1. Are buyer’s making offers with a contingency that buyer’s house must sell first for deal to go through? My sense is that this contingency has fallen out of use in the past 5 yrs.
Nothing wrong with making this contingency. It has been less popular in the boom because sellers could take an offer that didn’t include it because there were so many buyers. The seller always can establish the 72 hour clause so I don’t see why they would refuse your offer on that criteria. It may be difficult in a short sale situation or REO depends on the institution and I don’t have data.
2.The house has been abandoned. Therefore, water, electrical etc. has been turned off. How in the world can a good inspection of the house be made prior to sale…..pool heater, pump, a/c and heating, water heaters, water pressure..etc. Obviously, I would need to make a contingency in the first offer but has anyone had experience with this type of situation?
If you buy from a private party these issues should be accommodated. If you are dealing with a bank they don’t have to and perhaps won’t, you cover any risk with the offer or ask if they will cooperate before you get to deep.
Disclaimer, I am just “realtorboy” practicing. Realtordaddy will be along soon(If he hasn’t posted already).
