Profile picture for GOUSAF

In today's market, will sellers accept offers contingent on the sell of the buyer's current home?

  • August 18 2011 - US
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Answers (11)

The current marketplace is very tricky.  It is clearly a buyers market here in Tucson and contingency sales are valid, however, not every seller will agree to one for various reasons.  If your current home is under contract and the inspections and appraisal have been completed, it is reasonable to conclude that a seller who has been on the market for some time, without any other offers would consider it, just no guarantee.  The further along you are in the process on the sale of your current home, the more likely a seller will consider it, best of luck! RSK
  • August 19 2011
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Profile picture for GOUSAF
Thanks for everyone's replies.  Together, they all provided valuable insight for us to rethink how we plan to move to another location!   
  • August 18 2011
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Looking at some of the responses from my peers, I think you will agree with me that the responses are all over the place. Clearly that is a result of each agent's local conditions. I believe the best advice for you is to make your offer contingent on the sale of your home, which would certainly be stronger if you are at least in contract. An experienced listing agent's advice to their client will likely be based on the local market conditions of the home you are trying to sell. It's very likely the listing agent of the home you want to buy will ask your permission to speak to your agent. But even in today's environment, many agents will resist going to contract, and thus unable to continue their marketing plan. If you feel that you really, really want new property, you should at least explore a bridge loan scenario. Good luck!
  • August 18 2011
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Ask your Realtor to write it in the contract. Every situation is different. The worst they could say is no! Good luck.
  • August 18 2011
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In today's market everywhere. I have found all seller's want to sell thier home so yes, most sellers will accept contigenties. There are always some things to keep in mind when working these offers. Your home needs to be ready to place on the market at a competitive price immidiately. The seller will continue to market and try to sell their home to other buyers so the sooner you sell your home the better. You will want to find an aggressive agent who will market your home properly to get it sold fast. You will need to have your home ready for all buyers to view anytime. Make sure to tell your agent to bring all offers so you have more opportunities to work offers so you can sell quickly. With these things in mind you should be able to get your home sold before the contigency expires. Good Luck !
  • August 18 2011
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I think it depends on the market conditions where you are.  Here in Texas, the market remains relatively strong, so like everyone else has said, a seller wouldn't typically accept an offer with a contingency.  But, in a slow market, a seller would rather have something than nothing.  It never hurts to ask, the worst they can say is, 'no!'  Good luck!
  • August 18 2011
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Profile picture for sunnyview
I wouldn't accept a contingent offer as a seller unless it was "bumpable". That would mean that I still would actively market the property with the offer in place. If I get another offer that I want to accept, my first buyer with the contingent offer has a set amount of time to perform and obtain financing or they have to back out. 

A bumpable offer means that the contingent offer has an opportunity to perform, but if they can't I am not tied up hoping for the best.
  • August 18 2011
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Profile picture for Ofe Polack
Gousaf, never say never, but the chances are slim that a seller in today's market will wait for your home to sell since properties are staying in the market for a while.  Having said that, if you price your property aggressively and get a window of say 30-days to come up with a Purchase and Sale, a seller who is in no rush, may agree to your offer.  If you were to go this way, remember that the seller has the advantage, since he is taking the changes, so negotiating will be skewed to his side.  Try to work with a seasoned buyer agent, since establishing the timetable on the offer, could be tricky.  Good luck!!!
  • August 18 2011
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Profile picture for nwhome.us
The very best person to ask is the Seller who may like the idea for some reason.  Not many of us have psychic powers
  • August 18 2011
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It really depends on the situations of the buyer and the seller and how comfortable they are with the situation. 

Also, the chances would increase tremendously of a contingency being accepted if the buyer has an accepted contract on his home he's selling and isn't just hopng to get an offer eventually.
  • August 18 2011
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Profile picture for wetdawgs
Very rarely.     If the buyer's home is on the market and have a very solid offer, then perhaps.
  • August 18 2011
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