If you’re buying or selling a home, you’ve probably heard the term “contingent” or “contingent sale.”
So What is a Contingent Sale?
A contingent sale can be challenging to deal with, but they’re manageable if done properly with an experienced Realtor. As a real estate term, a contingent sale can often mean that a buyer is unable to purchase a property without selling one they already own due to financing, or it could also be based on other types of contingencies. A contingent sale is not the same as a pending sale.
So what exactly are these contingencies? They are the clauses in your purchase/sale contract that give you an out or the right to cancel the contract if something unforeseen or unexpected arises. A contingency can sometimes mean that a buyer is unable to purchase a property without selling one they already own. This is called a Hubbard Clause. Some other contingencies that buyers may have are mortgage approval and inspections. There are also certain things the seller must meet/improve/accomplish with the house before the sale moves on up to pending – i.e. the buyer’s offer is contingent on the seller completing these tasks. They can also help protect you from losing your deposit money and can give you leverage to motivate the seller to help you deal with whatever comes up. As a buyer, contingencies are great, but sellers aren’t so fond of them for obvious reasons. That’s why, in a very competitive market, you might need to avoid them or at least minimize them as much as possible.
Should I accept a Contingent Offer?
There is no right or wrong answer on this one. Every situation is unique. While contingent offers can pose an additional risk to a seller, there are times when it makes sense for both the buyer and the seller to compromise. Talk with your real estate agent to understand what the contingencies are in your contract and what the extra steps will be necessary to bring you to a stress-free closing.
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About Venture One Realty, llc.
Venture One Realty has recognized that Connecticut Homeowners need and want a way to keep more of their hard earned equity when selling their home. Our Clients save Thousands of Dollars without sacrificing the services that are critical to maximizing the sale price of their home. We offer all the same MLS exposure, marketing tools, technology, quality of service, expertise, and personal attention as the Other Realty Companies but without the costly Real Estate Commission. You pay only 1%.
We are a full service Real Estate Agency that will manage the entire home selling process from listing to closing. You get everything you would expect from a traditional Real Estate Agent but with the added benefit of working with a technology enabled and customer focused team of Agents. Our results speak for themselves.
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