Examples of what builders did during the boom.

NEW -> Contingent Buyer Assistance Program
Awgee is correct.



These days there are lots of homes new or used on the market. Qualified non contingent buyers are scarce, and those willing to buy new even more rare, so it puts one in a great bargaining position. I hate to say it but there are lots of contingent buyers who hope to retrieve remaining equity and transfer it to a new home. It is much harder for a buyer to qualify do to tightened lending standards so if you have a couple of good prospects you are have a better chance of getting your condo sold.



If your home is in escrow then you would be in a "contingent upon close" situation which is better than your home on the market or unsold but not as good as cash in the bank as awgee is setting.





Are you going to sell FSBO? It would be interesting for you to share your experience in both the selling and purchasing of a new home in todays market.



Enjoy!
 
Yes - I'd be doing a FSBO. But all of the parties involved are atty's... may not be the typical FSBO. Thanks for the "Contingent upon Close" idea... I hadn't considered that an alternative... but it may work out best for my situation... and as for the condo... mine is under the conforming limits, so sale-funding issues are not as problematic.



The real juggling act will come when I get my jumbo... but I've been looking at this for a while... and over the last 3 years, my wife and I have paid off literally all of our debt... our only immediate difficulty is being cash-equity poor... at least when it comes to the purchase of a 1m home... but we have strong monthlies and high FICO's... and at least enough $$$ for 20%.
 
<p>XSoCal - </p>

<p>Above you mention that non contigent buyers are rare and that "those willing to <u>buy new</u> even more rare" Am I missing something on the purchase of a new home being less desireable? (Aside from melo roos issues)</p>
 
GUII

Many people who are in qualified non contingent positions may not be ready to buy. They may have reasons to wait. Others in that position are buying. I am closing such a situation next week on a resale. You may get another prospective from others here.



awgee

Arent you proud that I did not state that "this is a good time to buy!!" LOL



Have a great evening
 
<p>Guii</p>

<p>I ment to say "buy now" rather than "buy new". Sorry for the error. New or resale makes no difference if it is the right home and you are comfortable with the price and expect to stay for several years.</p>

<p>When you sell your home, if you do not have a deal with the builder, you may want to consider a clause in your sale that makes your sale "contingent upon you finding acceptable replacement property".</p>

<p>Good luck.</p>

<p> </p>
 
You must log in or register to reply here.
Back
Top