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TigerDeBaiter
LSU Fan
Member since Dec 2010
7591 posts

re: Real Estate Advice - Re-approaching seller after offer declined
You don’t appear to be a serious buyer.

Not saying you’re not, but that is the appearance to them I’m sure. If their house is in as good of a location as you say yours is, then they should expect to receive an offer sooner than you can list and sells yours.

Simple as that.


CQQ
LSU Fan
Member since Feb 2006
16736 posts

re: Real Estate Advice - Re-approaching seller after offer declined
I guess my assumption is most people would need to sell their current house before buying a $400,000 house.

If our offer was accepted, our plan was to list our house and not accept contingency offers but it's a $250,000 house so maybe more feasible.

Basically I was asking him to do what I'm not prepared to do.



This post was edited on 5/14 at 2:07 pm


ed3303
LSU Fan
Alexandria
Member since Jan 2009
289 posts

re: Real Estate Advice - Re-approaching seller after offer declined
In my opinion the only way to make this palatable to the seller while securing your "forever" house would be to buy theirs w/o contingency and hope for a quick sale of your old home. having said that, I don't recommend this approach since I tried the same thing and got burned. Had a great house in a great area and ended up eating the extra mortgage payment for months. Finally resorted to renting it out for a couple of years before trying again and finally selling it.

Good luck!


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baldona
Auburn Fan
Florida
Member since Feb 2016
9140 posts

re: Real Estate Advice - Re-approaching seller after offer declined
You can also do a HELOC or cash out refinance to buy a house while selling your own. When you purchase you usually don’t have a mortgage for a month. If you can do a HELOC many are very low cost and 12 months interest only or something like that so you could pull this off with only costing you 1-2 months of double mortgage payments which you price in and the only actual expense is your financing, taxes, and insurance cost because the equity is yours’ anyway.

I’m simply saying if it’s the exact house you want, for under $5,000 you can likely make it happen if you have the equity in your house. That’s a small price to pay for the ‘right’ place.
This post was edited on 5/15 at 7:59 am


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ItzMe1972
Member since Dec 2013
2390 posts

re: Real Estate Advice - Re-approaching seller after offer declined
My daughter is selling her house to a guy that has his house under contract. If it was not under contract, she would not have accepted his offer.

The listing in the MLS is "Active Contigent." She is getting requests to view the property and is showing for the possibility of a backup contract.

Interesting thing is that under Active Contingent, she can accept a higher offer that is not contingent. The current buyer would have 24 hours to remove his contingency.


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