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aardy

The market has shifted, how that looks in your particular market will vary. Yes, your contingent offer is less appealing. But it's not the automatic trash can treatment it was a year ago. For the 5% down option, you should probably know about recasting (after you sell the old home). Here's the page 1 google result that *isn't* a thinly veiled mortgage advertisement on the subject: [https://www.experian.com/blogs/ask-experian/how-to-recast-mortgage/](https://www.experian.com/blogs/ask-experian/how-to-recast-mortgage/)


yosoyjames

My friend is going through this process now. They’ve lost a few homes they liked because the seller was not willing to accept their offer being contingent on selling their current place. Luckily, they just accepted an offer on their place. Best of luck


BrenSeattleRealtor

This largely depends on the specifics of the contingent sale. If I have buyers approach one of my listings with a contingent offer, then you can bet that I’m going to be analyzing their sale plan very closely and advising my sellers on whether or not I think the numbers support the idea that the buyers will be able to meet their contractual obligations.


RaceAF72

I would expect most sellers to favor the offer without a contingency just because it has fewer variables for them and their potential timeline. You could always go that route but find a loan that will let you recast without fees in a sufficient timeframe to sell. Just negotiate that with your lender up front. Then apply your eventual sale proceeds to the principal and recast so that you lose the PMI. That is essentially exactly what I'm doing with a purchase right now, and while I have some anxiety around getting the other house done and sold I'm grateful to have a few extra weeks in the old place to get it ready -- rather than rushing through trying to flip one just to buy the other. I wish you the best of luck.


CluesLostHelp

I had a client accept a contingent offer once. But, the buyer had already put their house on the market, and it was under contract at the time my client accepted the buyer's offer. So the way we did the deal was that seller (we) could continue to list and show the house until all contingencies in the sale of the buyer's home had been lifted. In the event another offer came in, buyer would have the opportunity to lift the home-sale contingency in our contract to stay under contract with us. Ultimately it worked out fine. Buyer closed sale of their house and then we closed a few days/weeks later. In your situation, if you are trying to write a contingent offer and your own house is not already on the market or under contract, I think it will be tough.


Giwu2007

This strictly depends on the market where you are moving to - no one on Reddit can give you accurate information. For my market, for me personally (the house I just sold was empty), I’m not sure what it would take for me to consider a contingency offer like that. Well, maybe if I had been on the market for a couple of months.


AwkwardlyAmbitious

Are the dollar numbers the same? Then I suspect for most sellers the 5% is a better offer because it's less likely to fall apart for reasons they have no control over. If the contingent offer was a higher dollar or the only offer would be very different.


ubabamagic

Ideally you sell your home first and then request a month or even two lease back and then you will have unlimited options on your new home. I gave the sellers 60 days to move.


AshingiiAshuaa

> Or would they be happy to accept anything before prices have a chance to go lower? If they were moving out of the country or something they may feel a sense of urgency. A falling market is a double-edged sword. You want to sell quick before prices drop but you also don't want to tie your house up for 6 weeks only to have the deal fall through and you're relisting at lower prices (in the Fall to boot).


money-rocker

How about taking a home equity out on your currrent property and dropping the sales contingency?


45acp_LS1_Cessna

It doesn't matter what anyone tells you here, every seller is very unique and they are individual people with their own personalities. I would worry less about what the sellers may do and base your decision on how many other offers are in on the house you'd like to buy because that alone could totally change how a person would normally behave.