Profile picture for jzinckgra

Counter offer question

We have an offer on our FSBO and will counter with a higher price, however we are going to be building our own house this year once we sell. We'd like to add a contingency that the buyers would have to wait till we got our house plan appraisal back to be sure we have sufficient money for the home build. It will take about 1 month from today before we have the answer. Is this an unreasonable contingency? We don't want to sell if we come up short on the appraisal of our new home. By that time, the buyers would have their appraisal and inspection done with an expected closing on June 1st. Timing would seem to match for both parties, but we don't want to lose a sale. I'm guessing we'll have to roll the dice and hope our appraisal comes in good. thanks.
  • April 13 2012 - US
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Answers (7)

Profile picture for wetdawgs
I were a buyer I wouldn't initiate inspections and appraisal until after the seller released a contingency like you describe.   Why?  Because I wouldn't  want to spend the money if the seller could suddenly decide that the sale wasn't going forward.

So, a couple of possibilities (and I'm sure there are more) - propose an extended timeline so they can initiate inspections etc after you release your contingency.  Or,  if you wish to move forward on the current timeline, you can volunteer to pay for the buyer's costs of the appraisal and inspections on your current home if you suddenly cancel the sale. 

If they accept your higher counter price, I  hope you and the seller can come to a creative solution so you are both happy.



  • April 13 2012
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I would have to mostly agree with "wetdawgs".  However, if I were the buyer, I wouldn't want to tie up my time with a contract with those types of contingencies in case another good home came available in that time period. It's great to have an experienced REALTOR assist you with these little details that always seem to pop up when selling or buying a home. 
  • April 13 2012
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You can counter what ever you would like! Make sure it is signed, dated, and initialized on every page. They can accept it, or not accept it.
  • April 13 2012
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Jennifer is right. Not only do issues pop up, but so does the present and future liability when you are on your own. Suzanne Looker
  • April 13 2012
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It never hurts to ask however remember once the current buyer has completed the inpsections and appraisal they could have almost $1,000 invested in your home (general home inspection, sewer scoping, radon testing, possible mold testing and the appraisal)....I believe in being upfront and honest so bother parties get what they want...open, honest and clear communication is what I recommend...best of luck
  • April 15 2012
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Profile picture for Nikki.Dye
If I was the prospective Buyer and was willing to wait the month, I would negotiate the commencement of the home inspection, mortgage application....etc, AFTER you receive an acceptable appraisal on your new home. That way they are not spending money towards the purchase of a house they may not be buying. I agree with the last post of being upfront and honest, after all I am sure you want to create a win-win situation for all involved.
  • April 17 2012
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It sounds like you don't have a sale yet (counter offer) so there's nothing to lose....Counter back at a number that works for you. Negotiate from a position of strength. If this buyer doesn't come up to the number you need then continue to market the property. Don't complicate a transaction with unnecessary contingencies. Keep it clean. Make sure you have a way out of the contract on the new build. And to properly market your home, hire a Realtor!
  • April 18 2012
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