Receiving A Proposal On Your House Contingent On The Buyer Selling Theirs

Receiving A Proposal On Your House Contingent On The Buyer Selling Theirs

It is usually better to sell your own house prior to buying a different one when you're seeking to purchase a home. Makes sense, doesn't it? Especially if it's not financially practical to do so, nobody wishes to be saddled with having to pay two mortgages at once. When the inadequate economy seems in place for it, this is precisely what occasionally happens, however. If you're selling your home, should you take a buyer's contingent offer seriously, then, if it calls for you to agree to wait until their house has been sold before actually finishing on your own house sale?

Exactly what this means, essentially, is that the buyer has been approved for financing to buy your home but hasn't yet sold the house he or she currently owns. The buyer has set in their offer that they still need to sell their home prior to the home purchase contract will be binding, even if you agree to it right away, rather than just resigning themselves to the reality that they're going to have to pay two loan payments if you agree to their offer.

Time is the biggest negative component for sellers in this deal. When the market is rough as it is now, getting a buyer to accept your asking price can be a not easy task indeed. In today's current buyer's market atmosphere, home prices are frequently ascertained by what a buyer is willing to pay instead of what a seller is willing to sell their house for. If you accept an offer contingent upon the selling of the buyer's home for a price you're willing to agree to, it may be hard to turn that down, not knowing when your next offer might come in.

Most of it will wind up being a guessing game on your part, though, and you have to consider time. Are you going to have the patience to wait for the buyer to sell his or her house, even if it takes an indefinite amount of time? During that time, you may have received other feasible offers on your own home, all of which you'll now need to turn down if you agree to the contingent offer. On the flip side, if you turn down the contingent offer, you may end up waiting even longer to get a different offer on your house that you're prepared to accept.

In general, it's a difficult decision to do when you're put in a position to have to accept or refuse a contingent offer. As a house seller, it usually just comes down to a gut feeling on your part. It may also be advisable to consult your real estate agent, who likely is more aware of the current market conditions and can assist you to make the right decision for your own personal circumstances.

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