Why would a seller not want to take a home sale contingency in today's market?

Question

The contingency terms allow them to continue to market their home. If they get another offer, we have 48 hours to drop our contingency and proceed with the sale, or they can accept the other offer. So it seems to me, they have nothing to lose by taking a contingency.

Answer 1

This may be different where you live but I sell houses in my state and contingencies usually indicate uncertainty. Every time I see them in contracts I know that there is an area of concern with my client or the other party.

Why would you want to offer contingent upon a 48 hour 'let us decide clause'? What does that indicate to the seller? If the seller believed you would actually purchase the home he is probably wondering why you want that contingency in the first place. If there is no good reason to have that contingency other than making up your mind he would probably prefer you to make up your mind within 48 hours and get back to him if you ARE going thru with it. Putting in an offer like that is almost insulting.

In the NAR realtor contract there is a 10 day inspection period to find out if the house is messed up but it sounds like your contingency is an 'uncertain we want to buy' type. I've use this time to help clients get out of deals they found out were a bum deal. I've used the excuse "there too many renters in the area indicated by many for lease signs. We belive this will lower the value of the home" We got our ernest money back.

Did your agent suggest this or is it your idea? If you agent suggested it he probably meant it to be a closing line to make you guys sign the contract and get paperwork started, knowing they wouldn’t like it and that its always easier to write on a second home than on a first.

If you thought it up it was probably because you’re worried that you'll see a house you like more. If that is the case keep looking and put in a real offer when you’re ready. If you look for 48 hours and don’t find anything put in an offer on the house you liked. You get the same result without irritating the seller.

Answer 2

I'm not sure, because in Ohio,there is a way to accept a contingency without marking the property as pending, until the contingency is removed and another offer can be accepted on the home without notice to the buyers who have it on a contingency contract.

Check with your Realtor to see the laws and make sure that he/she has a conversation with the listing Realtor about it. That being said, some people just have a certain idea about things, and there may be nothing that the listing Realtor can do to convince the sellers.

Good luck!

Answer 3

If the living house has been for sale that lengthy, and they are inspired to promote, they probable would evaluate almost some thing. although, your living house isn't for sale yet. value your living house proper- ask to ascertain similar sales from the Realtor on your modern-day living house. Do each and each and every of the fixing up and beauty issues to make your living house attractive and get a short sale. make constructive your living house is staged authentic and receives lots of promotion publicity. A contingency contract is a lot extra significant once you've a freelance on your modern-day living house. As a Realtor, i does not propose that a shopper of mine take their living house off the marketplace for a contingency contract except there's a competent contact on the shopper's modern-day living house, and that i'd ask to ascertain evidence of the contract and projected remaining date.

Answer 4

You did not say where your home is located. But generally the housing market is cooling down. The owner fears that your house will not sell and the deal will fall though. In a down market the seller's home could go down in value while they wait for yours to sell. If you allowed the owners to keep their property on the market while you sell yours, they might accept it. If they sell their house before yours sells (I am assuming you do wish to move anyway) You.. with your home already sold can make an offer on another property with a better chance of it being accepted.

Answer 5

Because it doesn't mean anything, but ties up the property slightly.

No upside to the seller, but comes with downside = seller's reason not to take a contingency.

Answer 6

Because it does not guarantee the sale of their home until the buyer home sells, it ties the home up for a regular sale, and with a regular sale it is a lot less hassle.