When a party seems interested in buying your house you may be willing to give them a lot of leeway and the ability to negotiate for what they want.
Selling a House Fast – Keller TX House Buyers: Contingency sounds like something you might need an expert to help you with. When you sell your house you must make sure that all of the details are listed in the contract. A contingency is nothing more than a detail of the sale that is placed into the contract.
Some of the more common contingency items in typical sale contracts include such items as a new roof or an extra block of time for the buyer to sell his or her current house. The asking price is just the base issue addressed in the contract. All other issues are addressed as contingencies. What that means is simply that the sale will go forward as long as all contingencies have been or are being handled. If you agreed to fix the railing on the patio deck as the buyer requested, that must be done as a contingency of the sale. If it doesn’t happen, the buyer can back out legally since it is a condition, or contingency, written into the contract.
“A contingency is, in essence, a way to make your bargaining end up in the contract as a legal point of the sale.”
Another common request made by buyers is that their house sells before they finish the contract with you for your property. That’s certainly understandable especially in today’s economy and tough real estate market. The buyer’s house sale contingency is something of a product of the current buyer’s market climate. The allowance for buyers to ask for just about anything they want comes primarily in a real estate buyer’s market, since it’s so hard to sell a house these days. If business was great for sellers you could simply turn down the buyer asking for more time to sell their current house and go on to the next buyer in line.
There is no lineup of buyers for just about any property these days, so when a party seems interested in buying your house you may be willing to give them a lot of leeway and the ability to negotiate for what they want. In a seller’s market you wouldn’t necessarily agree to wait for them to sell their house. In today’s buyer’s market, however, you might be happy just to have finally found a buyer and will do what it takes to get them into your house. A contingency is, in essence, a way to make your bargaining end up in the contract as a legal point of the sale. Sellers would be wise to allow some contingencies or plan to have the house on the market for quite some time.
Filed under: House Selling