Submitted by danfahey on Tue, 05/11/2010 - 12:07
Posted in
More specifically, if the home inspection on the home I'm selling hasn't been done, can I make an offer on another home?
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Editor's Response
Not sure I understand the question. There is no law that prevents you from making an offer. However, until your house (the one you are selling) actually closes you have no way of knowing if the sale will go through and if you will have money to help you purchase the other home (assuming you need the proceeds of your home to purchase the new house). In your situation, buyers often try to insert contingencies in their offer allowing them to get out of the deal if their current home does not sell. Such a contingency, however, makes your offer much less attractive to the seller. For more information, visit our Massachusetts Real Estate Law Discussion Forum.
Can I make an offer on a new home prior to executing a P&S on th
But isn't it true that in many/most cases, folks are both selling one home while buying another, so most often offers ARE being made prior to the closing of one's own home?
A realtor had opined that no offer should be placed on another home until home inspection on one's own home had been completed satisfactorily. if true, would that also indicate that one shouldn't make an offer on another home until the mortgage contingency by the buyer of my home had also been settled?
Editor's Response
What can I tell you? People use contingency clauses, as discussed above.
Wasn't trying to be
Wasn't trying to be argumentative. I just wanted to understand whether it is UNUSUAL to make an offer prior to things like home inspection and P&S being taken care of on one's own home being sold.
I thought that was fairly common.
Editor's Response
I would defer to the real estate professional on what is the most common practice. As a lawyer, I would simply encourage you to make sure you have proper contingencies in place to allow you to get out of your obligation to buy if you are no longer able to sell. Good luck.