It could allow the seller to continue to market the home to other buyers.
I can't imagine many sellers being very excited about having to wait for the buyer's house to sell-- if it sells. The buyer's current house could be overpriced, in a bad location, outdated, bad floor plan, in need of many repairs, etc. Or, the buyer's "buyers" might not qualify, might walk away from the deal, etc.
Personally, I wouldn't want to take that gamble on "indefinitely" waiting for a buyer's house to sell... and not being able to continue to market to other buyer's. Make sure the seller (and buyer) is protected. The average house sale time in OKC now is what, 6 months, for the market average priced house? If it's a million dollar house, less than half a dozen of $1 million+ houses that aren't new construction have sold in Edmond in the past 1.5 years... if I recall correctly. You don't want to be a seller waiting 1.5 years for someone's house to sell before you get yours officially sold in that bracket. A $150,000 house sits on the market much less long, on average.
If a seller is even considering a contingency offer, the contract should be carefully drafted to allow the seller a good "out" so they're not waiting "indefinitely" for the buyer to sell their house.
A good number of people offer based on contingency. You just have to make sure the seller is protected and not stuck.
A strong priced offer with a reasonable contingency duration might be a win-win.
Let me know if I can help you.
Keller Williams Northwest
I am a Realtor that actually set my sellers up with the thought of accepting a contigency: This absolutely does nothing to hurt the sellers chances of selling his home: How ever you do need to have your home on the market but not necessarily to make the offer, some sellers will not take a contigency and that stems a lot from their Realtor: If you are looking to buy a new constructed home I have actually worked a trade for some of my clients, this is a possibility you might consider,
I do give a discount for listing your home when you use me as your Realtor to list and help you with your purchase:
If you will contact me I will explain everything in full detail:
Re/Max Preferred Properties
405 413 0791
Hope this helps, feel free to call me anytime @ 405-812-5507 ~ MOVING YOU FORWARD! ~
2713 SW 139th
OKC OK 73170
Feel free to contact me at your leisure. I'm here to help.
Keller Williams Realty
What you and everyone else out there needs to realize is that most buyers including myself can not purchase a newer home unless we sell our current home. I have no problems with writing offers on homes that have a contingency with them. But just realize to write an offer your home has to be listed with a realtor. You can not do a contingency if you are doing a For Sale By Owner. If I can be of any service as to answer any questions you might have give "Yukon John" a call at 405-250-7825 or send me a text or email me at email@example.com. I will tell you what other realtors won't!