should i accept a contingent offer on my house

They make an offer contingent on the sale of their current home, which means they can’t really buy yours until their house has closed. In many cases, they also have to put earnest money down to show the seriousness of their offer. They have to negotiate bids, work out the details, and sign the contract. Or if the seller has already received another offer on the home, that may impact the price you’re willing to offer. At least they have theirs on the market. If you accept an offer on your home, you should know how long you have to buy another, and vice-versa. Such bids help buyers who want to sell and buy at the same time. A contingent offer is when you make an offer on a house, but with a catch: You tell the seller of the new home that you’ll buy it only if the house you currently own sells. Even if a seller accepts an offer from another buyer but the contract is contingent on the buyer selling his current home, the seller has the right to continue to market the home, RealEstate.com points out. Should you cooperate with a prospective purchaser who must sell a home before buying yours? The seller accepted an offer on their home, but something has hit a snag in the final stages; perhaps there was an issue with a contingency on the offer. This is known as a contingent offer, and you should understand what it entails before making or accepting one. But when you accept a contract offer contingent on the sale of the buyer's house… Reason being is that you have the option to "bump" if you find something better (At least with our contract here). Now, the seller is taking backup offers in case their deal falls through. Here's how to make a successful offer, or at least avoid making a bad one. I personally would not take an offer that is contingent on a home sale unless we got desperate. Why this isn’t a good idea for a Seller. I today received an offer for my property. The potential buyer goes through the same process you went through to secure the bid. A back-up offer, as the name suggests, is a second offer on the home. Once you’ve accepted a contingent offer most multiple listing service (MLS) require a change in the status of your listing from active to pending or contingent. Dora Hererra accepted the first offer she received on her house in Los Angeles two days after listing because the buyers had a complete package together when they made the offer. What should I do? Often, a buyer will make an offer to purchase a house contingent upon the sale of his property. Hi, Just looking to you guys for some help. Here’s what to expect and what can still go wrong. House sales fall through for various reasons. This means that the buyer does not have to purchase the property until he has sold his own property first. Pending - Short Sale. Making the Offer . Getting your offer accepted on a home is half the battle in the homebuying process. You can accept the contract and put in no contingencies of your own. As hard as it may seem to contemplate an offer much lower than your asking price, serious sellers should look at all the signs leading up to it and consider if this is the offer to accept. Consider this. Should I accept an offer on my house? For example, if the home has been sitting on the market for a while, or you’re in a buyer’s market where supply exceeds demand, the seller may be willing to accept an offer that’s below the list price. The home inspection contingency should be seven to 10 days at most, Sheehan says. Just too many variables. Of course it depends on local trends and the market in your area. They make an offer contingent on the sale of their current home, which means they can't really buy yours until their house has closed. I don't recommend a seller reject a contingent offer if they like the rest of the terms. 2. While offer acceptance might seem like the end of your house hunting journey, it’s also the start of another – the journey to closing. Accepting an offer on your house is an exciting moment. The other option is to have your own "opt out". Working with your agent to establish a post-submission game plan can be a great way to prepare yourself for the multitude of things that can happen between “yes” and closing. You have had your house on the market for weeks, maybe even months. Buyers who can buy another home only if their current home is sold need to convince sellers that it’s worth the risk to accept their contingent sale offer. Please be aware that if you do accept a cash offer, it is not necessarily a slam dunk. 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