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.
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ALICE MEDLOCK MEDLOCK & WEST REALTY, LLC 906 MAIN STREET VAN BUREN, AR 72956 479-651-7221 Fax: 479-474-0294 Email: realestatearkansas@NUMBER1EXPERT.com
Alice Medlock has been ranked in the top 2% of agents, worldwide, of the National franchise company she was associated with for seven years. Now the Principal Broker and partner of MEDLOCK & WEST REALTY she offers the same EXCELLENCE and personal service to every buyer and seller. Her company's slogan "WITHOUT YOU, WE WOULDN'T BE HERE" says it all! Her knowledge of the area combined with her dedication to her clients and utilization of every technological tool available to the Real Estate industry, makes buying or selling a home so easy.
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