Just the other day, I was hosting an open house for a brand-new listing that generated a ton of activity. It was very exciting, and we managed to get an offer. This offer was from another agent, and it was way above asking price.
However, it also had a contingency based on the sale of another property.
Some might look at an offer like this and automatically disqualify it, but that’s not what we did—we looked deeper into the contingency.
In other words, we looked at the house that needed to sell and checked whether it was on the market or not, how it looked, how good the agent was, what the market was like where it was located, and how much time the buyer was asking to sell this property.
I didn’t know the agent, but I also talked with them about how soon it would go on the market and how quickly it would sell. After all was said and done, I decided that it would likely sell within a week or two, so we accepted their offer and signed the purchase contract. We agreed on a deadline of 14 days for the other home to go under contract.
Sure enough, the property went under contract right away. It was actually a condo, so there were no contingencies with its sale. After a couple of days waiting for the condominium document review period to pass, my client and I were able to stick a big “Sold” sign in their front yard.
We got more money than we could’ve gotten from a buyer who didn’t have a home sale contingency, and we’re looking to finalize the purchase within the next few weeks.
So, don’t be afraid of an offer with a home sale contingency. Everything is a risk in our business, and it just might be a risk worth taking in your situation.
If your agent tells you anything different, call me and I’d be happy to represent you in your home sale. If you have any other questions about this or any other real estate topic, feel free to reach out to me as well. I’d love to speak with you.
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