"Will Your Seller Accept a Contingent Offer?"

By
Real Estate Agent with United Real Estate TX #0552717

"Will Your Seller Accept a Contingent Offer?"

Any offer is better than no offer, right? Not necessarily.

A buyer's agent recently asked if my seller would consider an offer contigent on the sale of her client's current home. Before I could present the question to my seller, I had to find out some information:

  • Is the buyer's home currently listed for sale in MLS?
  • Is there an offer on that house?
  • Has the option period expired?
  • What kind of financing does the buyer of that home have?
  • When is the house scheduled to close?

I got the answers and talked to my seller. Since the house of the buyer was not yet listed (it would be on the market in 1-2 weeks), we replied that we would accept a contingent offer only after that house was under contract and out of the option period.

Yes, it is a tight market in the Dallas Metroplex. Yes, the buyer's home may sell quickly. But while we're waiting out a contingency, we're losing other potential buyers for my client's home. Yes, sellers are reluctant to put their home up for sale until they know they have somewhere to move to, but my smart sellers are not going to tie up the home they're trying to sell if you're not ready to sell your home.

The answer to "Will your seller accept a contingent offer" is ... maybe.

 

 

Posted by

Lorrie Semler, e-PRO, GRI, SRES, CPRES, CRS
Addison Resident/Addison Specialist                                                      Subscribe Button
Real Service. Real Results. Real Estate.
United Real Estate
972-416-3417

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Rainer
462,402
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Author / Advocate/Short Sale

Lorie, very simple!  Get the buyer's home under contract and beyond the inspection period, appraisal and loan approval, then come back with an offer, subject to the successful closing of their home.  Of course, there are other ways, too.

Nov 29, 2013 10:24 PM #1
Rainmaker
1,298,486
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

Dan: We're hoping she comes back with an offer further down the road if my seller's home is still available.

Nov 29, 2013 10:36 PM #2
Rainmaker
3,723,183
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Contingent offers are simply not an issue here in Charlotte. When the market was down, sellers didn't like them because there was no guarantee a buyer's home would ever sell. Now that we have a shortage of inventory, sellers see no need to take the risk when there's almost always another buyer "around the corner."

Nov 29, 2013 10:39 PM #3
Rainmaker
1,298,486
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

Nina: True here, too, with homes. This is a condo.

Nov 29, 2013 10:42 PM #4
Rainmaker
748,726
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

If it isn,t allready listed, forget it. You need to sell first and you may just have to rent temporary."SUGGESTED"

Nov 29, 2013 10:58 PM #5
Ambassador
2,523,066
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Tallahassee is still a "Buyer's Market" in most price ranges.  There are many houses for a Buyer or Showing Agent to choose from.  If the Listing shows "Contingent", many Agents will pass that one by and not show it.   If I was a Seller, I would not accept a "weak" Contingent offer!

Nov 29, 2013 11:03 PM #6
Rainmaker
1,298,486
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

Rob: Thanks for the "suggest". It's difficult here to find short term rentals.

Fred: Still a buyer's market? Wow! I advised my seller not to accept a contingent offer. At least the buyer's agent asked before writing up the offer.

Nov 29, 2013 11:41 PM #7
Ambassador
3,986,094
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Lorrie, That was a bit to ask of the seller don't you think? In a tight market, contingencies are not always a good idea anyway.

Nov 30, 2013 11:44 AM #8
Rainmaker
1,298,486
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

Debbie: If I had a buyer with a house to sell, I would be acting in my client's best interest if I could find a seller who would take their contingent offer. I understand why agents ask. I don't understand why sellers would agree.

Nov 30, 2013 10:54 PM #9
Ambassador
2,216,158
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

That's what I would have done...or suggested as a possiblitity to my sellers. I hope it works out for both parties.

Dec 01, 2013 04:40 AM #10
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Rainmaker
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Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417

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