What is a contingent offer?
When a seller receives a purchase offer, there are often contingencies attached to the sale. This means in order for the sale to be finalized, something else must also take place. Some of these contingencies are that the loan is approved, or that the house appraises for the correct amount, or that the inspection is acceptable. Another important contingency to understand is when a buyer has to sell another home in order to purchase a different home. If a seller is going to accept an offer that has a contingent home to sell, the seller should gather more information before automatically accepting the offer. The seller should know where the contingent home is located, when it will be going up for sale, if it is under contract already, how much they plan on listing the home for, how motivated the buyer will be when selling the contingent home, and other dates and deadlines. While it is not uncommon to have contingencies attached to purchase agreements, some can complicate the process. You will want to have an experienced realtor, or real estate broker to represent you, someone that knows the process and the right questions to ask. When you are ready to list your home call Pinyon Properties Real Estate. We will protect you and your best interest. Serving Boulder City, Henderson, & Las Vegas. PinyonRealEstate.com
