A. The answer is, it depends. While the ultimate decision to accept or reject any offer is up to the seller, you want to understand the aspects of the home sale contingency and where the buyer’s home sale falls according to the following spectrum:
- Is the buyer’s home on the market
- Is the buyer’s home on the market but not under contract
- Is the buyer’s home under contract
- How far into the contract process is the buyer – You want to understand what contract contingencies of the buyer have been satisfied on the sale of their home
Depending upon where the buyer is in the sale of their home you may opt to accept an offer with a home sale contingency. But make sure if you do, that the one that you accept will have the highest likelihood of closing so that buyer may buy your home. A lot can go wrong in a normal non-home sale contingency contract. Adding a buyer home sale contingency definitely adds another layer of risk and complexity.
One way to hedge your bets is to include a Kick Out Clause addendum in your contract. This will allow you to void the contract with the current buyer if a non-home sale contingency buyer surfaces. Specifically, the kick-out clause allows the current buyer to have 72 hours to remove their home sale contingency or else the contract becomes null and void. You will then be able to accept the contract of the non-home sale contingency buyer.