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Contingency Contracts

July 23, 2024

Buyers walk into your home in your area 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.

f you have any questions about this real estate tip - or any other tips you may have heard elsewhere - please do not hesitate ask! There is no obligation and you'll hear back quickly!

__________________

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:

*2023-17th Consecutive Year: Top Producing Agent at Long & Foster’s Rehoboth Beach Office

*2023-4th Consecutive Year: Overall Top Producing Individual Agent in Delaware at Long & Foster

*2023-4th Consecutive Year: Member of the Long & Foster’s Gold Team Master Club Level, with sales volume of over $20-35 million

*2023-Resort and Second Home Property Specialist Designation Earned

*2023-10th Consecutive Year: Five Star Professional Award-Winning Sales Agent

*2022-3rd Consecutive Year: Recognized within Top 20 Agents in Delaware according to RealTrends

*2022-13th Consecutive Year: “Zillow.com 5 Star Professional”, 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

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