Can I buy a home without selling my home first?
Can I buy a home without selling my home first? Yes, it may be possible to buy a home without selling your home first.
Each individuals financial situation is different. We can put you in contact with a mortgage consultant who will be able to offer you an informed opinion after reviewing your personal information prior to you making an offer on another home without a contingency dealing with the selling of your current home.
In the current market, many home owners are reluctant to start looking for homes to buy until their current home sells. Their reluctance could be due to several factors.
- They may not wish to get their hopes up should they find the perfect home but are uncertain about when their current home will receive an offer.
- They may feel their home, at the listed price, will not be selling anytime soon.
- Or they may simply not understand that they can make an offer that is contingent upon the selling and closing of their current home.
Those sellers who have their home priced correctly should expect to receive an offer within their listing contract period. That being the case, it may be in the seller’s best interest to start looking for a home and negotiating with the owner of the home to arrive at an acceptable offer contingent upon the selling of their home. This could be handled with a first right of refusal contingency clause.
First right refusal contingencies are clauses that most real estate professionals should be familiar with and prepared to use especially in this challenging market. With a first right in place the buyer can now assume their role as a seller and take the steps needed to receive an acceptable offer on their home.
Low interest rates and low inventory are reasons to understand how to make an offer on a home even though your home has not sold.
Give me a call to discuss your situation. 407-304-0255
You may find a home for sale in DeLand online, drive by a sign or see an ad and when you call the real estate company to inquire about the home, the agent may tell you the home is pending. What does that mean?
In real estate terms a home that is pending basically means that someone has made an offer on the home that the seller has accepted. A house under contract is considered pending.
The final closing or transferring of deed from the seller to the buyer is contingent or subject to some additional term or condition. Most common contingencies are financial, inspections or the need for the buyer to sell their home prior to buying another.
Pending real estate transaction
Depending on the contract between the seller and buyer, it may be possible for another buyer to make an offer on a pending transaction which would be subject to the release of the first offer.
You should ask us or your attorney if you are not 100% clear on what is involved when making an offer on a home that is pending.
Give us a call to discuss your home buying and selling questions. 407-304-0255 or 407-765-4884
We are here to assist you with your real estate needs!
As a real estate agent for Watson Realty Corp., we are members of an award winning firm. Our company was just recognized as the best of the best of all Leading Real Estate Companies of the World real estate companies for 2016!
Give us a call, let us show you why we are diamond award winners!
Terrie White of Watson Realty Corp., DeLand is offering this 4 bedroom, 2 bath home. The home has been well maintained. Features include an open floor plan, solid oak wood cabinets, double sinks, a cooking island, plant shelves, formal dining area and a breakfast nook.
The home was built in 2007 and is priced at $159,900. Please feel free to call Terrie @ 386-956-9110.
As 2010 begins there are over 60 foreclosures for sale as of this post in DeLand. These homes have been foreclosed on and are now bank owned also referred to as REO properties. They range in price from a low of just under $30,000 to a high of over $500,000!
Scattered throughout DeLand these homes offer a great opportunity for investors and home buyers simply looking for a good home at a good price. Last year 150 homes that were foreclosed on sold in DeLand. These types of listings will often receive multiple offers and include bank addendum that you need to be aware of. Call me to not only receive a list of available homes but to also schedule a time to view the ones that you are interested in.
Happy New Year! Last night I welcomed the New Year with my granddaughters. To be honest my young ladies actually made it to 9pm. Just before bed the girls enjoyed chocolate cake and we went outside and lit sparklers for the girls to play with. Last night will be remembered as one of the best New Years eve celebrations I have enjoyed. Sounds of bottle rockets and firecrackers could be heard throughout the neighborhood as everyone excitedly anticipated the end of 2009 and the beginning of 2010.
Happy new Year DeLand!
Short sales are being used throughout the country by home owners who are faced with a distressed situation where they are unable to afford their home and because they owe more on their mortgage than the home is worth they are unable to sell the home for enough to pay off the mortgage along with the additional costs involved with selling a home.
What should a DeLand homeowner consider before short selling their home?
- If you would stay in the home if the payments were affordable, contact your lender about a loan modification.
- According to FICO, short selling your home impacts your credit score similar to a foreclosure however a foreclosure increases the time you will have to wait before obtaining a mortgage on another home.
If you are facing a tough situation and would like to talk about the short sale process give me a call. I can refer a top short sale real estate professional to you that will explain the process so that you are able to make an informed decision.
Terrie White is pleased to present her latest listing. This DeLand home is nestled on a wood private setting of just over 1 acre. Enjoy the country without giving up the convenience of being close to the city. This 3 bedroom, 2 bath, 2 car garage home can be yours by calling Terrie White at 386-956-9110.