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Real Estate Tips
Real Estate Contracts >Contingency Sale

Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.

The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.

Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.

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Real Estate Trivia
Q 
What is considered one of the few remaining tax shelters in the 1990s?

A 
Homeownership--property taxes on a residence or vacation home are deductible up to $1 million.
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Tom Sermarini, REALTOR®, real estate agent and broker for Upper Dublin, Ambler and Blue Bell, Pennsylvania home listings, property and land for sale - NUMBER1EXPERT(tm)

Tom Sermarini
Keller Williams Horsham

300 Welsh Rd. Bldg 4, Suite 145
Horsham, PA 19044
215-527-5670
Fax: 215-658-1550
TomSermarini@NUMBER1EXPERT.com


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