options...
Adam Posted April 22, 2018 Report Share Posted April 22, 2018 If you don't call Marc to buy/sell your house, you're dumb. +1 We closed on my house in under a month. It would have been a lot faster had the seller had their side as squared away as Marc had my side. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted April 23, 2018 Report Share Posted April 23, 2018 +1 We closed on my house in under a month. It would have been a lot faster had the seller had their side as squared away as Marc had my side. This was also a VA purchase...in Georgia. The seller was a tool. -Marc Quote Link to comment Share on other sites More sharing options...
mugen Posted April 30, 2018 Report Share Posted April 30, 2018 pmed Quote Link to comment Share on other sites More sharing options...
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