Subject to House of Choice.???

barbcollinsAugust 11, 2012

Does anyone know what this term means in a real estate listing?

I have never heard or seen it before. I googled the term but could not find anything.

It actually reads:

Real nice 3 BR rancher on 1/2 acre lot in ____________. Finished lower level with fireplace. Newer replacement windows and roof. Large detached garage with electricity, ideal for auto enthusiast. Subject to House of Choice.

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DLM2000

It means a deal with them won't go through unless they get the house of their choice. We sold our last house like that, had already found the house we wanted and put an offer in, listed our house contingent on that negotiation being successful. If it wasn't , we could pull our house off the market. Here it means they are already in negotiations with their house of choice, but I wonder if it can be used less specifically - meaning that they will start *looking* for a house they love and if they don't find one, don't have to sell. That would worry me.

    Bookmark   August 11, 2012 at 8:49AM
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barbcollins

Shucks, I was hoping it would mean the buyer would get their House of Choice (jk).

Thanks dlm2000. That makes sense.

    Bookmark   August 11, 2012 at 9:10AM
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sweet_tea

sounds like it is contigent on the seller finding a new place to live/house to purchase. I suppose you can get very specific in the contract so it is not so vague. Like confirm the seller actually has a home under contract versus just looking.

Does your closing date keep getting move out because seller has not yet found a home? This could take months if they are picky. What if they are getting something built and it is 6 months out. So many questions about what is going on with the seller.

This is the first I heard of this.

    Bookmark   August 11, 2012 at 9:13AM
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barbcollins

sweet_tea - We are not buying another home yet. We hope to list our investment house next spring.

I get MLS alerts every morning so I can keep an eye on what is listed/selling. This one caught my eye, and I was confused by the "Subject to House of Choice" term.

I think that clause would scare away a lot of buyers once they understand it. If I was looking for a house to buy to move in to, I would probably avoid this scenario.

    Bookmark   August 11, 2012 at 12:55PM
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cas66ragtop

We had a contract on a house where the sellers had "house of their choice". They put an offer on a 1880's stone house and then found out the foundation had a crack in it. Well duh, how many 1880's houses would NOT have some problems? Rather than working with the other owner to get the crack fixed, they backed out altogether, took their own house off the market and told us to get lost. We were furious.

This "house of their choice" thing is an easy way for a seller to get out of selling. I didn't think anything of it at the time, but now I think its for people who really aren't serious about selling. I would stay away from a house with that contingency.

    Bookmark   August 11, 2012 at 3:20PM
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biochem101

I have never seen that here (US) either. It's common in British listings.

Took me awhile to figure out what "No Onward Chain" meant.

Turned out it refers to a "chain" of buyers each waiting to find their next house! so a "NO chain" property is more available.

It's not a bad concept but could get complicated if everyone did it (Looong chain!)

    Bookmark   August 17, 2012 at 3:22PM
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