When selling your home in Charlotte, it’s exciting when you receive an offer!!!
But what if that offer to buy your home has a contingency that the buyer has to sell/close on their current home attached to it????
Well, then it’s time to stop and ask some more questions before making a decision on how to respond. Is the buyer’s home currently listed, if so for how long? Is the buyer’s home already under contract, if so where is that contract in the contract/due diligence/closing phase?
I’ve had several clients go through this scenario and how you choose to respond really depends on what the details to those questions are.
Generally, if the buyer’s house is NOT yet on the market, my advice to seller clients would be strongly against accepting a home selling contingency….even if the offer was full list price!
If the buyer’s house is on the market, but not Under Contract? Still very very very risky to you as a seller. Who knows how long it’ll take for them to find a buyer, and even when they do if that contract closes smoothly? Meanwhile you’re losing time on the market and other potential buyers!
Now, IF the buyer’s house is on the market and it IS Under Contract…..maybe a contingency on them closing that sale is something you’d be willing to consider. If their current home’s already been inspected, and the contract seems to be moving along, plus they’re well qualified for their purchase of your home….all signs it may be something worth seriously considering.
When selling a home in Charlotte an offer is a wonderful thing!!! And contingencies on selling a home aren’t uncommon – just remember it’s extremely important to get some more information and really consider before simply responding on price or any other terms. Your Charlotte real estate broker will be able to guide you and provide suggestions as you evaluate before making a decision.
Looking to buy a home in Charlotte contingent on selling your current home….you had better have that current house under contract before making an offer on the next house. Or just be able to buy without selling the current home first!
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The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in south Charlotte NC