When you sell your home, are you willing to take the buyers’ existing home in trade? Probably not, right? So what will you do when the buyers say, “We want to purchase your home, but we must sell ours first because we cannot buy without selling?”
If you accept such a conditional offer, it becomes a contract with a “contingency.” Here, the contingency is that the buyers are not obligated to complete the purchase of your home — unless theirs sells. That could leave you at the mercy of the buyers, or not. Don’t raise the caution flag too quickly.
When confronted with a “contingent” offer, ask your real estate representative to explain the positive as well as the negative aspects of the offer. Ask questions: Is the purchaser’s home currently on the real estate market? Has it been listed with a local real estate brokerage? Is it priced to sell in today’s market? Have they received any offers to purchase their home?
If the answer to any of the four questions is no, it might be wise to pass on their offer and continue looking for another buyer. If the answers are yes, it may be that the contingency is only a short-term hurdle to the successful sale of your home.
Each home purchase and sale is unique, and includes many variables. To benefit from an informed decision, depend on your experienced real estate agent to explain the consequences of each purchase offer you receive. Their guidance is priceless.
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.