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Real Estate Contracts >Contingency Sale
Sellers 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.
The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.
Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.
Barry and Diane Upchurch Barry Upchurch Realty 173 Long Rd. Suite 108 Chesterfield, MO, 63005 314-878-1900 636-530-7727 Fax 1: 636-530-7797 Fax 2: 314-878-1903 upchurch@NUMBER1EXPERT.com
“Exceptional Properties . . .Exceptional Service!” that’s what Diane and Barry Upchurch are all about! Discover the fastest growing real estate team in St. Louis County. We believe in providing guaranteed service with the highest level of integrity. Our vast experience, knowledge, proven results and attention to detail will ensure your satisfaction. Contact us today . . . we’ll make your dream home become a reality for you!
Ranking in the top ½ % of Realtors in St. Louis, Barry and Diane have both earned the CRS (Certified Residential Specialist), ABR (Accredited Buyers Representative) and GRI (Graduate of the Realtors Institute) credentials. With over $150 million sold, we thank our past clients for the steady stream of referrals and repeat business.
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