Pros & Cons:
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. They should also reserve the right to require that any contingencies be met within a short period of time, (24-48), if they get a second offer. This is called a “ First Right” or “First right of refusal” 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 Realtor before accepting a contingent offer.
teamDoral is a RE/MAX Premier Associates Group. Richard Recuset is a REALTOR®, team leader, Short Sale Agent, Listing Marketing Specialist,Certified Distressed Property Expert (CDPE), Certified Internet Professional, and an Accredited Commercial Professional (ACP), serving the City of Doral, Fl., and surrounding areas.
When you hire team-DORAL for your real estate needs, you not only get highly qualified professionals on your side, but also access to information, markets, technology and a team of experts from around the world.
You also tap into a global network with vast experience in residential and commercial real estate. That network comprises thousands of dedicated individuals, all with just one thing in mind: producing the best possible results for our clients.
*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advise and is for information purposes only.
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