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I've seen those offers but have never had a client accept one. Nor do I submit such offers--the liklihood of acceptance is virtually nil in our market.
John McCormack, CRS
Jeff Dowler CRS - I don't think it's easy in this market for sure.
Best thing is to work with first time home buyers - who does not have home sale contingency.....
I have had it work out but have one now that probably will not. It is my listing and the seller is wondering what is the new game plan.
I actually have submitted two home sale contingent offers in the last six months. Neither was accepted until their home got under contract. Thankfully, both properties the two buyers were interested in were still available once they went under contract.
One of them did accept an offer from a buyer that had a home to sell, but it was under contract. Everything lined up great.
In my mind, good things tend to happen when a seller takes a leap of faith.
Candice A. Donofrio
Fort Mohave, AZ
I have one going right now, I have the listing and we are trying to buy a condo based upon the sale of their house.
That is one of the problems here, no homes to find.
I have submitted an offer contingent on my clients selling their home but not recently. It was a very different market -- likely it would be more difficult if not impossible for most properties these days.
John McCormack, CRS
2. Not recently
3. For the two times it happened - yes - both with "hard" Earnest Money!
Yes. The offer was contingent upon the sale of their home, but there was an accepted offer on the home already. Everything went fine and we wound up closing on both houses on the same day.
NO! You are kidding...... Endless cash buyers offer free rent back. No contingency.
Hi, Jeff. I haven't had that situation come up in a while, but someone in office did. The buyer was selling in a hotter market than ours. The offer was accepted and the transaction was closed on time. Our market is just warming up.
It's hard to get one through when the buyer's home is under contract with every single contingency removed! But you know? If I were selling my own house, I wouldn't rule out a contingent contract.
Not in the past year. Last year I did and it was down to the last few days for the sale of the home. Seller just couldn't qualify for both loans. Got it done! Glad it worked out. Another, we ended up leasing the sellers home and they purchased their new property.
I think that 3 out of my last 5 contracts had that contingency with two of them having the back story contingency as well. Still waiting on one to close. Also wrote one such offer last week where the listing agent decided to tell her client it was not worth the paper it was written on. Wonder if she knows my success rate with these?
Yes in fact we had one with three closings on the same day. AZ buyer's house in CA and their buyers house in WA. We had 3 awake agents and 3 awake title escrow officers. AND.
Today we closed one with buyer home sale contingency. Their sale, septic failed and had to be replaced before they could close. Delayed us by a week but all good. 1031 exchange.
Closest I got was having a buyer get an accepted offer on my listing; then the buyer wanted me to sell his home which I did in a week. Those buyers wanted a short escrow, but the seller of my original listing needed 2 months to get out. Everyone had to sit on their hands for that time, but it turned out ok. Everyone was paying cash. I don't normally like long escrows because all kinds of things can go wrong.
If it is the only good offer on the table, it will work, why wouldn't it? That's why it is so important to have a conversation before submitting a contingent offer.
Jeff, offers like that just do not complete in my market. I've not seen seller's accepting contingent offers. The few buyers I've worked with have not needed to sell.
With our multi-year very hot market with numerous multiple offer situations, such an offer often would not merit much consideration.
Depends on the how close they are to closing on their home as to whether we recommend that our sellers accpt one of these contingencies.
Had a seller turn on down today.
In our crazy Seller's market, if you are contingent, you may not have a chance in ____ to get the offer accepted if buying under $500K. In past years, many times you have move up buyers which are contingent on selling before closing on their purchase, and at times they have crashed, but most go through just fine.
Our market is too hot for that. Sellers won’t even take full asking price.
No, our market is so hot right now there is usually 5 other offers on the same home.
I've done a few, but only when there's an accepted offer on the other property and after the inspection contingency is over.
I have worked with both buyers and sellers with this contingency. My last one was so stressful I would be happy not to do it again.
I had one of each last year and both sold to the initial parties
Our market is still hot. Most sellers will not consider that contingency.
Not a fan, especially in the current market! Never supported multi-level contingencies even in a slow market!
I know of these and they work if ants do not enter pants...Relax & it happens
I've closed on both sides of this situation so it can be done. It always stresses me.
I am working on one now ihave been writing about. There were many rejections before we found a seller who was willing to take it.
I have been involved with a lot of transactions that encompass that scenario.
In a hot market sellers are less likely to deal with contingent offers but as our inventory is growing we are seeing more contingent offers being accepted.
Good morning Jeff. I see contracts subject to the sale of another home from time to time, would say that less than 50% are accepted, but most are successful.
I just had one accepted with a home sale contingency. It was the first offer and I didn't want them to let it go just because of that.
Yes. Last Sunday as a matter of fact! The house the buyer was selling went fast to a non-contingent buyer. Before that, I had 2 (out of two) contingent offers get accepted.
My experience with contingent offers is that if it is there by the time you get your home sold, it wasn't a good buy in the first place.
Yes, our market is getting softer and sellers will consider them now.
Not recently but they can work in slower markets.
No recently, but last year I received an offer on a listing with that contigency. At the beginning I was skeptical but Seller accepted it and buyer closed on his house 2 weeks before our closing.