Fsbo

Contingent contracts are most often a good deal for a buyer and a riskier solution for a seller. Still you might consider it now when the market has slowed or if you have no other offers.

What sellers should put on a home sale contingency contract:

• Have a release clause added to the sales contract that allows you to continue to market your home until the sale contingency is lifted by the buyer. In such a clause, the buyer usually has a fairly short time to go firm on purchasing your home or cede it to a backup buyer, if one should come along. This approach is a good hedge against uncertainty, plus it’s a motivator for the other party.

• Offer your home for sale under a “72 hour first right of refusal” clause. Once you receive a second offer, your first buyer has 72 hours to remove their contingency. If they are unable to do so, you are able to go forward with the second buyer.

As a seller, you get your hopes up, but the deal can drag on painfully. It is a hard decision to make.  There’s your risk-reward scenario. It all boils down to the dynamics of your market and the reliability of the purchaser.

This entry was posted on Wednesday, November 19th, 2008 at 7:54 am and is filed under RE Questions. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Rate this post

(No Ratings Yet)

 Loading ...