Welcome back to my video blog! Have you ever heard of contingency offers? I get asked about these a lot.
There are different types, but the most popular occurs when a potential buyer wants to purchase a seller’s home, but the buyer must sell their property first; the sale of one home is contingent on the sale of another.
How do you handle this situation as a seller? The good news is you have some options. You can decline their offer or you can accept the offer with the contingency, but you can add a ‘kick out clause’
What’s a ‘kick out clause’? The seller tells the buyer they accept the offer, but they will continue to market their home. If the seller receives another offer they will get the first buyer a deadline to either move forward or withdraw their offer. This way as a seller you have the choice between two solid buyers.
I hope this answers questions you may have about contingencies. If you have any other questions, please give me a call. Thanks so much for watching!