Contingency Sales in Phoenix

I had an interesting conversation with someone the other day about contingency buying.  This person wanted to make an offer on a house contingent on the sale of their house.  The only problem is that their house is not on the market yet, and they want to have an offer accepted before they put their house on the market.

Interesting, isn't it?  There is no lack of lunacy in the world!

Here are conditions that might allow a contingency to work:

1.  The Buyer's house already has to be under contract
2.  The Buyer's transaction must have already cleared the inspection and appraisal contingencies
3.  The person purchasing the Buyer's house has to have two things:  a) a good sized earnest money deposit and b) an assurance from the lender that underwriting has already OK'ed the purchase
4.  The purchase of the Buyer's home cannot be a contingency purchase.

Colleagues of mine have had contingencies that have had as many as 7 homes lined up and falling like dominoes when the market was stable and lenders were solid when they pre-approved a person for a loan.

Would you consider a contingency purchase/sale now?  I would be interested to hear from you.

Have  a great day!

Tim


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