Updated: 3 days ago
If you're not familiar with real estate terms, the contingent offer may sound confusing. Basically, a contingent offer is an agreement between a buyer and seller where the sale is not final until certain conditions are met.
For example, a home may be contingent on the buyer having an inspection or the seller closing before a certain date. This means that if the buyer can't get financing or the inspection comes back poor, the deal could fall through.
If you're thinking about accepting a contingent offer on a home, be sure to consult with your real estate agent first. They can help you understand the risks and potential outcomes involved.
In the real estate contingent offers are agreements made between the buyer and seller of a property in which certain conditions must be met before the sale is finalized. For contingent offers to occur, both parties involved agree that these conditions exist and will need to be met prior to the home being sold. Some contingent offers may require that certain appliances remain with the home while others might state that the buyer needs to secure financing by a certain date.
It is important to note that should any of these conditions not be met then the contingent offer becomes void and neither party is obligated to move forward with the sale.
Contingent Offer vs Guaranteed Sale
A contingent offer is not the same as a guaranteed sale. This type of agreement is popular among buyers who are unable to obtain traditional financing through a bank or other lending institution.
Because contingent offers are not backed by a third-party, there is more risk involved for both the buyer and the seller. For this reason, it is important that you consult with your real estate agent prior to accepting any contingent offers on properties.
How To Get A Contingency Removed?
If you have contingent offers on your home and would like to get them removed, the best way to do so is by working with a cash buyer. Cash buyers are investors who purchase properties in as-is condition without any contingencies.
This means that they are not contingent on back taxes, repairs, or financing. This type of sale is often used by sellers who need to sell their house fast and for cash.
If you're interested in learning more about contingent offers or how to sell your house fast for cash, please contact us today. We would be happy to answer any of your questions.
What Happens If A Buyer Breaks Contingency?
If a buyer breaks their contingency, they may be required to pay a penalty fee. This is typically stated in the contract and is meant to deter buyers from backing out of the sale. In some cases, the buyer may also be required to sell the property to the next highest bidder. There are a few instances where it might make sense to walk away from a contingent offer. If the contingencies are not something that you're comfortable with or able to meet.
If you are selling a house in the Jackson MS area and want to sell your home quickly, we can help. At Atlas we buy houses for cash and can close on your house in as little as 7 days.
What Happens If The Cash Buyer Does Not Remove Contingencies?
If the buyer does not remove contingencies, the deal will likely fall through. This is because contingent offers are not backed by a third-party and are therefore more risky. If you're interested in selling your home without any contingencies, we would be happy to help. We are cash buyers who purchase properties in as-is condition and can get you cash for your home in Jackson MS.
Can All Contingencies Be Removed?
It is possible to remove all contingencies from an offer, some of these contingencies include.
- The buyer must have a loan approved by a certain date
- The property must pass an inspection
- The seller must close before a certain date
- The buyer must sell their current home
- The buyer must get insurance on the property
Some of these contingencies may be more difficult to remove than others, but it is possible to do so. If you're interested in learning more about how to remove contingencies from your offer, please contact us today.
Can I Sue The Buyer For Backing Out?
In some cases, you may be able to sue the buyer for breaking their contingency. This typically happens when the buyer has a loan contingency and they are unable to obtain financing. If the buyer is unable to get financing, they may be required to pay a penalty fee. In some cases, the buyer may also be required to sell the property to the next highest bidder.
If you're interested in selling your house fast for cash, we would be happy to help. We are Jackson Mississippi's leading cash home buyer and can close on your property in as little as 7 days. For more information on how we can help you sell your house fast in Jackson MS, please contact us today.
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