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Tuesday, May 12, 2015

What's the Deal with Contingent Offers?


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Today we are back, answering another one of your great questions. This one comes from Jessica. She wants to know:

"Kodi, I was wondering if I can make an offer on a home that is contingent upon my home closing?"

The answer is of course you can- you can really make an offer that is contingent upon anything. The trick is getting the seller to accept it. 

Here's the scoop: Your current home has to already be in escrow and, ideally, you would be through the inspection period before you write a contingent offer. If we set ourselves up for success by having your home in escrow, we've got a lot of leverage to help you purchase your next home. 

Now, what if you are a seller? If you receive a contingent offer without your home being on the market, it would be crazy of you to accept it. No matter the purchase price, you will lose quality marketing time while they are getting their home ready for the market. It doesn't serve you well as a seller or a buyer to make or accept contingent offers on homes that aren't even in escrow yet. 

If you have any questions for us, feel free to give us a call or send us an email. We would love to answer your questions in our next video!