Is there any way to purchase a home and delay the down payment until proceeds are available from pending sale of my home in Idaho?

Current home in Idaho is Pending sale. Would like to purchase home in Alamogordo and delay down payment until I receive proceeds from Idaho home sale.
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answer by Austin Wolff    |   Visit My Website   |   Contact Me
You definitely can - there's a whole section for that exact case in the purchase offer you write up for the home in Alamogordo. Congrats on the sale of your home in Idaho, and welcome to New Mexico!
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answer by Rodolfo De Hoyos    |   Visit My Website   |   Contact Me
Yes, make your offer subject to the closing of the deal in Idaho.
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answer by Vincent C. Scherba    |   Visit My Website   |   Contact Me
There are a couple small details you need to be aware of in making an offer "contingent on the successful close of your own home". #1 - that provision still requires you to deposit an "EMD" earnest money deposit" into escrow once your offer is accepted. That is different in all states & in California it is generally 3% of the purchase price, so if buying a home for $500,000 then you would still need to deposit $15,000 within 3 days of your offer being accepted. #2 - such offers with a contingency of sale of buyers property always provide the seller with a "kick-out clause". What this means is if another party comes in with a more desirable offer the seller can give you a limited amount of time to either remove your contingency clause protection or withdraw your offer altogether in order to accept the other party's offer.
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Lori McNeely Hoyt
answer by Lori McNeely Hoyt   
You can purchase in Alamogordo with the sale pending in Idaho. What you would do is purchase with a contingency of your other home closing and funding. You will usually close with in a day or two on your new home to ensure that you have the funds needed.
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