We have listed some larger homes recently with four or five bedrooms and those kinds of larger listings may attract Buyers who may have a house to sell to expand their living space. These buyers can be in various stages with their present home:
- Have not yet listed their home for fear of not finding the next one that suits their needs
- Have their home on the market as a
- Have an offer on their home with all contingencies not yet met by their buyer, i.e. the home inspection may be complete but loan commitment not yet met
How can a Seller exercise some protection if they choose to accept an offer with a home sale contingency ? In our market the home does not have to change the status to "active with offer" when such an offer is accepted.
- Continue to market the home and when such an offer is accepted, be sure that the time given to the buyer to remove their home sale should a secondary buyer write an offer is short- i.e. 24 hours.
- Require that the buyers home be listed with a licensed realtor - Some agents require this to be a full as opposed to limited service broker
- Require buyer to furnish a copy of the offer on their home when they get one and be mindful of the deadlines for their contingencies
- Some legal Counsel will advise having the buyer lift the home sale contingency when the buyer for their home has loan commitment not upon actual closing which leaves the Seller accepting a contingent sale in a tenuous position.
As markets move more quickly...more people move and knowing the right move at the right time for both buyers and sellers requires the expertise of an experienced real estate agent. If you are in southeastern Wisconsin, call the Hansons and you will get the prompt professional service and proven results you deserve for all things real estate.