A while back, I wrote an article entitled, "Putting the Cart before the Horse: Making a Contingent Offer." It was written specifically to advise Buyers on the pro's & cons of writing a contingent offer. This time, I thought I would offer up some helpful counsel for Sellers on how to respond to contingent offers.
According to Webster's Online Dictionary, the word 'contingent' has several meanings. Can you guess which one is most applicable to real estate?
1 : likely but not certain to happen : POSSIBLE
2 : not logically necessary; especially : EMPIRICAL
3 a : happening by chance or unforeseen causes b : subject to chance or unseen effects : UNPREDICTABLE c : intended for use in circumstances not completely foreseen
4 : dependent on or conditioned by something else; contingent on fulfillment of certain conditions
5 : not necessitated : determined by free choice
To find out more about how Sellers should respond to 'Contingent' offers, go to SOUNDBITEBLOG (opens up in a separate window for ease of viewing)
another fun, quality consumer-oriented article by Sparky