It also baffles me why a buyer would want to do a contingency without the home to sell sold, new listings are rapidly popping up, price reductions, aggressively priced REOs, etc. It only makes sense if the home is very desirable and hard to come by, but then the odds of the seller doing it are even lower.
Why would a buyer want to lock in terms so early on? There is a good chance the seller would give better terms if they could offer a quick closing, and less of a chance they are out due diligence money.
Great question. There really is only 3 ways I would advice my listing clients to accept a Contingency offer
1, "contingent upon sale of another home" offer unless, there is a closing date has been established.
2, the buyer is working with a relocation company.
3, a very large non refundable Option fee is paid to the seller.
Allen Tate Realty
Best wishes, Jim
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group