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If I make an offer on a home that is contingent upon the sale of my home, and the seller can boot me if they get another offer that isn't contingent, then how am I any better off than just waiting until mine sells and making a non-contingent offer? Is it because there is a small chance that the seller will actually have a heart and stay loyal to me or stop accepting offers? Thanks.

2007-10-09 14:47:13 · 3 answers · asked by Luv2Answer 7 in Business & Finance Renting & Real Estate

3 answers

The scenario you describe about making a contingent offer benefits you if you try to tie up a particular property. Selling your property first greatly increases your flexibility in buying another property. Whether the seller can boot you if another offer comes along depends on how the offer is written. Frankly, if it is written that the seller can accept any offer he wants than you stand to gain nothing by the contingency except a way out of the purchase if your house does not sell.

2007-10-09 14:56:06 · answer #1 · answered by Jim J 5 · 0 0

Normally a contingent offer of that type needs to have a fairly short expiration period before any seller will accept it. That's true even in a buyer's market like today. If I'm selling and a buyer puts that contingency on it, I'll only accept it for up to 30 days and even then only if the buyer is pre-approved for their loan. If they're not pre-approved (commitment letter subject to property) then I'll turn it down.

In any case, I'll always accept backup offers in case yours falls through.

2007-10-09 15:00:49 · answer #2 · answered by Bostonian In MO 7 · 0 0

I can't imagine why anyone would give you this type of consideration since you can't tell when your home will sell. I'd be surprised if someone was willing to do this- even out of desperation to find a buyer

2007-10-09 14:56:39 · answer #3 · answered by jazzyguy17 2 · 0 0

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