What To Do If A Buyer Has To Sell His House First

Imagine this: It?s been a few weeks since you first put out an advertisement on your house. You?ve already entertained so many potential buyers; however, no one has yet signified an interest to buy your home. Then, just when you least expect it, you receive word from an agent that their client likes your home and is planning to buy it. Unfortunately, there is a catch: apparently this buyer is part of a chain, and before he can place a deposit on your home, he has to sell his own property first. If you?re faced with a situation such as this, what would you do?

There are several courses of action you, as a home seller, can take. However, to protect your interest, it would be advisable to gently advise the buyer that you cannot put your property on hold until he has sold his house. Reassure him, however, that in case your home is still on the market by the time his unit has been sold, nothing would prevent you from transacting business with him.

Most buyers would be willing to present you with contingent offers but it may work to your disadvantage. Once you accept a contingent offer, you will have to advise your agent (or the real estate agents of other buyers) about this. Buyers or agents who are aware that someone else has ?laid claim? to the property may have second thoughts about even considering your home. You may not get back up offers from other potential buyers as they will think that your home has already been ?reserved?.

In addition, buyers who can afford to purchase a home outright would not want to wait until the 1st buyer reneges on the contingent offer. They would rather spend the time wasted waiting for the reply, looking for other available homes.

If, however, you decide to accept the contingent offer, do not remove your house off the market. Remember that you are unsure of the buyer?s capability to make good on his promise. You just have to inform your potential buyers of your outstanding agreement. If the buyer you are talking to is serious about purchasing your home, this pending contract will not deter him from making an offer.

Posted by Elizabeth Haag on December 13, 2008 at 12:00 AM

About Elizabeth Haag
Elizabeth Haag is affliated with McLauchlin & Associates Realtors, which is located in Galveston, TX. For further assistance please use the contact information located on the right.

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Local Information for Galveston, TX

Latitude: 29.281137 -- Longitude: -94.825945

ZIP Codes for Galveston, Texas	77550 77551 77552 77553 77554 77555
Area Code for Galveston, Texas	409
Time zone for Galveston, Texas	CST

Other Area Cities: La Marque, TX Galveston, TX

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Galveston is a coastal city located on Galveston Island in the U.S. state of Texas. As of the 2005 U.S. Census estimate, the city had a total population of 57,466 within an area of 208 square miles (540 km2). Located within the Houston–Sugar Land–Baytown metropolitan area, the city is the seat and second-largest city of Galveston County in population. Named after Bernardo de Gálvez y Madrid, Count of Gálvez, Galveston's first European settlements on the island were constructed around 1816. The Port of Galveston was established in 1825 by the Congress of Mexico following its successful revolution from Spain. The city served as the main port for the Texas Navy during the Texas Revolution and later served as the capital of the Republic of Texas. During the 19th century, Galveston became a major U.S. commercial center and one of the largest ports in the United States. Galveston is known for the hurricane that devastated the city in 1900. The natural disaster -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Galveston	Texas	United States
Population	57,247	20,851,820	281,421,906
Median age	35.5	32.3	35.3
Median age for Male	34.3	31.3	34
Median age for Female	36.6	33.4	36.5
Households	23,842	7,393,354	105,480,101
Household population	54,883	20,290,711	273,643,273
Average household size	2.3	2.74	2.59
Families	13,744	5,247,794	71,787,347
Average family size	3.03	3.28	3.14
Housing units	30,017	8,157,575	115,904,641
Occupied units	23,842	7,393,354	105,480,101
Vacant units	6,175	764,221	10,424,540

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What To Do If A Buyer Has To Sell His House First

Local Information for Galveston, TX

Latitude: 29.281137 -- Longitude: -94.825945

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