Accepting offer with buyer sale contingency?

1 Reply

Be grateful for thoughts on my current situation....I'm selling a property FSBO and got a strong offer from potential buyer. But his offer comes with a contingency that he has to first sell his home, which is currently still active after 60 DOM. IMO, he's asking about 20% more than market value for his home. So I worry that if I accept offer, it would tie up my property for over a month and if his home doesn't sell, he's off scott free, I lose a month of marketing my property.

If I accept his offer as is, there's one "out" on my end, which would be to accept another offer that does not have such a contingency. In that scenario, I would notify buyer and if his property is still not under contract, he can either remove his own contingency, otherwise I have option to terminate contract. Problem is, I believe per MLS rules (I went with one of those lost cost, flat rate deals), I have to change listing status from "active" to "contingent" / "pending." I feel like that limits the marketability of the property.

Thoughts??  Other options?  

Thanks!!

@Dan Healey in this market I wouldn’t accept contingency on them selling. Once your property is contingent, nobody is going to look at it. Home sales start heating up as we approach spring, so no reason to waste your time.

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