Can I put this contingency in?
We built our house in 2000 and still love it but it has more acreage than DH wants to care for and it is farther from my office than I'd like. We found a dream house and really want to buy it. However, if that purchase doesn't go through, then we would want to stay in our existing house.
Our realtor has said our dream house is priced too high. We are willing to pay some over the appraised value because we love it but we would like to put in our offer that the purchase is contingent on the appraisal. If the appraisal is not at least close to the sale price we agree on, we would walk away from the deal. I do not think she will be willing to come down in her price to what I anticipate the appraised value being. I know this type of contingency is pretty common.
Can we also put a contingency in the offer on our existing house that we will proceed with the sale if and only if our purchase of dream house looks like it will actually occur (that is we somehow magically come to terms on the appraisal and inspection issues)? I do not want to lose our existing house if we cannot buy dream house. And I refuse to buy dream house without having an accepted offer on our existing house (we could swing it for a short time but it doesn't seem like good sense to take that risk).
We do have an offer on our existing house that we would be thrilled to accept but have told them that we cannot accept it until we find suitable housing. They've been patiently waiting 5 weeks and are still interested in our house. We plan on talking to our realtor about this type of contingency (on our actually buying dream house) but wanted to know if anyone has ever heard of this being done? I have heard of offers contingent on selling one's existing house but never this way around!