Blog :: 01-2009
As a home seller, you may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.
You can reserve the right to require the buyers to meet any contingencies within a short period of time, (24-72 hours), if you get a second offer. This is sometimes referred to as a contingent sale with release clause.
Other prospective buyers are more likely to make a backup offer under these circumstances. If the current buyer is unable to remove the contingencies within the specified time, you are free to be released from the first sales contract and accept another offer.
Contingent sales can be successful if you and your real estate agent address the potential risks and hold the buyers to their contractual obligations. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.