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Offer on house contingent on buyers house selling: questions
Posted on 11/22/19 at 7:10 pm
Posted on 11/22/19 at 7:10 pm
It appears that I will have an offer on my house soon but it will likely be contingent on the buyer’s house selling. I’m not necessarily against this but I don’t want to be tied up with something that may never come through. What can I do to protect myself? Can I keep it on the market if I accept a contingent offer as described above?
Thanks in advance for your responses.
Thanks in advance for your responses.
10
Posted on 11/22/19 at 7:12 pm to Coon
My advice is seek other offers that don’t have a contingency like this.
Posted on 11/22/19 at 7:49 pm to Coon
You can put a clause in that states that if you get a higher offer during the time you are waiting for them to sell, they have like 48 hrs to commit to being able to move forward without the sale of their house or they lose it. Don’t remember the exact wording but that’s what my realtor told me at the time.
Posted on 11/22/19 at 8:05 pm to mtcheral
Hmm, so I could still leave it on the market while their offer is in play. That would work. Does it have to be a higher offer?
Posted on 11/22/19 at 8:10 pm to Coon
Yeah I see contingent offers on the market all the time. Just have to word it correctly.
Posted on 11/22/19 at 8:15 pm to MrJimBeam
It’s pretty common on new builds out here.
Posted on 11/22/19 at 9:39 pm to Coon
quote:
Hmm, so I could still leave it on the market while their offer is in play. That would work. Does it have to be a higher offer?
It's typically worded such that you are able to accept a noncontingent offer and the contingent buyer has 48 hours (or more) to buy without the contingency. Doesn't have to be a higher offer unless it was worded that way for some reason.
This post was edited on 11/22/19 at 9:45 pm
Posted on 11/23/19 at 7:54 am to Coon
As a seller that has been through this before, keep your house on the market until the day you sign the papers
Posted on 11/23/19 at 8:02 am to Coon
Just bought a house without a contingency 
Posted on 11/23/19 at 8:52 am to Coon
If you like the price and closing date of the contingent offer, accept it with the clause that you will continue accepting offers from non-contingent buyers. You can accept that non-contingent offer with 48-72 hours notice to the contingent buyer to remove the contingency.
Your realtor should leave your house on the market as Contingent and I believe they can put notes in the mls that you’re still accepting non-contingent offers.
Your realtor should leave your house on the market as Contingent and I believe they can put notes in the mls that you’re still accepting non-contingent offers.
Posted on 11/23/19 at 3:07 pm to Golfer
Open predication
Posted on 11/23/19 at 3:40 pm to mikie421
The market will pick up after the first of the year. Make it contingent if they close by Dec 31st.
Posted on 11/24/19 at 2:49 pm to Coon
Yes. You can leave it on the market and If you get another offer the first person has 48-hrs to “shite or get off the pot”.
We had such a clause when we sold our house.
We had such a clause when we sold our house.
Posted on 11/24/19 at 7:02 pm to Coon
You can put in your contract with them that you will continue to accept other offers, and if you get one, this buyer can remove the contingent and buy if they want.
Posted on 11/24/19 at 8:05 pm to bayoubengals88
quote:
Just bought a house without a contingency
so what dude
Posted on 11/25/19 at 9:09 am to Coon
quote:
What can I do to protect myself? Can I keep it on the market if I accept a contingent offer as described above?
You can write pretty much anything into a contract that you can get the other side to agree to. You do need to put some parameters on it. Common ones are time (you are bound by the contingency deal but only for X number of days and then it goes back on market) and right of first refusal (this is where it stays on the market but the buyer will have the right to match any offers you get and remove the contingency).
Posted on 11/25/19 at 3:19 pm to Coon
Some things to consider.
How long your home has been on the market.
The Price range your home is in. Homes in the $150k range can sell faster than million dollar homes bc there are more buyers available Etc.
I would also have your agent find out how long the buyers current home has been on the market, are they currently under contract and just waiting to close, and what price range it's in.
Have your agent check out their listing and see if they believe it will sell within a reasonable amount of time based on comps in the area, correctly priced etc.
Also consider a time frame for the buyers to sell their current home like 30 days.
I just had this situation with a client.
How long your home has been on the market.
The Price range your home is in. Homes in the $150k range can sell faster than million dollar homes bc there are more buyers available Etc.
I would also have your agent find out how long the buyers current home has been on the market, are they currently under contract and just waiting to close, and what price range it's in.
Have your agent check out their listing and see if they believe it will sell within a reasonable amount of time based on comps in the area, correctly priced etc.
Also consider a time frame for the buyers to sell their current home like 30 days.
I just had this situation with a client.
Posted on 11/26/19 at 8:51 am to Coon
Just make sure you have a 2 to 3 day kick out clause.
If you get an offer that you like better and want to accept, they have to waive their contingency and start the closing process within those 2 to 3 days, or get kicked out.
The gamble being many folks don’t like making offers on Active Contingent houses
If you get an offer that you like better and want to accept, they have to waive their contingency and start the closing process within those 2 to 3 days, or get kicked out.
The gamble being many folks don’t like making offers on Active Contingent houses
Posted on 11/26/19 at 9:13 am to Coon
quote:
Hmm, so I could still leave it on the market while their offer is in play. That would work. Does it have to be a higher offer?
Yep, it will stay on MLS as “Open Predication”
They are simply predication game their offer on the selling of their own home.
An offer to buy/sell is a contract and you can put any terms (provided they are legal) that you want. You can give them a time frame. You can say if there is a better offer they have a time frame to match (right of first refusal). You can decline the offer.
Watch out for other contingencies. Are they contingent on financing as well? How in demand is your home? I’d be hesitant to get tied up in this if my home was otherwise in demand but if it is your only offer on a fair priced house it’s not the biggest deal. However I’d like to know the marketability of their home as well.
Posted on 11/26/19 at 9:31 am to Golfer
quote:
If you like the price and closing date of the contingent offer, accept it with the clause that you will continue accepting offers from non-contingent buyers. You can accept that non-contingent offer with 48-72 hours notice to the contingent buyer to remove the contingency.
This is what we did when buying our house and selling our old one. We put in a contingent offer while we were trying to sell our house. During that time, someone else put a non-contingent offer on the house and we had a 72 hour window to either remove the contingency or lose the house. Luckily on the second day we had an offer come in for the house we were selling.
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