Accepting An Offer From A Buyer On Your Home With Contingencies, Risks?
You decided to sell your home and already have a place to move to and a target date to be there.
Your home is priced right and shows well, getting a lot of showings and finally that offer that is do able for you to make your move as planned.
But wait in addition to the normal inspections etc the buyers have to sell their home first? How does that really affect you? Funny you should ask as this is a possibility you have to think of and be prepared to deal with.
Lets say the buyers current home is under contract and they have a projected close date if all goes well. If the buyer's home is under contract, that buyer also has contingencies on their contract of some sort ie home inspection being satisfactory, appraisal, loan approval if financed. If their hone doesn't pass and continue to a successful close then your contract also falls out.
What are your options? Have a conversation with your Realtor prior to deciding to accept so that all information can be verified. Once verified if you feel strong about the transaction it is ok to proceed keeping in mind that now there is another transaction to keep up to date with to make sure it stays on track as well.
These types of transactions can be done very successfully in most cases if all parties are open and everyone communicates well.
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