Why Can’t I Make My Offer Contingent on Selling My House?

Good post. In today's market there are often multiple offers coming in. It is not wise to accept an offer with a contingency to sell. That could mean keeping the home off the market for a month or two. 

Starting off with a knowledgeable real estate agent who will guide you in the best practices is essential.

With fewer homes available in our area it is not as likely for a seller to accept one with a contingency unless it has been on the market for a while.  It does happen but hard to get everyone on the same page.  

Very true.  If you are in contract sometimes you can get the seller to take a contingency, but there are so many buyers why wait?

Just presented a contingent offer this week - to my sellers who said - tell the buyer to get his home under contract, then we'll talk!

Excellent subject to post. Aside from the fact people want to bridge a transaction, the next concern is financing needs such as a Mortgage. If I was a Realtor I would hope one side was all cash.

Buying and selling simultanously is indeed tricky and requires a highly skilled Realtor like yourself to coordinate the transactions.

Recently, I turned down a listing because the seller wanted her home sold contingent upon finding another one and not wanting to rent in between. On top of that, she wanted more than top dollars for hers. Great post!

I did have a contingent offer accepted last year, I was repping the buyer. The listing she wanted had been on the market a long time...plus, her house was ready for the sign in the yard--paperwork done, photos taken. It sold in two days so all worked out great!

Aloha Belinda, I agree there is little incentive for a seller to accept a contingency offer, but if the listing is stale and the only offer they have received is a contingency offer, it might be a successful buyers ploy, you never know unless you ask I suppose.

Contingent on the sale of another property is not unusual to see here.  We don't see it on every offer, but it isn't something that people are overly concerned with.  The condition is always with the right of the buyer to waive his contingency or bow out of the deal and allow the new contract to come into play.  I had several contracts last year with the contingency & luckily they went through without any issues.  

It seems you need two things to make this work: 

• Stars that come perfectly into alignment
• Expert juggling talent

Great post and timely.  I just recently just told a client..."of course you can write a contingent offer, unless you actually want to purchase the house"  It just came out like that....

Home Contingencies in our area are very rare.  Too much risk for both parties.

I currently represent buyers who are under contract to purchase their new home, and one of the contingencies is that they must close on their current primary residence.  Whenever this happens in our market, it is common for the MLS listing agent to show that the property is Under Contract-Taking Backup Offers.  Not sure this takes any risk away for the sellers, but it seems to create a feeling of safety for them at least knowing that other agents can still consider bringing alternate buyers to them.

I recently had someone who wanted to find their new home first and then sell their current home.  The program...no ability to qualify for any mortgage, no cash on hand.  If you need proceeds to proceed then you better proceed with selling!

Love the pink pigs flying but not in real estate transactions.  I remember this tactic many, many years ago but not in today's market, however, I see a few comments where it is still used.

Great advice Belinda.  Having just done this I can attest to the headaches, but also the blessing of being in just the right home without the pressure of a move in and out in the same day!

I think it depends a lot on the market. If the market is hot and the property is priced right, why would a contingency offer be a front runner with ready to go no contingency offers are the norm?

Nashville is so hot right now with multiple offers on almost every property that no seller would have to take a contingency to sell. Most buyers understand this concept when I explain it. Right now I'm working with (or not working with) a lady who needs to sell her home in order to buy another but she refuses to put her home on the market until she finds a home she likes.  I've advised her to put a contingency on finding suitable housing in the current home's contract but she just smiles and blinks.  Every time she asks to view a property I tell her we could see it but this seller has multiple buyers and won't accept a contingency to sell.  It's been going on for 6 months.  Oh well...