Talk To Me About Kick Outs

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291
https://activerain.com/droplet/5cNQ

 

But I have a house to sell before I can buy! So what do I do? 

I want to buy! I have to sell ! I need some help!

 

I have talked about a reverse contingency. 

 

Now we are going to talk about a Kick Out Contingency.

 

This is also known as a contingent contract with a kick out clause. What does that mean?     

     The house shows up in the  MLS (multiple listing system) ' CONT/KO'  (Contract /Kick Out). 

 

Contingent clauses

contingent contract

 

 

 Kickout Addendum

 kick out

 

The house can still be marketed and shown to other buyers and should there be another offer without a contingency, the first buyer is given a time limit to remove the contingency. If they cannot provide proof that they can move forward with the contract, the second buyer can proceed with the purchase... in other words...they "kick out" the first one.

          Under Contract with a kick out..

Sold Or Is It?

 

Any questions about selling a home..

Call Margaret Rome

  

Margaret Rome

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Tags:
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Rainmaker
2,850,365
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Margaret. Used to be much more popular than in our current market. Enjoy your day!

Jun 13, 2018 04:33 AM #1
Rainmaker
4,507,798
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Margaret Rome, Baltimore Maryland any home contingency is an "empty bag" until that contingency is removed.... I was never in favor of muckying the water with that language....

Jun 13, 2018 05:07 AM #2
Rainmaker
3,193,872
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Margaret. This is very informative and good for buyers and sellers to understand.

Jun 13, 2018 06:48 AM #3
Ambassador
2,789,319
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Wayne Martin You are right. And always good to see you.

Jun 13, 2018 08:23 AM #4
Ambassador
2,789,319
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Barbara Todaro Sometimes to get a deal done there has to be some  "...muckying the water with that language.... '

Jun 13, 2018 08:24 AM #5
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sheila Anderson The important thing is that they understand. As Barbara Todaro  we don't want too much of the  '' ....muckying the water '' 

Jun 13, 2018 08:27 AM #6
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

When I did accept a cintigency contract, which was rare, I always did a 24 hour kick out clause and it didn't need to be in writing only for notice.

Jun 13, 2018 10:55 AM #7
Rainmaker
2,276,546
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

In cases where my buyers have wanted to buy a house, but haven't sold a house, I have often suggested bridge loans.  It has worked well, especially if the market is especially slow moving.  In our current market, where things sell rapidly, contingencies can work.

Jun 13, 2018 01:49 PM #8
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Margaret interesting that just this morning I got a draft of the new proposed contingency addendum for this subject. They wanted our feedback on it before it goes live in a few months. I put in my two cents. I only found one change I thought needed to be made - we'll see if the attorney's agree.

Jun 13, 2018 01:53 PM #9
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Margaret Rome, Baltimore Maryland

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