In today's real estate market, many potential buyers are trying to buy a new home before they've sold their home. And with today's slowing markets across the country, selling that home has become tougher and tougher. Because of these difficulties, many potential buyers are seeking contingencies on their offers.
A contingency is a portion of an offer that simply states that if the buyer is unable to sell their home by a certain date, their offer to purchase can be revoked, typically without penalty. The contract is "contingent" upon the sale of the buyers' existing home.
As a seller, your decision should be based on several factors.
1. Is their home being professionally marketed at this time, or are they trying to sell it themselves (a risky proposition!)?
2. How long has it been on the market?
3. Is it overpriced?
4. If the house does not sell, can the buyers take out a bridge loan or make other arrangements to get the closing table?
5. How important is timing for you?
6. Will the buyers agree to let you continue marketing your home and accept a non-contingent contract (and void heads) if their house does not sell?
7. What are the current market conditions in your area?
8. If you wait to completely close the deal, might you risk being unable to sell your home later if this deal falls apart?
9. Will the potential buyers lose their earnest money if their home does not sell?
10. How will you determine if the potential buyers are working actively enough to sell their home?
Contingent contracts often work out well, but you need the help of a professional to weigh the pros and cons. It's great to have someone who wants to buy your home, but make sure you're not shooting yourself in the foot in the rush to sign up a buyer!
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Source by Jim Lux