Buyers walk into your home in
town 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.