House Offer With Contingency In Montgomery
Description
Form popularity
FAQ
Can you outbid a contingent offer? No, it's not possible to outbid a contingent offer. The seller has already accepted an offer while waiting for certain conditions to be satisfied before closing. However, some sellers will accept backup bids while engaged in a contingent offer.
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.
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.
Cons for Sellers Extended Time frame: Contingent offers often extend the time frame for completing the sale. If the buyer needs to secure financing or complete additional inspections, it can prolong the closing process, leading to potential delays.
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.
If the housing market is competitive where you are at, you will be at a disadvantage trying to buy with a contingency. You'll have to find a seller that doesn't want or need a quick close, and is willing to wait while you sell your home.
If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.
