Home Buying in Portland>Question Details

Sonya, Other/Just Looking in Happy Valley, OR

My agent says I will be the 2nd in the line. In most cases what would be the contingent for most buyer? Thank you Sonya

Asked by Sonya, Happy Valley, OR Fri Sep 14, 2012

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Marvin Von Renchler’s answer
Sonya, we need you to elaborate before we can give a correct answer. Are you talking about contingencies that the first position buyermay have so that you could step into their place should they rescind based on findings of some information? As others said, purchase contyracts can be contingent upon MANY things such as financing, inspections, appraised values, upon the buiyers selling their own home, etc.

Tom brings up another point.

Please tell us exact details so that we may provide accurate advice. I must ask though---what does YOUR AGENT say? Did you pose this to him/her? Do you not feel confident enough with their ability to answer or what their answer was? And, we are speaking in generalities, as we do not represent you and do not have law licenses.
1 vote Thank Flag Link Sat Sep 15, 2012
When a buyer submits a purchase offer, it is usually contigent on a few different things like appraisal and inspections. It means that only if the house will appraise he will buy, or only if he is happy with the inspection he will proceed. It could also be stated that it is contigent on the loan funding. This wording in the agreement protects the buyer if he decides not to proceed.
0 votes Thank Flag Link Fri Sep 14, 2012
An offer that is in second position in line is not what we would call a back up contingent offer. A back up offer not a second on a contingent offer because most of the time they are bumpable with some kind of a dead line. Tom Inglesby
0 votes Thank Flag Link Fri Sep 14, 2012
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