Home sale contingencies can be tricky. If you find the right buyer, however, they can be quite lucrative.

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A home sale contingency is a legal term meaning that if certain conditions are not met, a home purchase contract will be rendered null and void. We’ve seen quite a few buyers making offers with home sale contingencies in them lately. In fact, one client of ours recently received a contingent offer from a buyer who had yet to list their home on the market.

Buyers who make offers with contingencies typically pay a premium price, which is good for sellers. However, they also prevent you from entertaining other offers and options.

“Buyers who make these offers typically pay a premium price.”

The important thing to remember if you do accept a contingent offer is this: give them a timeline. 90 to 120 days is usually fair. Failing to put a timeline on a home sale contingency could lead to some very bad situations.

If you have any further questions about this topic or anything else relating to real estate, give me a call or send me an email. I look forward to hearing from you soon.