Contingent Offers. Do they Work? Part 1
So you are thinking you want a new house, but you have to sell your place first. What can you do?
First, give up on getting a great deal. I’m sorry to be so blunt, but a contingent offer is a sure fire way to NOT get a good deal. Why you might ask?
Because good deals just don’t last on the market for very long. There are multiple buyers out there competing against each other at any given time. While not all places get multiple offers, it is only because they are not priced below the market.
Houses priced considerably below the market value will almost ALWAYS get multiple offers. And if you are a seller, would you rather take an offer contingent upon someone selling their house, or not. The contingent offer will pretty much always lose. The amount one would have to offer over asking price would take the good deal…and make it not a good deal anymore. And there is still no guarantee that a seller would accept it.
Best way to get a contingent offer accepted is to look for a house that has been on the market for a LONG time. Something that is definitely priced above the market, and put an offer on that one. The seller might be motivated enough to get their price that they are willing to take the gamble.
But again…there goes the great deal.
There are ways to get contingent offers accepted….even when competing. Look for part 2 of this post.
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