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Real Estate Contracts >Contingency Contracts
Buyers walk into your home in your area and fall in love with it. There is one problem--they will have to sell their home before they can buy yours. Their offer contains a contingency clause which makes the purchase dependent upon selling their present home. Should you accept such an offer?
Your decision should be based on several factors. Is their home being professionally marketed at this time, or are they trying to sell it themselves (a risky proposition!)? How long has it been on the market? Is it overpriced? If the house doesn't sell, can the buyers take out a bridge loan or make other arrangements to get to the closing table? How important is timing for you? Will the buyers agree to let you continue marketing your home and accept a non-contingent contract (and void theirs) if their house does not sell? Contingent contracts often work out well, but you need the help of a professional to weigh the pros and cons.
Rebecca has been a successful Realtor for over 17 years. She has a Bachelors degree from Miami University and a Masters from Wright State University. She has a strong belief in the value of education. She has accumulated many awards as well as many hours of continuing education. Along with her therapy dog, Chowder, she visits nursing homes and hospitals to cheer the patients.
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Rebecca Rogers NUMBER1EXPERT in real estate for
Plainsboro, Princeton and Robbinsville, New Jersey