Home Selling in 53221>Question Details

Swoosh, Home Seller in 53221

My husband and I accepted an offer on our home this week & we also have an accepted offer of our own on a property that's contingent on ours

Asked by Swoosh, 53221 Mon Dec 14, 2009

selling. The offer we just received states the other party has until 4/1/10 to sell/close on their property. We talked with our realtor about whether that was giving them too much time (because they also have an accepted offer on their property, and that person has a condo to sell, which was just listed on the market this week), so it's a string of contingencies. Apparently the condo IS priced way below market and has had one couple very interested just this week without a home sale contingency. Not an ideal offer, but it was for near our listing price. Our realtor told us that if we gave them "less time" they'd just come back and ask us for an extension if they hadn't sold yet, so we figured we'd "lock them in" to their price, in case we decide to lower the price in the next month or two, and that condo quickly sells.

Meanwhile, I happen to think, and ask our realtor, a "what if." What if we get another offer without a home sale contingency, and we give Party #1 the 72 hours written notice

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Answers

4
Your Realtor should answer this question. If you are not comfortable with the answer you get from your Realtor, consult an attorney for advice.
1 vote Thank Flag Link Mon Dec 14, 2009
When your negotiating on a property it is always about risk and reward. It appears that your getting the price you want so decided to take on the risk of the deal. As others have said this a discussion you need to have with your realtor on options and what if's. The bump clause would be a good option given the information that you have outlined in my opinion.



Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Fri Dec 18, 2009
The only people advising you at this time should be your Realtor or their broker.
Too many unknowns via the internet.
0 votes Thank Flag Link Mon Dec 14, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
I agree with Eric... Could not have said it better!

Goos luck!
0 votes Thank Flag Link Mon Dec 14, 2009
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