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I am a newly minted Realtor and am working with a couple from out of state. They really like one house (at least on paper), but are stymied by the contigency that the seller must find suitable housing. Is this uncommon?
Jo
Jo - Have you spoken with your broker/manager? Do you have a mentor at your office?
That wording is not common, but the concept is. Normally it is contingent upon closing or financing, not finding a property. Without a definable event or time period it can make a contract unenforceable.
It is common in our area. Before placing an offer on the house, I always call the listing agent and ask what have they been doing to find a suitable home? Have they found one that they are interested in? What time frame will they accept for closing costs? Then I put a time frame in for the seller to go under contract for the home to purchase. It was more common when we didn't have enough houses to go around... in the go go sellers market. But I still see it once in awhile.
If your buyers have a little time before the need to move in, they can also use it to thier advantage in their negotiation.... If I give here, you give in price, etc.
Shelly
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