House Offer With Contingency In Alameda
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A contingency clause should clearly outline the conditions, how the conditions are to be fulfilled, and which party is responsible for fulfilling them. The clause should also provide a timeframe for what happens if the condition is not met.
Making a Contingency Offer Attractive If you are buying your dream home in a slow real estate market with high interest rates and fewer potential buyers, sellers will be much more willing to accept this clause.
You can still make an offer on a house labeled contingent or pending. However, when a property has one of these statuses, it means that an offer has been accepted, so the sale is in progress. The deal hasn't been finalized, so it still gives you an opportunity.
It won't hurt anything to look at a house listed as contingent. Nor will it hurt to submit a backup offer, if possible. That said, you should anticipate the original contract going through to close.
In most cases, putting an offer in on a contingent home is an option to consider. Although it doesn't guarantee you'll close on the home, it does mean you could be first in line should the current contract fall through. Putting an offer in on a contingent home is similar to the homebuying process of any active listing.
Contingent offers have higher rates of falling through and as a seller you very well run the risk of losing out on non contingent buyers.
You can still make an offer on a home if it's listed as contingent or pending, but you should consider where the property is in the process to determine the likelihood of your offer being accepted.
