2006-07-02 10:17:49 · 7 answers · asked by Me 1 in Business & Finance ➔ Renting & Real Estate
When you make an offer to buy a home contingent on you selling your home this is a contingent offer. When making a contingency offer, I advise you ask the seller "If I can pay you a higher price, would you consider waiting until I sell my home." If yes, then ask the seller, "If I pay you all cash and take the house 'as is', what's your bottom line price?". Then make your offer.
2006-07-02 11:59:21 · answer #1 · answered by Superman P 2 · 6⤊ 2⤋
A contingency offer, is an offer with condition attached. Most commonly, the buyer will have to sell an existing home before they can buy yours. Others include, getting financing, seller installs a roof, seller leaves above ground pool, or an condition that the buyer wants to place on his offer.
As far as I know contingency is not limited to buyer. A seller can accept an offer on condition the bank approves the loan in 5 business days and the buyer can close escrow in 15 business days. Or any other condition. All parties must agree on all conditions for any contract to be binding.
2006-07-02 10:33:12 · answer #2 · answered by gimpalomg 7 · 0⤊ 0⤋
A contingency can be any requirement that must be met before an offer is completely valid.
Most often it is: I have to sell my house before I can buy yours because the banks won't let me have 2 mortgages at the same time.
2006-07-02 10:22:14 · answer #3 · answered by RDHamm 4 · 0⤊ 0⤋
A contingency offer is a written promise basically saying "When I sell my house, I'll buy yours"
2006-07-02 10:22:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sparing the details, It's a written note saying that I will buy your house for X dollars as soon as I sell mine, or if I sell my house for X dollars. Get it? A contingency.
2006-07-02 10:23:42 · answer #5 · answered by Ricky J. 6 · 0⤊ 0⤋
A pre-approval letter would not propose that financing is in place and due to this your agent is telling you to attend. you're able to be able to desire to think again the whole settlement - despite if the contingency dates say 0, there are in all threat separate clauses for an inspection and for financing, via fact of this if the homestead would not bypass inspection or if the customers fail to get authorized for financing, the settlement is void (and there is no penalty to the customer). commonly, if the homestead would not bypass inspection, you will obtain a threat to restoration the products that brought about the homestead to fail or to make preparations with the customer (i.e., if something fails and it may fee $a million,000 to restoration, the two you knock the $a million,000 off the fee, hand the customer $a million,000 at remaining or restoration it your self).
2016-11-01 02:37:31 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Sometimes you can get the house if you really want it with a bridge loan as well. They use the value of your home to loan the equity to buy the new home. Can get sticky though if your home does not sell for some time. Good luck
2006-07-02 16:14:06 · answer #7 · answered by unclejesse1 3 · 0⤊ 0⤋