Contingency is a non-negotiable condition that must be met for a sale to be successful. If a seller is unwilling to abide by the contingency condition, then the buyer can choose to not proceed with the transaction without losing any money.
According to a home sale contingency, a sale will only be successful if the buyer sells their current home first. Home sale contingencies protect buyers who don’t have enough to take on two mortgages at once. But contingency sales may not be right for sellers because there’s no surety that a buyer’s home will sell. These days, it’s difficult to get a contingent sale offer accepted.
If you’re looking to sell my house Philadelphia through a content sale offer, it’s important to make your offer attractive to avoid the risk of a wholesale contingency. From Home Cash Guys, below are some of the strategies that can get your contingent offer accepted.
4 successful ways for a contingent offer
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List Your House Before Making an Offer on Your Dream Home.
There’s a higher chance that sellers will accept a settlement contingency than a sale and settlement contingency. A buyer uses a settlement contingency when their home is under contract and they want protection in case the sale isn’t successful for any reason. However, a sale and settlement contingency depends on the buyer getting their home under contract and completing the sale successfully.
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Prepare Your House for a Quick Sale
A quick sale is compulsory for any type of home sale contingencies. Sellers should fix anything that might cause buyers to slow down in a sale or cause the sale to be unsuccessful including inspection issues and cosmetic problems. They should be prepared for sale and all personal effects kept in storage.
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More Than the Asking Price
Buyers who don’t want sellers to focus on contingencies need to come up with a better offer that includes the price. Offering above the asking prices increases the chances of getting a contingent offer.
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Include a Kick-out Clause
Kick-out clauses are more common in sale and settlement contingencies. This allows sellers to keep showing.
Your other options for a contingent offer
The strongest contingent offer may not be favorable in a seller’s market. However, there are other ways to buy and sell a house at the same time.
- Ask for an extended closing to create more time to sell the current home.
- Use a bridge loan or HELOC to fund a new home before selling.
- Sign a rent-back agreement so you can continue staying in your current house while buying a new home.
- Buy first and rent out the first home until ready to sell.
- Sell first and move to a temporary house while buying a home.
The local real estate market contributed majorly to the success of a contingent sale offer. There’s a higher chance for sellers to accept contingency offers in a buyer’s market than in a seller’s market where there are a lot of buyers trying to buy a property.
Conclusion
Home sale contingencies protect buyers who want to sell their homes before buying another house. The details of any contingency must be stated clearly in the real estate sales contract. And ensure to consult qualified professionals before agreeing to the terms of the contract.
