Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 04-08-2019, 06:12 PM
 
9,868 posts, read 7,614,505 times
Reputation: 22118

Advertisements

Quote:
Originally Posted by Brandon Hoffman View Post
Old thread, new comment. We have a closing and sale contingency for when the buyer has a home that hasn't gone under contract yet, and a closing contingency for when the buyers home is under contract but not yet closed.

Sale and closing contingency is fine because it states that the seller can continue to market the home as an active listing. If a non-contingent offer comes in they can accept it and that immediately bumps the contingent to backup status. If contingent buyer chooses to not be a backup offer they can cancel their offer.

As a seller with it structured that way, there is no reason not to take it. Mostly takes that buyer out of the market while allowing you to continue marketing your home.
Your approach is honorable and fair.

 
Old 04-08-2019, 06:21 PM
 
Location: Kansas City North
6,785 posts, read 11,426,546 times
Reputation: 16962
I have sold more than one house in an ice cold market. I would have taken a contingent contract in a heartbeat.
 
Old 04-09-2019, 10:00 AM
 
Location: Raleigh NC
25,119 posts, read 16,099,536 times
Reputation: 14408
Quote:
Originally Posted by KayAnn246 View Post
Great information. This will help me when I put our house on the market in a few weeks!
it's great information if you live in the same state as the quoted poster (who doesn't state their location, but beaverton is probably = Oregon).

different states have different definitions and usage of "contingency". Attempting to apply one state's to a different state would be dangerous, to say the least.
 
Old 04-09-2019, 11:36 AM
 
758 posts, read 848,866 times
Reputation: 2764
My brother accepted a contingency on his home sale in California. As a broker, while I didn't see the benefit, there was one to him. He was assured of the price he wanted to accept. What I didn't understand and would never advise anyone, is to accept a contingency without the potential buyer doing all their home inspections beforehand....he didn't but it seems to be working out. Kind of backwards, but "horse to water" concept here.
 
Old 04-11-2019, 10:12 AM
 
8,411 posts, read 7,381,736 times
Reputation: 6406
Quote:
Originally Posted by BoBromhal View Post
it's great information if you live in the same state as the quoted poster (who doesn't state their location, but beaverton is probably = Oregon).

different states have different definitions and usage of "contingency". Attempting to apply one state's to a different state would be dangerous, to say the least.
That's good to know. I'll keep that in mind.
 
Old 04-12-2019, 05:38 PM
 
4,717 posts, read 3,240,275 times
Reputation: 12122
Quote:
Originally Posted by beavertonhomes View Post
Contingent offers are complex and need to be well thought out and well written. They aren’t for everyone. But there are situations wherein the acceptance of a good and well-written contingent offer provides great benefits for the sellers that outweigh the risks.
I haven't read the entire thread but this worked out well for DS and DDIL (and their sellers). The house had been sitting on the market for quite awhile, in an area of Des Moines with a not-so-hot school district. The sellers wanted to go into Assisted Living. I was very concerned about the starter home DS and DDIL were selling- built in 1928 with some nice original woodwork but nothing that would appeal to the HGTV crowd. And then they fell in love with the place they wanted to buy.

Fortunately, the sellers accepted a contingency offer. Even more fortunate, the house sold to a cash buyer within a couple of days of listing. They'd done what they could to de-clutter and stage and DDIL moved in with her parents and the two little kids (3 hours away) while the house was being shown.

I was so relieved- and they love the new-to-them house.

I really like your practice of having the inspections, etc. continue while the prospective buyers' house is on the market so there are fewer things to hold up or kill the deal when they buyers' house does sell.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top