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Post by iamkristinl16 on Feb 2, 2017 19:05:06 GMT
I posted the other day that we were going to put an offer on a house but that we would it to be a contingency offer. Two other people also put in offers with contingencies and we haven't heard officially from our realtor that we were not chosen. However, this morning I was looking on realtor.com and saw that a couple that we know pretty well pretty well put their house on the market yesterday. I had a gut feeling that they are one of the other couples that put an offer on the house we want. I was not planning to say anything about it until we knew what was going on for sure, but DH texted the husband and asked if they were selling their house, and the husband told him that they already got verbal commitment that they have "another" house if they sell theirs. So far DH didn't tell him we were looking at a house and the husband didn't share which house, but I am 99% certain that it is the same house.
Last night the realtor said that the sellers were "sleeping on the decision" and this morning I was wondering if they were deciding which offer to accept, or if they wanted to accept a contingent so soon at all. My train of thought was that maybe we should put our house on the market anyway and maybe ours would sell sooner than the others? Or sooner than another person would put an offer without a contingent? But then if we do that and we don't get that house, then what? And is that too sneaky, especially when we probably know the other people who are trying to buy that house? WWYD?
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Post by underwatermama on Feb 2, 2017 19:08:06 GMT
I think you might regret it if you rush too much. But then again, I don't know what the housing market is where you are.
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Post by llinin on Feb 2, 2017 19:10:56 GMT
If they have accepted your friends' contract, then it doesn't matter if you sell yours now as the house would no longer be in play, it is under contract. Now if they don't manage to meet the terms of the contract the house could come back in to play.
If your market is hard to buy under contingency I would list your house, but I would be looking because it sounds like the house you wanted is going to go to your friends.
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Post by Clair on Feb 2, 2017 19:11:19 GMT
I live in costal Southern California. Around here - most offers will not be accepted with contingencies.
Very common to sell current house first and require an extended lease back that way the offer in the new house is strong and has a better chance of being accepted.
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Post by iamkristinl16 on Feb 2, 2017 19:14:55 GMT
Typically, contingent offers don't take the house off the market. Our realtor told us that if our offer was accepted and someone else made an offer without a contingency, we would have 72 hours to "perform" and sell our house. I know last year there was a house we liked and they had several open houses, even though the realtor at the open houses said there was already an offer with a contingency.
There have not been many houses for sale that make it worth us moving unless we go way out of our comfort zone with price.
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Post by jumperhop on Feb 2, 2017 19:16:14 GMT
If they are still pinning over offers I would up my offer.
I absolutely refuse to put an offer on a house if I haven't sold my house. I would be to afraid that I would lose my dream house because haven't sold my current house. Setting myself up for heartbreak.
Jen
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Post by papersilly on Feb 2, 2017 19:21:34 GMT
when we listed our house, we had a contingency that if we didn't found a house to buy within 30 days, the sale would not go through. we didn't have to move but we wanted to if the right house came along.
i think you should put your house on the market already to show the seller of the house you want that you are serious about buying that house. if you have a similar contingency and you don't get the house, you don't have to sell.
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PaperAngel
Drama Llama
Posts: 7,445
Jun 27, 2014 23:04:06 GMT
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Post by PaperAngel on Feb 2, 2017 19:22:20 GMT
As indicated in the other thread, no seller will seriously consider or accept an offer that includes a "contingency" for the sale of a house not even on the market! I recommend listing your house, getting a mortgage pre-qualification, & learn about the process (including contingencies, since they appear common in your area) before viewing or making offers on prospective properties. Best wishes...
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Post by papersilly on Feb 2, 2017 19:27:01 GMT
I live in costal Southern California. Around here - most offers will not be accepted with contingencies. Very common to sell current house first and require an extended lease back that way the offer in the new house is strong and has a better chance of being accepted. you are absolutely right about the So Cal housing market. while it's hard for buyers to put forth contingencies, it's easy for sellers to do it because they know there is no shortage of buyers who will accept lease back, as-is, no-new-house-no-sale, etc. terms to the sale just to get the house. around here, sellers have the leverage. |
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Post by iamkristinl16 on Feb 2, 2017 19:33:23 GMT
As indicated in the other thread, no seller will seriously consider or accept an offer that includes a "contingency" for the sale of a house not even on the market! I recommend listing your house, getting a mortgage pre-qualification, & learn about the process (including contingencies, since they appear common in your area) before viewing or making offers on prospective properties. Best wishes... We do have pre-approval for the loan. And the other couple didn't have their house on the market yet when making an offer, either. I am working on getting the house ready today with the understanding that we would put it on the market one day after the offer being accepted. But now I am not sure if I should rush and still put it on the market right now or forget about this house. I would still be getting the house ready to put on the market, but just not tomorrow. |
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PaperAngel
Drama Llama
Posts: 7,445
Jun 27, 2014 23:04:06 GMT
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Post by PaperAngel on Feb 2, 2017 19:42:06 GMT
Typically, contingent offers don't take the house off the market. Our realtor told us that if our offer was accepted and someone else made an offer without a contingency, we would have 72 hours to "perform" and sell our house. I know last year there was a house we liked and they had several open houses, even though the realtor at the open houses said there was already an offer with a contingency. There have not been many houses for sale that make it worth us moving unless we go way out of our comfort zone with price. After a contract (regardless the terms) is accepted, there is a legally required due diligence period. Houses remain listed, & owners continue to allow showings. Finances or other reasons may cause the buyer to back out of the contract (& have to pay to the sellers the due dilligence fee agreed to in the contract). Note three days to sell your home, if required to perform, is not an easy task. Even if you were fortunate to get a buyer within that short time frame, the buyer will likely make an offer with a contingency given its popularity in your area. This will still expose you financially, if your prospective buyer is unable to sell his/her/their house after you've committed to the seller. |
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PaperAngel
Drama Llama
Posts: 7,445
Jun 27, 2014 23:04:06 GMT
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Post by PaperAngel on Feb 2, 2017 19:45:37 GMT
As indicated in the other thread, no seller will seriously consider or accept an offer that includes a "contingency" for the sale of a house not even on the market! I recommend listing your house, getting a mortgage pre-qualification, & learn about the process (including contingencies, since they appear common in your area) before viewing or making offers on prospective properties. Best wishes... We do have pre-approval for the loan. And the other couple didn't have their house on the market yet when making an offer, either. I am working on getting the house ready today with the understanding that we would put it on the market one day after the offer being accepted. But now I am not sure if I should rush and still put it on the market right now or forget about this house. I would still be getting the house ready to put on the market, but just not tomorrow. If you & your realtor plan to list the house tomorrow, make certain the seller is aware. It may give you a significant advantage over other potential buyers, if they also submitted offers with contingencies/houses not yet on the market, & especially if they have not been pre-approved. Best wishes! |
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Post by Outspoken on Feb 2, 2017 20:00:22 GMT
Typically, contingent offers don't take the house off the market. Our realtor told us that if our offer was accepted and someone else made an offer without a contingency, we would have 72 hours to "perform" and sell our house. I know last year there was a house we liked and they had several open houses, even though the realtor at the open houses said there was already an offer with a contingency. There have not been many houses for sale that make it worth us moving unless we go way out of our comfort zone with price. This is how ours played out a few years ago. We had a contingency offer on a house and ours had not sold. They received a non-contingent offer and we had to either remove our contingency and move forward with buying or let it go. We ended up with 2 mortgages for 1 month because we decided to go ahead and buy. |
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Post by hawkeyegal on Feb 2, 2017 20:34:20 GMT
We got our house in a hot market because we were NOT contingent. The only benefit to renting for 7 years in SoCal.  The couple that had an accepted offer on this house were contingent and we pretty much stole it from them. Well, I'm sure that's how it felt to them. But we weren't contingent and the seller took our offer because of that. I did feel bad, especially when they sold their house 2 days later. But not bad enough to give up my dream house!  |
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scrapngranny
Pearl Clutcher
Only slightly senile
Posts: 4,767 
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Post by scrapngranny on Feb 2, 2017 20:57:50 GMT
A lot of this depends on how hot the market is in your area and how fast you think you house will sell. If your house has a lot of things going for it for the first time buyer, it could sell fast and have no contingencies. If not you could be in the same boat as the house you want to but, several contingency offers. I wouldn't put my house up unless I was sure I wanted to move no matter what.
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Post by iamkristinl16 on Feb 2, 2017 21:30:29 GMT
. I wouldn't put my house up unless I was sure I wanted to move no matter what. This is where I have been for the last few years. We have been looking off and on for awhile and there have been very few houses that make it worth the jump in price or the effort to move. There was one that we were going to make an offer on last summer but there was already an offer by the end of the day that we saw it. So, it is risky for us to try to sell before we have somewhere else to go. But then we risk not being able to get one that we do want. Not a good situation to be in. I would feel better about listing ours without one we are interested in if it was march or April when more houses are on the market. |
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AmandaA
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Post by AmandaA on Feb 2, 2017 21:39:10 GMT
You can always take yours back off of the market if it doesn't work out for this particular house. You aren't going to be stuck without a house unless you accept and sign an offer on yours. If the other house is gone before you can get yours sold, then end the listing. So long as the listing agent knows your intentions I don't understand what the big deal is.
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Post by annabella on Feb 2, 2017 21:49:36 GMT
I'm wondering if so many houses in a city, how can you be so sure they are looking at the same house?
I would put your house on the market, then you get a feel if it's going to sell soon or not. If work needs to be done to it. Then take yours off the market. And if you do sell it, ask the seller to allow you to rent back for a month or so.
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Post by anonrefugee on Feb 2, 2017 21:51:30 GMT
You won't be out anything by prepping for selling, would you? And you'll gain a cleaner house!
Are you sure a freshening makeover or small addition won't make your existing home perfect?
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scrapaddie
Drama Llama
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Post by scrapaddie on Feb 2, 2017 21:54:50 GMT
A contingent offer when your house is not even on the market will not be seen as a strong offer by a buyer. The buyer is likely to take a better offer. I would not be swayed by what was going on with the neighbor because it is probably a different house anyway, unless you live in an area where there just are not verymy houses for sale
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Post by iamkristinl16 on Feb 2, 2017 22:24:19 GMT
A contingent offer when your house is not even on the market will not be seen as a strong offer by a buyer. The buyer is likely to take a better offer. I would not be swayed by what was going on with the neighbor because it is probably a different house anyway, unless you live in an area where there just are not verymy houses for sale We don't live in a big town and there aren't that many houses for sale that would be something they are interested in, but I could be wrong. Just seems to be too many coincidences. A freshening up of our home would be great but the problem areas for us are the kitchen size and entryway. With six of us, it is just not working. Our house isn't horrible and is bigger than most in this price range/entry level home. The problem is that most of the ones that are in the next level up are not any bigger and don't seem to justify the price difference, at least to us. In many, we would be gaining space in some areas but losing in others since we have an addition that adds another living space/office. I have thought about adding on to our house to make the kitchen bigger and possibly another bedroom but am not sure we have enough room to do that. And that wouldn't be cheap, either. I just wish you could go to a house store and choose the one you want (and know what will be available in the future!) and not have to deal with all of this. Lol |
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Post by iamkristinl16 on Feb 2, 2017 22:25:40 GMT
Forgot to add that our realtor has left a message for the sellers realtor to see what is up. If they did in fact accept the other offer, maybe she will find out why and that will help with the decision. Either way we are working to get our house ready to list. The question is just when.
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Post by iamkristinl16 on Feb 3, 2017 1:32:21 GMT
Well, the house is not for us. The friends did get it. The sellers said they were going to choose our offer and appreciated that we told them about ourselves, but the others actually got an offer on their house already (just listed yesterday).
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peasquared
Drama Llama
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Post by peasquared on Feb 3, 2017 1:44:54 GMT
I'm sorry! I hope an even better one comes along when you're ready!
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Post by refugeepea on Feb 3, 2017 1:51:22 GMT
Typically, contingent offers don't take the house off the market. Our realtor told us that if our offer was accepted and someone else made an offer without a contingency, we would have 72 hours to "perform" and sell our house. I know last year there was a house we liked and they had several open houses, even though the realtor at the open houses said there was already an offer with a contingency. There have not been many houses for sale that make it worth us moving unless we go way out of our comfort zone with price. I'm sorry. We are in a sellers market as well. My very successful real estate friend posted on Facebook she would love someone to contact her about homes available in a certain price range and in another town for her clients. |
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Post by lancermom on Feb 3, 2017 3:00:43 GMT
My parents were able to buy their house out from someone that had a contingency to sell theirs. They sold their house and moved hoping to find something right away. A year later I ended up becoming friends with the other couple son, he said the house was stolen. It happens.
Where I live, people have been offering more than the asking price. Crazy! This way they ensure they don't get in a bidding war, and if there is a contingency, it is worth it.
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Post by iamkristinl16 on Feb 3, 2017 3:08:13 GMT
My parents were able to buy their house out from someone that had a contingency to sell theirs. They sold their house and moved hoping to find something right away. A year later I ended up becoming friends with the other couple son, he said the house was stolen. It happens. Where I live, people have been offering more than the asking price. Crazy! This way they ensure they don't get in a bidding war, and if there is a contingency, it is worth it. We did say that we would go up to $5,000 above the listing price and we were going to pay closing costs. Not sure what the other couple offered. I have some very upset kids tonight, but something will come up. There is actually one we are looking at tomorrow that looks promising. I had overlooked it because it only has 3 bedrooms, but there is 500sq ft unfinished so we could add another bedroom and game/theater room or something. It looks very dated but we will see how it is. I'm glad that the other couple is not also a contingency. I think I would feel bad competing with them, since I know I would be upset if it Happened to me. This way I don't have to make the decision of whether to do that or not. |
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The couple that had an accepted offer on this house were contingent and we pretty much stole it from them. Well, I'm sure that's how it felt to them. But we weren't contingent and the seller took our offer because of that. I did feel bad, especially when they sold their house 2 days later. But not bad enough to give up my dream house! 
