Quote:
Originally Posted by troutman
A lender told me today that many purchases are falling apart right now because they can't sell their existing homes as the pre-condition on their purchase.
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Technically it was never a purchase as the sale of their existing home would have been a condition and that condition can remain for months at a time while the seller is allowed to continue to market the home. Either the initial attempted purchaser sells their home and the deal goes through or another purchaser steps in and buys it without the sale of their own home condition.
What I am finding very common is that Buyer A puts their home up for sale while shopping. They put in a offer on a place conditional to a sale or simply keep an eye on the property as they wait for theirs to sell. Interest comes in on buyer A's property however that buyer is also in a position where they need to sell their home. Its a long continuous chain but once 1 person is able to get the sale it opens the door to a few.