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Real Estate Tips

Real Estate Contracts >Contingency Sale

Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.

The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.

Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.

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Real Estate Trivia

Q	What is a "jumbo mortgage"?
A	The term "jumbo mortgage" currently refers to a mortgage loan in excess of $359,650, although the threshold amount may change as the market fluctuates.
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Karl Volkman, REALTORŽ, real estate agent and broker for Appleton, Neenah, Menasha and Greenville, Wisconsin home listings, property and land for sale - NUMBER1EXPERT

Karl Volkman
Coldwell Banker-The Real Estate Group, Inc.
1050 North Lynndale Drive
Appleton, WI 54914
Cell: 920-450-9400
Office: 920-993-7311
Fax: 920-968-1167
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