Thursday, March 01, 2007
Unconventional wisdom
In today's real estate market, it's a great time to buy a house, especially if you don't have to sell one first, at least that's the conventional wisdom. Why? If your purchase of a house is contingent upon the sale of your home, too many things can go wrong and it can take too long to sell. Seller's don't like to sign contracts with a home sale contingency. Too risky.
Often it is, but not all the time. I recently learned of a house that went on the market in early January. In a week they had an offer contingent upon the sale of another house. The sellers, though wary, accepted the bid with the understanding they would continue to market the property. The buyer's house sold in a week and right now it looks like the sale will go through. But again, and this is why that kind of sale can be risky, a lot can go wrong between now and the settlement table.
Often it is, but not all the time. I recently learned of a house that went on the market in early January. In a week they had an offer contingent upon the sale of another house. The sellers, though wary, accepted the bid with the understanding they would continue to market the property. The buyer's house sold in a week and right now it looks like the sale will go through. But again, and this is why that kind of sale can be risky, a lot can go wrong between now and the settlement table.
