Georgia Babies

house buying business - shady to you?

We're about to put our house on the market and make an offer on another house. Our house goes on the market on Monday and we'll make an offer (contingent) on a house we'd love to buy the same day. The house we want to buy has been on the market since early March and is a bit over priced for the neighborhood. Our realtor thinks our house will sell fairly easily.  Anyway, our realtor spoke to the other agent and she said they'd take a contingent offer on their house (some people won't even consider it); HOWEVER, the agent intends to keep the listing coded Active on the listings so agents can still show it without people knowing there is a contingent offer on the house.  Our realtor said that once we have a buyer for our own house, the other agent would change the listing code to Contigent rather than Active.

 Would this bother you? This will be my first house buying experience so I'm new to this game.

Rebecca

Re: house buying business - shady to you?

  • It makes sense to me. Why would they take it off the market or not show it to others until they get a firm offer in hand? A contingent offer isn't really considered firm as you are waiting to wait to get an offer on your home first.
  • ditto pp.  We made an offer contingent on the sale of my condo and the seller agreed to take the offer, leave their house on the market with the understanding that I would get first dibs if someone else showed intrest.
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  • Yep, this is normal. They have the right to sell it to people who don't have a contingency clause, while your house is still for sale. It stinks, but that is the way it goes! Good luck!
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  • I agree with all pp. Good luck with your house sale!
  • Not shady at all.  Think about it from their position- they want to sell to you, but it could be months before your house sells and your offer may even fall through.  If they change the listing, they could miss out on tons of other showings and they would be double screwed.  At least they are willing to accept a contingency- that is rare in this market!

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  • I agree with pp. Our house is on the market and we'd accept a contingency offer but would not even think of changing the status, especially if the other house didn't have an offer on the table at all. With the unstable market anything can happen and they don't want to hinder any potential offers while you're awaiting the sell of your house.
    Derek 6.30.09 & Parker 4.1.11
    Family
  • I agree with everyone else, but in this market don't expect that your house will sell easily.  We are about to relist our house after trying for 6 months earlier this year.  We are making a huge price drop this time, but all of the agents we've met with have said that what they think is a dream easy listing isn't typically turning out to be the case so they aren't making any comments on speed of sale. 

    I hope that we both sell quickly though!all o

    Baby Birthday Ticker Ticker BabyFruit Ticker
  • Nope, not shady.  That's a pretty standard procedure and I would actually consider them generous for accepting a contigent.  Chances are if it's been on the market that long, you don't have anything to worry about anyways. 
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