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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Pointless to make an offer if your home isn't on the market?
What the general order of things? We probably want to move. There is a home we have our eye on that suits our needs but we haven't put our house on the market (one of those situations where we'd like to move if the opportunity presented itself but don't HAVE to right now). If we got this house at the right price, we'd price ours to sell. How does it work?
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Posted 9/27/08 5:30 PM  |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Pointless to make an offer if your home isn't on the market?
Most people won't take contingency offers even in this market, so you'd have to be willing to roll the dice that your house would sell. I'd worry about doing that and committing to possibly having two mortgages. The market is not good, and even if a house is priced to sell (I think ours is and it hasn't sold), it can take a long time to sell.
Good luck.
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| Posted 9/27/08 7:42 PM |
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micknjohn
LIF Infant
Member since 7/08 333 total posts
Name:
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Re: Pointless to make an offer if your home isn't on the market?
Defintely sell your house first. Once you put an offer on a house you like, and then put the 10% down, that money is non refundable unless you are denied a mortgage...and the last thing you want to do is have to pay 2 mortgages.
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| Posted 9/27/08 8:28 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Pointless to make an offer if your home isn't on the market?
Posted by laurabora
Most people won't take contingency offers even in this market, so you'd have to be willing to roll the dice that your house would sell. I'd worry about doing that and committing to possibly having two mortgages. The market is not good, and even if a house is priced to sell (I think ours is and it hasn't sold), it can take a long time to sell.
Good luck.
same here, good luck! the market is really really bad! most sellers will not take an offer unless you are already prequalified too, meaning you would have to swing 2 mortgages at the same time.
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| Posted 9/27/08 8:43 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Pointless to make an offer if your home isn't on the market?
You really need to sit down and talk with a mortgage person and see if you qualify for a second mortgage while also paying the first. If not, and you need to sell in order to buy, your offer is not going to be attractive to a seller, so I don't know how much luck you will have. If you can swing both, then the sellers of your new house don't have to know anything. That's what we did and it was very stressful! We didn't put our condo on the market until we went to contract on a house. Luckily the condo sale moved super quick - we were literally 5 days away from having 2 mortgages.
Good luck!
Message edited 9/27/2008 9:04:54 PM.
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| Posted 9/27/08 9:04 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Pointless to make an offer if your home isn't on the market?
Posted by Karen
You really need to sit down and talk with a mortgage person and see if you qualify for a second mortgage while also paying the first. If not, and you need to sell in order to buy, your offer is not going to be attractive to a seller, so I don't know how much luck you will have. If you can swing both, then the sellers of your new house don't have to know anything. That's what we did and it was very stressful! We didn't put our condo on the market until we went to contract on a house. Luckily the condo sale moved super quick - we were literally 5 days away from having 2 mortgages.
Good luck!
That's what we are doing with our condo, because we got approved for mortgages without having to sell the condo first.
I'd only do it if you can swing both mortgages and get pre-approved not contingent on selling your current home.
Not many buyers will take an offer with a contingency.
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| Posted 9/27/08 10:01 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Pointless to make an offer if your home isn't on the market?
If they accept a contingency offer then you can go that route. Never hurts to ask.
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| Posted 9/27/08 11:26 PM |
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