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Contingent on Selling

Contingent Upon Selling Buyers Home

With the unpredictable situation in the market, Realtors in Orem Utah advice that it is better to sell your home first before acquiring a new one. Some buyers will put a “Contingent Upon Selling Buyers Home” clause in their offer. The home is only considered sold when all the contingencies have been removed and the home has closed. A contingent on selling clause is very lame to a Realtor and many Orem Realtors will not consider putting their Orem listing under contract with this type of contingency.

To protect the right of both sellers and buyers in a contingent contract, there are legal documents required as part of the real estate purchase contract. More often than not, many people see contingent contracts as more advantageous to the buyers than to sellers. If you can buy a home without a "contingent on selling" a home you may want to consider this first.

Contingent on Selling the Buyer’s Home

If there is one thing a seller would be very much interested in, it would be the status of the buyer’s property.

Check out some of these factors when entering a contingency contract in Orem, Utah:

  • The buyer’s home is contingent on selling their home but their home has not been listed yet. When you declare this you have little chance of getting the offer accepted. Before bringing an offer a buyer should list their current property with a Realtor because your offer will be contingent on selling your home.

  • The home is already on the market. When you bring the offer the buyer should provide  the brokerage firm that represents you and the MLS number. You will have a possibility of getting rejected if you wish to represent yourself as a for sale by owner.  Your property needs to be listed to be taken seriously.

contingent on selling

If a Buyer Under Contract Wasn’t Able to Sell

The closing date is quite essential. If you have to specify a date, be sure to have it closed within the time period. You may opt to set a date on your contract which is different from the closing date that had been specified. This is especially when the home or the property is in escrow. When the set date has come and the home has not yet been sold, sellers may issue and extension or cancel the contract. If a buyer completely ignores the settlement deadline their earnest money be in jeopardy.

72 Hour Kick Out Clause

It is also a part of the contract and the negotiation process that the sellers have the right to cancel the agreement should there be another offer presented.  The seller must notify the buyer and give them 72 hours to cancel all contingencies and make the earnest money non-refundable or cancel the contract.  This is only applicable if the 72-Hour kick out clause is present on the addendum.  This is a very common clause when a buyer must first sell a home in the Orem, Utah County Real Estate market.

Back-Up Offers on Homes in Orem Utah

This does not give the seller the right to kick a buyer out of the agreement. The seller can still let you buy the property provided that you are able to sell your property within the date or time that had been specified in the contingent contract. If you have specific questions about making a "contingent on selling" a home offer feel free to contact Paul Teasdale. Paul is a Orem Utah Real Estate Agent.

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