Should we accept an offer with a contingency?
August 27, 2006 2:58 PM Subscribe
OK, we FINALLY got an offer on our house (after 4 months on the market) and we can't decide if we should accept.
posted by SheIsMighty to home & garden (22 answers total) 2 users marked this as a favorite
The house is now listed at $385k and the offer came in today for $325k. We countered with $370k and they countered with $345k. We counter-countered with $362k and they say they want to stay at $345. The issue is that the offer is contingent on them selling their house (the realtor called it a "hubbard clause" and the offer paperwork he sent me calls it "sale of buyer's property contingency".
As I understand the legal mumbo-jumbo, he has until Sept 17 to have a signed contract on his house for selling it and if he doesn't, we will cancel his offer. I also understand that we can continue to keep our house listed on the market and if we get a better offer, he has 2 days to prove to us he can buy our house or we cancel his offer and take the other offer. Am I understanding this all correctly?
I'm not entirely comfortable asking my realtor since he's representing both of us (and the sale of the buyer's other house).
I am inclined to accept the offer since it's been on the market for 4 months, and the market is tanking and that it's the end of the summer and things are about the slow way down anyway. I just want to make sure I'm understanding the contingency correctly. I don't know any realtors, so I turn to the brilliant hive mind.
I am totally green about all this and I'm really nervous. In fact, I've decided I'm never buying or selling real estate again!!! Ugh!!