Will Gardner

Haven -- great question! Every market MIGHT have a different meaning for contingent, but generally speaking contingent means that the buyer is probably doing an inspection on the property and also looking into any more facts about the property. During this period a buyer often times will have the ability to cancel their offer and get their earnest money back (depends how the contract is written). So, if you would like to make an offer, you could, and the seller could accept it, but it would only be a backup offer that would only (and automatically) be fully accepted once the first offer failed. My general recommendation to buyers would be to not have a backup offer because doing show gives the first buyer confidence... hey... someone else will take it for that price if you don't. I usually prefer my clients to tell me you want to watch a house and then as your agent I would ask the listing agent to let me know if it looks like it will fail. Then if it looks like it will fail... only then make the offer. There are different strategies and depending on the situation, my advice might change. Get a good REALTOR to help guide you on the best strategy for your situation!

William -- you're asking an excellent question and it's good to wonder about doing things right. A few questions I would ask: (1) What type of loan was it? Some loan types do require it to be owner occupied. Did he get a first time homebuyer loan? VA? FHA? (2) Did he intend on living in the home when he purchased it? (3) Is he using it as a rental property?

Jimmy, Talking with a realtor you trust who understands your situation is really important to help guide you better. My knee jerk reaction based on several assumptions would be to recommend you sell it. Here are my assumptions: (1) You don't have time, skill and/or desire to make updates. (2) The home isn't necessarily in the area you want to live, or doesn't fit your style/needs. That said, if you do have the ability to conveniently live in it and work on it slowly, you could start developing an asset. I think my fear would be you selling it and did not buying another property. I think owning property is very important to help you with financial and physical security. If you don't have anyone to help you, you don't want to make a bunch of updates that really don't end up improving the value... so be a little careful with that.

If I were moving to another area of the country and hiring an agent, here is what I would ask: (1) Are you a full time agent? --- CORRECT ANSWER: Yes. Do you want a part time lawyer? Part time painter. Part time anything? No, you want someone who eats, sleeps and breathes real estate. (2) How much heads up time do you need to see a house --- CORRECT ANSWER: Immediately. (minutes or hours) The good ones go fast. Tomorrow is unacceptable unless you are doing an initial tour just to get your feet wet. (3) Do you have any lenders you would recommend? --- CORRECT ANSWER: They should be able to give you 3 lenders and should ask you questions to know who you should talk to. (4) What are the top things to look for when you are looking for a house --- CORRECT ANSWER: (Feel free to PM me for my list. Their list should include location as their #1 priority.

Assuming you have a mortgage and you will purchase a more expensive home with a bigger mortgage... First, make sure you get a value on your home so you know exactly where you stand. Next, talk to a lender to find out what your max budget is to make sure your goals are realistic. Next, tour some homes with an agent. If you feel it will be fairly easy to find your next home, I would put your current home on the market. Once you get an offer on your home and accept it, your agent should have a contingency to allow you to find a home within a few weeks, Your agent should write the contingency so that if you don't find one you can still get out of the contract and continue to stay in your home. It is possible to do the opposite -- offer contingent on selling your home, but you will have the advantage in negotiating if you have your current house sold first.