Contingent on the Sale Of My Current Home

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Real Estate Agent with RE/MAX UNITED NVRD# S. 0045685

Contingent offers..most offers are contingent upon financing, inspections, appraisal. What if the offer is contingent upon the buyer selling their current home? Is this really a viable offer? My thoughts on this...NO

 

If the house has not sold and a buyer wants to put an offer in on your house why are you going to take it off the market? I'm not saying that a contingent offer is not a valid one, I'm just saying that it usually is  a better deal for the buyer, they can back out if their house does not sell, the seller is on hold until it does. Unless..you have an agent who knows how to protect you as the seller.

 

Every market is different and follows different protocols based on the current market conditions. In Las Vegas, I would strongly advise you to protect yourself when accepting a contingent offer.  Here are a few ways you can do that.

 

example verbiage:  The seller reserves the right to continue marketing the property and  accept back up offers up until the contingency of sale has been removed by the buyer. If a backup offer should be accepted, buyer shall have the first right of refusal to match the offer and remove the contingency.

 

This is just an idea, but think about your clients before you advise them to accept a contingent offer, what are the chances that it will all happen and how are you protecting them if it does not. I know that clients can sometimes get excited about an offer, but is it really an offer if it's contingent upon selling another home? I feel that if it is in escrow and contingent upon closing it might be a different scenario. 

 

I know that everyone will have a different opinion on this, and I certainly do not intend to give legal or professional advice. I know that each scenario is unique.  What is your take on contingent offers??

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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I always prefer offers without any contingencies, but with a bump clause this one can be pretty minor.

Jul 01, 2016 04:08 PM #1
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Stacy Vogel

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