Contingent offers are usually a losing proposition for Boise home sellers.
If you’re a seller and you accept a contingent offer, you’ll feel warm and fuzzy for about a week.
That tingly feeling will start to go away when you realize you didn’t really sell your home.
Contingent offers do, however, make hesitant, unsure buyers feel good for considerably longer because they know they didn’t really make a firm commitment.
They just “kind of” made an offer that gives them a way out if everything doesn’t go perfectly.
When you accept a contingent offer, you’ve effectively taken your home off the market.
Yeah, I know, your listing agent (who also wanted to “feel” like she had your home sold and get you off her back) told you that you could continue to market your home with a “72-hour bump clause”.
But the truth is that most buyer agents will not show your home once there’s a contingent offer because they don’t want to waste their time showing a home that “might” be sold.
Even worse, when you accept a contingent offer you’ve relinquished control over selling your home to your contingent buyer because you can’t close until they sell and close their home.
Ask yourself these questions before you accept a contingent offer:
- What if your buyer’s home never sells?
- What if your buyer sells their home to yet another contingent buyer who also must sell their home before they can buy your buyer’s home?
- What if the buyer’s home is overpriced?
- What if the buyer’s home doesn’t show well?
- What if the buyers don’t CARE if their home sells?
- What if the buyers decide to sell their present home FSBO?
- What if the buyers have Brutus (their guard dog) inside their home and agents won’t show it?
- What if the buyers list with their niece, Susie, who’s brand-new in real estate?
- What if the buyer’s listing agent is a part-timer who can’t take calls while at their “real job”?
The bottom line?
A real buyer is a buyer who doesn’t have to sell their present home before buying, has totally-underwritten pre-approved financing, and NEEDS or WANTS to buy a home now!
Buyers who must buy contingent upon selling their present home are seldom real buyers.