Contingent-sale offers make many sellers nervous-- and for good reason. A contingent-sale offer typically withdrawing your property from the market for a transaction that may never close. If the buyer's house doesn't sell, the deal is off and you'll need to find another buyer. And you have little way of knowing how salable the buyer's existing property may be.
If you're presented with a contingent-sale offer for the purchase of your home, you do have options. Consider asking that the buyer include a release clause which allows you to continue to offer your home for sale. If you receive an acceptable offer from another qualified buyer, the contingent-sale buyer must:
- remove the contingency within a specified timeframe and
- provide evidence that he can close even if his existing property isn't sold
If the contingent-sale buyer is unable or unwilling to do so, you are free to sell your home to the other buyer.
Source: Inman News
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