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Real Estate Tips

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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Real Estate Trivia

Q 
Fewer than 2 percent of homeowners build this type of home:

A 
Fewer than 2 percent build a custom home; most buy an older home or select from a home builder's menu.
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The Larry Chappell Team, REALTORŪ, real estate agent and broker for Ft. Campbell, Clarksville and Sango, Tennessee home listings, property and land for sale - NUMBER1EXPERT

The Larry Chappell Team
ERA Chappell & Associates Realty, LLC.

903 Franklin St
Clarksville TN 37040
931-552-2412
Fax: 931-245-6000
larrychappell@NUMBER1EXPERT.com


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