Navigating Contingent Offers: Three Essential Steps for Sellers in Real Estate

It’s always great to get an offer on your home or investment property – especially if it’s been on the market awhile.?You may be tempted to accept a contingency contract, which is a contract contingent on the successful sale of the buyers’ current property.

Before you accept a contingent offer, it is critical to do the following three things:

1 – Check out the property the buyer is selling.?Make sure it is priced to sell, see how long it’s been on the market, and if they’ve had interested buyers looking at it.

2 – Limit the number of days the buyer has to waive the contingency before terminating the contract.?The last thing you want is another interested buyer finding a different property while the contingent buyer waits to decide if they can waive the contingency and continue on with the purchase.?

3 – Make sure your Realtor? will continue to market your property with ads, open houses, and other types of marketing.?It is not uncommon for contingent offers to fall through, and you don’t want to start from square one if your home comes back on the market.

If you have any questions on the risks of contingency contracts or selling your home, please reach out to me at 361.500.2187.