A friend of mine told me about a conundrum that he has. He has a great apartment in a popular area but saw one that he would love to have instead. He can’t own two and the market hasn’t started it’s upward climb quite yet. Every time he drives by the new place, he almost gets a tear. We know…. Don’t drive by the new place… old joke!
There are a couple of options that he can take. The first one that I would recommend is for him to put in an offer on the unit he likes with the contract being contingent on his property selling. The closing date on the new property would be the same day as the closing on his property. What we call a simultaneous closing. With the entire market place being slower, a seller might now consider this option because they would at least have a contract on their property. In most cases, the seller would require some contingencies of their own. There is a very good likelihood that they would want a special clause in the contract that allows the property to be shown. Should another contract come in, the first buyer would have a certain amount of time to remove the selling contingency or release the contract so they could have a guaranteed closing date. Read the rest of this entry »
