Alk Posted March 20, 2008 Share Posted March 20, 2008 Okay, so here's the situation. We have outgrown our current house but had pretty much decided that we wouldn't start looking for at least a year, more likely two. One of our friends is a real estate agent. He came to us and told us that he had just listed a house and he immediately thought of us. It is a beautiful home that is more than big enough for our family. The problem is it caught us so off guard that we weren't even considering selling our house yet. My question is. What would our options be if we were to put an offer on this house? There is no way we could afford to make payments on both houses until ours sold. Is there some way to dampen the blow until we get this one sold? Link to comment Share on other sites More sharing options...
ECURB Posted March 20, 2008 Share Posted March 20, 2008 Answer is below... Link to comment Share on other sites More sharing options...
Thai Jet Posted March 20, 2008 Share Posted March 20, 2008 Okay, so here's the situation. We have outgrown our current house but had pretty much decided that we wouldn't start looking for at least a year, more likely two. One of our friends is a real estate agent. He came to us and told us that he had just listed a house and he immediately thought of us. It is a beautiful home that is more than big enough for our family. The problem is it caught us so off guard that we weren't even considering selling our house yet. My question is. What would our options be if we were to put an offer on this house? There is no way we could afford to make payments on both houses until ours sold. Is there some way to dampen the blow until we get this one sold? There is a similar clause in NYS. You make a bid on the new home , if they accept your offer there's a contingency(sp) clause that the deal only goes thru if your house sells in 90 days or so. If there's a hot real estate market people will not consider the contingency clause because they don't want to wait. Suggestion: If you really like the home pay the extra $$ for a home inspection by a pro. There's so many problems that can be hidden by a look over by people like us. Yeah it's got copper pipes but how sound is the foundation etc. ? Good luck Alk. Link to comment Share on other sites More sharing options...
ECURB Posted March 20, 2008 Share Posted March 20, 2008 It might be late but my brain still works... lol Your looking to do a "Hubbard Contingency, or clause" Check and see if that is legal in your state... It makes you purchasing the house contingent on you selling your own house, and is usually time restricted. Link to comment Share on other sites More sharing options...
Alk Posted March 20, 2008 Author Share Posted March 20, 2008 Sounds like this contingency thing is the way to go. Nobody is living in the house. The woman passed away and her two kids are just trying to sell it. Can't imagine they would be in that big of a hurry especially if they have someone genuinely interested but just have to wait a little bit. Link to comment Share on other sites More sharing options...
SouthernJet Posted March 20, 2008 Share Posted March 20, 2008 Okay, so here's the situation. We have outgrown our current house but had pretty much decided that we wouldn't start looking for at least a year, more likely two. One of our friends is a real estate agent. He came to us and told us that he had just listed a house and he immediately thought of us. It is a beautiful home that is more than big enough for our family. The problem is it caught us so off guard that we weren't even considering selling our house yet. My question is. What would our options be if we were to put an offer on this house? There is no way we could afford to make payments on both houses until ours sold. Is there some way to dampen the blow until we get this one sold? You could always 'Fred Garvin' it Link to comment Share on other sites More sharing options...
jaspegs Posted March 20, 2008 Share Posted March 20, 2008 My house is up for sale and we are in contract on the house we are buying. Hopefully someone buys our house. (We had someone and then they said no on the final day). The market is VERY bad right now. Link to comment Share on other sites More sharing options...
joewilly Posted March 20, 2008 Share Posted March 20, 2008 Sounds like this contingency thing is the way to go. Nobody is living in the house. The woman passed away and her two kids are just trying to sell it. Can't imagine they would be in that big of a hurry especially if they have someone genuinely interested but just have to wait a little bit. you're placing a lotta faith in your friend alk. don't you at least wanna see what else is available? Link to comment Share on other sites More sharing options...
Boozer76 Posted March 20, 2008 Share Posted March 20, 2008 You will definitely need to use a contingency clause in your offer of sale. There are things like bridge loans, but they are hard to get and generally not worth it. Keep in mind, because you are purchasing contingent to the sale of your property, you may need to offer more money than borrowers who are not purchasing on contingency. Most sellers will take around 2%-5% less from a buyer who can purchase right away without having to wait on selling their own home. Link to comment Share on other sites More sharing options...
afosomf Posted March 20, 2008 Share Posted March 20, 2008 For God's sake get the F out of Kansas!!!!!! Link to comment Share on other sites More sharing options...
drago Posted March 20, 2008 Share Posted March 20, 2008 two things i heard when buying my house... 1. never fall in love with a house, be prepared to walk away (easier said than done). 2. never work with a female realtor (ok, so that's a personal decision, but i could never get them to stop talking about the color of the walls, and/or the ****ing curtains. i want foundation and copper pipes bitch!) Link to comment Share on other sites More sharing options...
Alk Posted March 20, 2008 Author Share Posted March 20, 2008 you're placing a lotta faith in your friend alk. don't you at least wanna see what else is available? We're not putting any faith in our friend. He has already told us that he's working for the owners and just thought this looked like the perfect house for us. We will look at other houses but in this town there's not alot of houses like this on the market. Link to comment Share on other sites More sharing options...
Alk Posted March 20, 2008 Author Share Posted March 20, 2008 2. never work with a female realtor (ok, so that's a personal decision, but i could never get them to stop talking about the color of the walls, and/or the ****ing curtains. i want foundation and copper pipes bitch!) Believe me, there is nothing that any woman could say about the walls in this house. Can you say 1950? Link to comment Share on other sites More sharing options...
Boozer76 Posted March 20, 2008 Share Posted March 20, 2008 You will definitely need to use a contingency clause in your offer of sale. There are things like bridge loans, but they are hard to get and generally not worth it. Keep in mind, because you are purchasing contingent to the sale of your property, you may need to offer more money than borrowers who are not purchasing on contingency. Most sellers will take around 2%-5% less from a buyer who can purchase right away without having to wait on selling their own home. One other ting, the seller may want to reserve the right to keep the home on the market while your agreement is in place. If they receive an offer equal or more than yours they would give you a 24-48 hour window to match it. DO NOT sign anything that gives them that right. If they take your offer, they wait for your offer to come to fruition. Usually 6 months is the normal time frame. If you allow them to continue shopping the home you may just get burned out of the sale and meanwhile your home is on the market, waiting to get swept out from under you. Link to comment Share on other sites More sharing options...
Bob Posted March 20, 2008 Share Posted March 20, 2008 If you're seriously interested in buying a house, get a buyer's agent. We tried to do it on our own last year and got jerked around by seller's agents until we got someone to work for us. Link to comment Share on other sites More sharing options...
dickkotite Posted March 20, 2008 Share Posted March 20, 2008 We're not putting any faith in our friend. He has already told us that he's working for the owners and just thought this looked like the perfect house for us. We will look at other houses but in this town there's not alot of houses like this on the market. heres your best bet: immerse yourself on realtor.com. check every neighborhood and the prices they are getting or asking. then, go out and see a minimum of 30 houses. you will find that you will have "the one to beat" early on, and then a few houses more and there will be a new house to beat, then another house to beat. finally, you will have a real good feel for what x amount of $ can buy you and make a wise decision Link to comment Share on other sites More sharing options...
dickkotite Posted March 20, 2008 Share Posted March 20, 2008 If you're seriously interested in buying a house, get a buyer's agent. We tried to do it on our own last year and got jerked around by seller's agents until we got someone to work for us. horrible advice from a fomerly moustached flood victim. agents thAT work for the sellers want to sell. they are eager to show you around. ignore anything they say to you and use your own judgement. use them, abuse them it can never hurt you. If you get a "buyers agent" he has to be paid and you are locked into his dumb service for a time period. I had one of these clowns try to get me to be his "buyer agent" . he tried to get me to sign his contract. I asked him what if i wind up finding a home for sale by owner, his response was that I shouldnt worry about it because the owner would be responsable for his fee. can you imageine that? Ill never forget his face when i told him that i wouldnt sign, his jaws dropped and you could tell his ego was shattered. Then for the rest of the day, he was being a biyatch saying stuff like< "Well this home is great. thowner has a big problem and he needs to unload.....um oh wait you didnt want to sign with me so I cant give you any further inside information" My wife HATED him. The best is when he called me a few days later and I told him thanks but no thanks I just got into contract with the realtor across the street from him on a great house. "yea mr. fsb owner, ill buy your home for 250 ...oh btw i have a buyers agent and you will have to give him 4 or 5 %." good luck. its a great time to buy A GREAT time. if there is any possible way you could safely rent your old home do it. Link to comment Share on other sites More sharing options...
Boozer76 Posted March 20, 2008 Share Posted March 20, 2008 horrible advice from a fomerly moustached flood victim. agents thAT work for the sellers want to sell. they are eager to show you around. ignore anything they say to you and use your own judgement. use them, abuse them it can never hurt you. If you get a "buyers agent" he has to be paid and you are locked into his dumb service for a time period. I had one of these clowns try to get me to be his "buyer agent" . he tried to get me to sign his contract. I asked him what if i wind up finding a home for sale by owner, his response was that I shouldnt worry about it because the owner would be responsable for his fee. can you imageine that? yea ill buy your home for 250 ...oh btw i have a buyers agent and you will have to give him 4 or 5 %. good luck. its a great time to buy A GREAT time. if there is any possible way you could safely rent your old home do it. I don't know where the hell you live, but nowhere around here (NJ, NY, PA) are you ever locked in with a buyer's agent. You get one to negotiate with the seller's agent. The seller's agent has the seller's best interests in mind, not the buyer. You can use hundreds of buyers agents. Hell, you can have the same buyer agent show you 50 houses, only to use a different one on that 51st house you decided to buy. Link to comment Share on other sites More sharing options...
dickkotite Posted March 20, 2008 Share Posted March 20, 2008 I don't know where the hell you live, but nowhere around here (NJ, NY, PA) are you ever locked in with a buyer's agent. You get one to negotiate with the seller's agent. The seller's agent has the seller's best interests in mind, not the buyer. You can use hundreds of buyers agents. Hell, you can have the same buyer agent show you 50 houses, only to use a different one on that 51st house you decided to buy. ahhh so then were talking about the same thing here. my bad. or maybe not? in florida, there is such a document/agreement that commits a buyer to a selling agent. Of course, ive also used a few agents to find places. you see an ad with a house you like, you call that agent, you see a different ad with another house, you call that agent as well. no problem. I dont think thats what bob was talking about . I think he was advising for a dedicated agent, otherwise, what could he mean by being jerked around Link to comment Share on other sites More sharing options...
SouthernJet Posted March 20, 2008 Share Posted March 20, 2008 I don't know where the hell you live, but nowhere around here (NJ, NY, PA) are you ever locked in with a buyer's agent. You get one to negotiate with the seller's agent. The seller's agent has the seller's best interests in mind, not the buyer. You can use hundreds of buyers agents. Hell, you can have the same buyer agent show you 50 houses, only to use a different one on that 51st house you decided to buy. I do Link to comment Share on other sites More sharing options...
Bob Posted March 20, 2008 Share Posted March 20, 2008 And DK demonstrates yet another subject he knows jack-**** about. Link to comment Share on other sites More sharing options...
Brenjetsfan Posted March 21, 2008 Share Posted March 21, 2008 And DK demonstrates yet another subject he knows jack-**** about. lol...I love how EVERYBODY is a realtor,,,,,lol...... I have been in the business for 10 years..... Alk check ur pms:love0038: Link to comment Share on other sites More sharing options...
the Posted March 21, 2008 Share Posted March 21, 2008 I don't know where the hell you live, but nowhere around here (NJ, NY, PA) are you ever locked in with a buyer's agent. You get one to negotiate with the seller's agent. The seller's agent has the seller's best interests in mind, not the buyer. You can use hundreds of buyers agents. Hell, you can have the same buyer agent show you 50 houses, only to use a different one on that 51st house you decided to buy. You can get locked in with a buyer's agent in PA. Link to comment Share on other sites More sharing options...
JETSFAN5180 Posted March 21, 2008 Share Posted March 21, 2008 Alk those double wides arent all they are cracked up to be.Be careful not to bite off more than you can chew. Link to comment Share on other sites More sharing options...
drago Posted March 21, 2008 Share Posted March 21, 2008 lol...I love how EVERYBODY is a realtor,,,,,lol...... I have been in the business for 10 years..... Alk check ur pms:love0038: how did you ever get into realty? must have been a tough interview process. I hope you told alk what the 'in' color of paint is this year. Link to comment Share on other sites More sharing options...
war ensemble Posted March 21, 2008 Share Posted March 21, 2008 Be careful not to bite off more than you can chew. The mods don't need that advice, I'm not sure about Alk though. Link to comment Share on other sites More sharing options...
ECURB Posted March 21, 2008 Share Posted March 21, 2008 lol...I love how EVERYBODY is a realtor,,,,,lol...... I have been in the business for 10 years..... Alk check ur pms:love0038: I have my license.... just sayin... Link to comment Share on other sites More sharing options...
Green DNA Posted March 21, 2008 Share Posted March 21, 2008 lol...I love how EVERYBODY is a realtor,,,,,lol...... I have been in the business for 10 years..... Alk check ur pms:love0038: How many days out of the 10 years have you actually been in the office? Link to comment Share on other sites More sharing options...
Brenjetsfan Posted March 21, 2008 Share Posted March 21, 2008 How many days out of the 10 years have you actually been in the office? none...you don't make any money sitting in an office!!! Link to comment Share on other sites More sharing options...
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