Home Sale Contingency? (attorney, first time home buyer, buyers)

[wileynj]

Ok...if you were selling your home in the current NJ market, would you accept a home sale contingency? I may have a buyer.....

[Chubbyhugs]

What's the contingency? Is it based on the sale of their home?

[MoorestownResident]

I think it's a waste of time in this market.

[wileynj]

Originally Posted by Chubbyhugs

What's the contingency? Is it based on the sale of their home?

Yes, and I checked out their place that they are selling - it's the Model for their development - nice house and it's priced reasonably

[judithexit]

Originally Posted by wileynj

Ok...if you were selling your home in the current NJ market, would you accept a home sale contingency? I may have a buyer.....

Wileynj two questions are they giving what you want as far as price?
Do they have a contract on there house now and out of attorney review?

[wileynj]

Originally Posted by MoorestownResident

I think it's a waste of time in this market.

hummm..maybe - but I am in no rush to sell - with prices dropping - wouldn't I do best to have someone willing to hold at a price that I feel is reasonable? They are in the lower end for selling and when the market does improve, it will be the first timers - they are in the first time home buyers price range

[Chubbyhugs]

I'd only do it if 1) you're getting the price you want and 2) you're comfy with waiting. Even if they are perfectly priced, it could be months before someone decides it's the right house for them.

[wileynj]

Originally Posted by judithexit

Wileynj two questions are they giving what you want as far as price?
Do they have a contract on there house now and out of attorney review?

The realtor said our place was their favorite - I told him I would consider a home sale contingency with a reasonable offer - he is going to contact them..put some numbers together - if it's reasonable - I think i should go for it..with a knock out clause of course

[wileynj]

Originally Posted by Chubbyhugs

I'd only do it if 1) you're getting the price you want and 2) you're comfy with waiting. Even if they are perfectly priced, it could be months before someone decides it's the right house for them.

I agree... I'm not in a rush. Plus I like the fact that they are a young couple just starting out...didn't want a huge family with 10 kids and 12 pets messing up my house : ))

[judithexit]

Originally Posted by wileynj

The realtor said our place was their favorite - I told him I would consider a home sale contingency with a reasonable offer - he is going to contact them..put some numbers together - if it's reasonable - I think i should go for it..with a knock out clause of course

If it is reasonable then you need to consider it..... You can also give a counter for the clause such as a 30 day,60 day after that would lock them in to the contract.