Factors a Seller Will Consider When Receiving a Contingent Offer
Posted on: 7 January 2019
When a person is selling a home, he or she may be excited to receive an offer on the house until he or she realizes that the offer is contingent upon the buyer selling his or her home. An offer like this is called a contingent offer, and there are several key factors a seller will analyze before accepting an offer like this.
The chances of receiving another offer in the near future
First of all, a homeowner trying to sell will always consider the likelihood that another offer will come in soon for the house before accepting a contingent offer. If there are a lot of people interested in buying the home and the seller expects another offer, there is a very small chance he or she would accept your offer if it is based on a contingency to sell your house first.
The stage of the process that the other house is in
If the seller is having trouble selling his or her home and is not expecting other offers to come in soon, he or she may look at a second factor before accepting your contingent offer. This factor is at what stage in the process your house is. If your house is already under contract to a buyer, this is a favorable thing for you, as it means that your house is likely to close soon. If this is the case, the seller of the house you want to buy might be more inclined to accept your contingent offer. This seller might be hesitant to accept your offer, though, if you have not yet even listed your home for sale.
The amount, terms, and details of the offer
The other factor that will also play a role in the seller's decision is the amount of money you are offering to pay for the house, as well as the other terms and details of the agreement. If you want to convince the seller to accept your offer, make sure you are offering a good amount for the house, and be cautious about adding any other types of contingencies to the purchase offer.
These are three things most sellers would evaluate before accepting a contingent offer, and these are important to know if you want to buy a home and put in an offer like this. Talk to a real estate agent if you have any questions about making an offer or buying a house.
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