Buyers and Sellers Cooperating for Terms to Work
As the market for the purchase and sale of residential properties continues to stabilize and return to normal, we are beginning to see more sellers accepting offers to buy their homes subject to the sale of the buyers’ homes, this after a period where such contingencies were few and far between. Even though these contingencies add to the complexity of offers, this arrangement works to the benefit of both buyer and seller to seal a deal and can be very satisfying and cooperative, so long as both parties adhere to the strict details in the home sale contingency provision.
Attention to timelines (“Time is of the essence”) and procedural requirements is critical in ensuring these arrangements succeed. For example, buyers must have their homes listed by a broker within three days of the ratification of the contract, and at a price that is very realistic and attractive to the market. The contract the buyer eventually receives on his home must be free of all contingencies other than financing within the specified timeframe to satisfy the home sale contingency terms. Meanwhile, sellers are permitted to accept back-up contracts in the event the initial contract becomes void.
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie’s Great Estates, President’s Club 2009
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland 20816
Tel: 301-229-4000 Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409
Email: HSlowinski@LNF.com · Web Site: http://www.HillSlowinski.com