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Real Estate Contracts >Contingency Contracts
Buyers walk into your home in your area and fall in love with it. There is one problem--they will have to sell their home before they can buy yours. Their offer contains a contingency clause which makes the purchase dependent upon selling their present home. Should you accept such an offer?
Your decision should be based on several factors. Is their home being professionally marketed at this time, or are they trying to sell it themselves (a risky proposition!)? How long has it been on the market? Is it overpriced? If the house doesn't sell, can the buyers take out a bridge loan or make other arrangements to get to the closing table? How important is timing for you? Will the buyers agree to let you continue marketing your home and accept a non-contingent contract (and void theirs) if their house does not sell? Contingent contracts often work out well, but you need the help of a professional to weigh the pros and cons.
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Marcia Wallace
Reece & Nichols
701 NE Woods Chapel
Lees Summit, MO 64064
816-251-1745
Fax: 816-525-5455
marciawallace@NUMBER1EXPERT.com
Marcia has been a licensed Realtor in the state of Missouri since 1995. She has received many awards including the Million Dollar Club and the 5 Star Award for Best in Client Satisfaction 5 out of 5 years. Marcia and her Team are committed to making the home buying and home selling process as smooth as possible. This is only accomplished by attention to detail, cutting edge technology, commitment and utilizing the strengths of each team member. Referrals are her biggest compliment.   
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