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I have an obligation to show my clients any property they want to see.
Ready, willing and able clients generally prefer not to waste their time with properties already under contract, especially when there is so much else to see.
Maybe we use that term differently around the country, but in Maine it means the house is under contract with a contingency (usually the sale of the buyer's house). If my buyers are not in that same situation and they like the house, I would absolutely show it, write an offer on it if they desire and see what happens.
Terminology varies by location. I think you are referring to a seller that has a contract contingent on the buyer selling their home before they can complete the new home purchase. If a new buyer comes along without a contingency, then the seller may be able to cancel (or kick out) the previous buyers contract.
I would also show the home if my client wanted to see it.
In that case, I would definitely show it. We call it a contingent contract, status Active Release Clause. All too often these deals fall out due to timing of the sale of other home and it's a good possibility the new buyer would get the home.
I would especially do this with short sales. Backup offers are often the ones that close b/c the first buyer gets tired of waiting.
In this day and age I doubt I would accept an offer based upon another sale happening. A house under contract and must go to close before mine yes, but not just another house on the market.
My last sale came down to two offers. The higher offer was contingent on another house selling. The lower offer was a ready to go buyer. I took the lower offer from the ready to go buyer.
We call those "Right of Refusals" in our market, because the first contract will have a stipulated time period to remove the sale contingency...24, 48, 72 hours.
In our market, a first right of refusal DOES decrease a home's marketability. Some buyers (and agents) just don't want to deal with it.
I have no problems showing one, but I always explain to the purchaser what the process will be.
And you were smart to take the lower offer...ready to go buyer
Terminology varies by location. I think you are referring to a seller that has a contract contingent on the buyer selling their home before they can complete the new home purchase. If a new buyer comes along without a contingency, then the seller may be able to cancel (or kick out) the previous buyers contract.
I would also show the home if my client wanted to see it.
If that is what it means, yes. We call "right of refusal" also.
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