Contingent Offers: Should You Accept Them When Selling Your Home?

Contingent Offers

A contingency offer refers to a situation in which a buyer offers to purchase a property. Still the completion of the transaction is contingent upon the successful sale of the current home. If the buyer’s house sells by a specific date, the sale moves forward, or a buyer can walk away from your deal. Home sale contingencies can be risky to sellers because there is no guarantee that the buyer’s house will sell on time. The safe and stable option would be to sell your home for cash. There is no risk whatsoever; for a quick cash offer, call us and say, “I need to sell my house fast in Milwaukee.”

You should proceed cautiously before accepting or avoiding a contingent offer altogether. If the sale falls through, you will lose a lot of time and money; then, there is the task of listing and marketing the property from scratch.  

Here are a couple of things to consider when you get a contingent offer in Milwaukee

Quality Of The Offer

A home sale contingency might be good if your property has been on the market for a while. If you can find any potential buyer for an extended time, a contract with a contingency is still considered an eligible contract, and there is a chance that the property will sell. Ensure to limit the time amount of time the buyer has to sell a home to a month. By doing so, you won’t lose too much time if the transaction does not close. It also puts pressure on the buyer to lower the asking price of his house to make a quick sale.

Add a kick-out clause to protect against a home sale contingency. It allows you to market the property and accept offers from other buyers. If you get a bid, you can give the contingent a specified amount of time to remove the home sale contingency. If the contingency is not removed, you can back out of the contract and sell your house to a new buyer.

Considerations For Selling

People looking to buy homes will steer clear of a house under contract because they don’t want to waste time and risk falling in love with a property they may or may not have the chance to buy. Before agreeing to a home sale contingency, you should run a background check on the buyer.

A preapproved letter from a lender will indicate that the buyer has applied for a mortgage and got approved and is only waiting to find a house. If the buyer has such a letter, consult your agent and review your buyer’s home to know if it is already on sale. If it is not, it is usually a red flag. Ensure it is listed at the correct price and how long it has been on the market. This lets you know if the buyer’s home will sell or move on.

On the other hand, cash sale eliminates all the hassles while selling a property. Get an instant cash offer and a quick closing. Call us and say, “I need to sell my house fast in Milwaukee.” We’ll get you a fair, no-obligation cash offer in 24 hours.

If you want to sell your house for cash, contact Sell House Fast MKE, one of Milwaukee’s reliable cash home buyers. We buy houses in Milwaukee for a great price in any condition.

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