Contingent Contracts

With the change in the real estate market last year, contingent contracts have returned.  Here in Central Texas, when we refer to a contingent contract, we’re talking about a contract that is contingent upon the buyer selling their current home.  When there were multiple offers on houses, a buyer who had to sell their home was at a huge disadvantage and we rarely saw them.  But now that buyers have more sway, many sellers are willing to accept this arrangement.  In most cases, if the house the buyer has to sell is on the market and under contract, a seller will accept the offer (presuming the other terms are acceptable).  If the buyer’s house isn’t on the market yet, that’s still an offer unlikely to be accepted.  And while some sellers will accept an offer if the buyer’s house is on the market, but not under contract, many still will shy away from that.  If you’re looking to buy a home, but have to sell your home first, this market is much friendlier to you.  And, of course, I’d be happy to assist you with the process.

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