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WDYT: Home Selling, Contingent contacts on sale of home..
We have had our house on the market for a little over a month. We had someone through 2 Sat ago and they loved the house and told our RE that we should expect an offer, however, it will be contingent on the sale of their current home. We are still waiting for the offer. The woman just got divorced and had her home up for fsbo. She wants us to know she is serious about getting her home to sell but she hasn't listed with an agent yet. Our RE told us that the woman is on vacation and that she plans on having a meeting on Wednesday and that there is a good chance that an offer will be coming in on Wednesday night.
Other pieces of information. The home buyer is a friend of our RE. I guess our RE sent this woman a postcard of our listing in the mail. She called our RE immediately saying she wanted to see it as soon as possible. She didn't want to wait for the open house on Sunday so she came Sat am. Our RE mentioned that this woman has been working with a RE because she stated she wondered why her RE didn't send her the listing.
Any tips, advice, experience with dealing with a contingent contract based on sale of home?
Also, should we be concerned that the potential buyer is a friend of our RE?
Re: WDYT: Home Selling, Contingent contacts on sale of home..
I wouldn't be worried about her being a friend of RE, but I would be concerned about accepting an offer with that kind of contingency. Especially if it's FSBO, since there's a chance that it's not getting as much exposure as one that's listed with a realtor (I wonder why it's not listed with your RE if she's a friend).
I'd discuss your concerns with your realtor. Ask her about your options -- I'm sure you can get creative with your counter if the offer does come in.
We bought a FSBO with the contingency to sell our existing home. it all worked out. Took longer than I expected. But such is life. But to answer your question, I would consider an offer with a contingency of their selling. If it was listed on the multi list/with an RE would make me more confident in that sale happening. Her being a friend of the RE would only concern me if the agent wanted to act as a duel agent. I would want to be sure that my best interests were a priority to the agent. The contingency will have a time limit, usually something like 30, 60 or 90 days and will be part of the offer they submit.
Good luck!
I will relay what was explained to me by more than one REA. An offer that is contingent upon the sale of a home can be nullified by an offer with no contingecy. This was the reason we sold our home before we ever put an offer on a new home because we didn't want to fall in love with a house and have it bought out from under us. I would hope that your agent would continue to show your home to qualified buyers until such time as the original offer is no longer contingent on the home sale or another offer comes in. Good luck!
Currently it is listed as FSBO. Our RE told us she will be listing with a RE to show that she is serious and motivated to sell her current home.
Not sure why she wasn't from the start working with our RE, since they are friends. Maybe it has something to do with this woman's divorce or that some people don't like to mix business with pleasure.
From what I read, we should include timeline/deadlines for the contingency contract. Like she has 30-60 days to sell her house, then another 30 days to close on the sale of her houe, etc. I read somewhere stating that if she has no offers within 2 weeks or so, we can have it in the contract that she needs to lower her asking price 5% (or whatever increment we choose). My concern right now is that she has been listed as FSBO since mid May at 419,000 on the MLS. More than likely when she lists with a realtor the asking price will increase. I wonder if she has had any potential buyers or showings.
Ditto the others - our current house was a contingent offer with another buyer - we basically bought it from under that person. (The house had been on the market 9 months at that point.)
Des contingency come with hand money? Like, if they back out, you keep the hand money (as the seller). If you get another offer, you give the hand money back? that I have no idea on...
My three sons!
Yes, contingent offers come with hand money. But the buyers get to keep it if they fail to sell their home in most situations. And yes, a non-contingent offer is a valid reason to break the first sales contract with the contingency. I think you have to give them notice of some kind in the event they would want to change their offer.