Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.
The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.
Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.
For more information, contact Bill Cullin today!
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Bill Cullin
Your Real Estate Source at the Delaware Beaches
Call or Text: (302) 841-7147
Toll Free: (800) GO-BEACH, Ext 27117
Email: Bill.Cullin@LNF.com
Websites:
DelawareBeachRE.com
TheHenlopen.com
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ACCREDITATIONS & AWARDS:
- 2020-2021 Top Producing Individual Agent in Delaware for Long & Foster
- Top Producing Realtor at the Long & Foster Rehoboth Beach Sales Office, for 16 Consecutive Years
- Top Selling Realtor at The Henlopen Condominiums, Exceeding the Volume of Any Teams in Delaware
- Five Star Professional Award-Winning Sales Agent for 9 consecutive years
- 2020-2021 Member of Long & Foster’s Gold Team Master Club Level, with sales volume over 30 million dollars
- Homesnap Top 5% Award based on data from 2021 for over 1 million Homesnap Pro agents nationwide
- Zillow.com 5 Star Professional for 12 Consecutive years with Best of Zillow designation awarded in 2019
Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117
