If you've recently listed your home for sale for the first time, the whole process can seem a little bit overwhelming. There are a lot of variables that can come up when you're dealing with purchase offers, and one of those is a contingent offer. Here's a look at what you need to know about contingent offers before you accept or dismiss one.

What Is A Contingent Offer?

A contingent offer is one in which the buyer wants to buy your house for the offered price, but that offer depends on something else happening. Whatever the offer depends on is the contingency.

For example, some home purchase offers are contingent on the completion of a successful home inspection. That means that the buyer wants to purchase the house, but only if the home inspection doesn't uncover any serious issues. Others are contingent on the sale of the buyer's current home, which means that they can only buy your home if theirs sells.

Should You Accept A Contingent Offer?

As a seller, you might wonder if it's worth even considering a contingent offer. The truth is that sometimes they are well worth it. However, there are a few things that you should carefully consider before you accept or refuse a contingent offer.

The first thing to think about is how reasonable the contingency is. For example, if the contingency is a home inspection and you know that there are no issues with the house that could prevent the sale from going through, there's no reason not to accept that offer.

However, if the offer is contingent on the sale of the buyer's house, you'll need to be a little bit more discerning about whether or not you accept it. Talk with your real estate agent about the buyer's house. Consider how likely it is to sell, including factors such as the reasonability of the price, the condition of the house, and how long it's been on the market.

Make sure that you are taking responsible and reasonable chances if you accept a contingent offer. That way, you don't commit to a purchase contract that falls through later and only serves to delay your home sale.

These are the basics of contingent home purchase offers. Understanding these things and taking them into consideration when you are selling your home will help you to accept an offer with the best chances of completion. Talk with a real estate agent, like those at Coldwell Banker Gundaker, today for more information.

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