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!
Your Real Estate Source at the Delaware Beaches
Call or Text: (302) 841-7147
Toll Free: (800) GO-BEACH, Ext 27117
ACCREDITATIONS & AWARDS:
- 2022-3rd Consecutive Year: Overall Top Producing Individual Agent in Delaware at Long & Foster
- 2022-3rd Consecutive Year: Member of the Long & Foster’s Gold Team Master Club Level, with sales volume of over $20-35 million
- 2022-9th Consecutive Year: Five Star Professional Award-Winning Sales Agent
- 2022-16th Consecutive Year: Top Producing Agent at Long & Foster’s Rehoboth Beach Office
- 2022-13th Consecutive Year: “Zillow.com 5 Star Professional”, with “Best of Zillow” designation awarded in 2019
- Top Selling Agent at The Henlopen Condominium in Rehoboth Beach, with well over 40 transactions, exceeding the volume of any team or agent in Delaware
- Homesnap Top 5% Award, based on 202 data from over 1 million Homesnap Pro agents nationwide
Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117