If you’re a home seller, accepting a contingency purchase means you have to take certain things into consideration you otherwise wouldn’t have with a normal offer.
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Today I want to cover the basics of a contingency purchase and how it differs from a regular purchase if you’re a home seller.
A contingency purchase is when a buyer for your home has a home they have to sell before they can close on your home. There are both good contingency purchases and bad contingency purchases, but I would never recommend that you accept a contingency purchase as long as your buyer’s home is not on the market. If their home is on the market, I usually investigate the buyer of the home they’re selling and their qualifications and advise my client on how to proceed from there.
After you accept a contingency purchase, you have the right to accept other offers, but that typically doesn’t happen very much. Buyers tend to shy away from homes if they’re already under some kind of contingency agreement. By accepting a contingency purchase, you’re basically taking your home off the market.
By accepting a contingency purchase, you’re taking your home off the market somewhat.
If you’re considering accepting a contingency purchase, there are many different aspects you must weigh. If you find yourself in this situation or you have any other real estate questions you’d like to see me discuss in a future video, please don’t hesitate to call me or send me an email. If I use your question, you will receive a gift card to Fleming’s Steakhouse.
I look forward to hearing from you!
