I am told that once someone makes a purchase agreement with a contingency a lot of perspective buyers will just consider it sold and move on. I don't know what to do? I have had 2 couples that love the house but have houses to sell. The market is so bad I feel like I may only get an offer if there is a contingency. Any opinions will be appreciated especially from realtors. I have my home listed with a realtor.
2007-08-25 00:28:02 · 4 answers · asked by Dona P 2 in Business & Finance ➔ Renting & Real Estate
I never accept an offer subject to the sale of another home, even in a crummy market. If you decide to do this just to get a contract, put a short time limit on it, no more than 30 days. A buyer can always get a bridge loan to cover their equity on their old home. If they're not willing to take on some risk, why should you??
2007-08-25 02:52:03 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Well, yes that information is correct. In today's market it is tough because most have homes to sell. As hard as this is it might be in your best interest to pass on contingent offers and only accept non-contingent offers. You could have your Realtor put that into the listing, so that everyone knows.
There are buyers out there that do no have this issue, and maybe you'll be lucky to have one fall in love with your home.
2007-08-25 00:40:52 · answer #2 · answered by Alterfemego 7 · 0⤊ 0⤋
Accept their contingency but give them a "24 hour right of refusal".
Tell these people you will leave it on the market but if you get no accepted offer before they sell their homes they can buy yours. If you get an offer they have 24 hours to write their offer or lose the home to the other offer.
In this market it's unwise to sit and wait for a maybe offer if you have another buyer come along.
Win-Win Situation.
P.S. If you accept their "contingent upon selling their home" offer you effectively take it off the market and stop trying to sell your home on the "Hope" that they sell their home so they can buy yours.
P.S.S. You have no idea what the shape of the home they are trying to sell, or even if it's priced right so If you really want to sell your home offer the "Right of Refusal" and continue to market the home.
2007-08-25 16:19:39 · answer #3 · answered by Terry S 5 · 0⤊ 0⤋
you want a contract.
do not offer them an out with an contigency you want to sell the house outrith and they have to pay
if they put a deposit down and move on it is your money and not to be returned.
2007-08-25 00:37:43 · answer #4 · answered by Michael M 7 · 0⤊ 1⤋