WWYD? Accept contingency offer?

[mixtim]

What is the name of your state (only U.S. law)? Maryland

This isn't a legal question per se, but I wanted to query people with experience.

Our home has been on market for 1 year. Great shape, excellent feeback from buyers and their agents, always been priced just below market, but just hasn't been the one for whatever reason. We have been paying 2 mortgages using a credit line so we are in pretty dire circumstances.

We recently learned we will probably be receiving an offer contingent on the sale of the buyer's home. I'm very loathe to accept such an offer for obvious reason, but desparate times call for desparate measures so we need to consider it. What, if anything, should we require if we were to decide to go ahead and accept a contingent offer? What have you advised your clients to require, bearing in mind the horrible market we are in?

Should I require: a kick out clause -- if so, what time frame? a full price offer? A stipulation where we insist they list their home for a certain for so many weeks and reduce by a certain percentage if it doesn't sell?

Thanks

 

[HomeGuru]

What is the name of your state (only U.S. law)? Maryland

This isn't a legal question per se, but I wanted to query people with experience.

Our home has been on market for 1 year. Great shape, excellent feeback from buyers and their agents, always been priced just below market, but just hasn't been the one for whatever reason. We have been paying 2 mortgages using a credit line so we are in pretty dire circumstances.

We recently learned we will probably be receiving an offer contingent on the sale of the buyer's home. I'm very loathe to accept such an offer for obvious reason, but desparate times call for desparate measures so we need to consider it. What, if anything, should we require if we were to decide to go ahead and accept a contingent offer? What have you advised your clients to require, bearing in mind the horrible market we are in?

Should I require: a kick out clause -- if so, what time frame? a full price offer? A stipulation where we insist they list their home for a certain for so many weeks and reduce by a certain percentage if it doesn't sell?

Thanks

**A: tell us what your Realtor told you when you asked the same questions and we'll let you know if we agree or not.

 

[swrdmbo]

Ask your Realtor about a first right of refusal clause and be sure if you use it that there is a maximum 48 hour time frame ,and have them get pre-approval from the bank for their loan,Then give them 14 days to close if they enact their right to purchase in the event of another acceptable offer.

That's my 2 cents. I was a Real estate broker for 25 years.Good luck.