Offer on residence advise
Hi BPer's!
I had my personal residence on the market for a day and have been presented with a full price offer. Unfortunately, the offer is contingent upon the sale of the buyers home. My question is whether or not it makes sense to accept the offer? If I did, what should be connected to the acceptance?
Here's what I know:
- Buyer to supply lender pre-approval letter w/in 24 hours after offer acceptance.
- Buyer has 30 day contingency clause for getting loan and they want to keep the $500 earnest money if they don't get the loan
- Buyer want 12 days to have inspections completed
I don't know the condition of the buyers' house or their asking price, etc. If they're not realistic in terms of their pricing, etc, they could be sitting on their home for a while. Since they have a home sale contingency in play I'm not certain what is considered "typical". Any advice is greatly appreciated.
Dave