This form is a sample letter in Word format covering the subject matter of the title of the form.
House Offer With Contingency In Collin
Category:
State:
Multi-State
County:
Collin
Control #:
US-0028LTR
Format:
Word;
Rich Text
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FAQ
In most cases, putting an offer in on a contingent home is an option to consider. Although it doesn't guarantee you'll close on the home, it does mean you could be first in line should the current contract fall through. Putting an offer in on a contingent home is similar to the homebuying process of any active listing.
You can still make an offer on a house labeled contingent or pending. However, when a property has one of these statuses, it means that an offer has been accepted, so the sale is in progress. The deal hasn't been finalized, so it still gives you an opportunity.
It won't hurt anything to look at a house listed as contingent. Nor will it hurt to submit a backup offer, if possible. That said, you should anticipate the original contract going through to close.
If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.
Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.
It won't hurt anything to look at a house listed as contingent. Nor will it hurt to submit a backup offer, if possible. That said, you should anticipate the original contract going through to close. In the event that the sale falls through, having already looked at the house can put you in a better position to get it.
It's less likely you'll get a great deal when making an offer on a contingent home. In most cases, a contingent offer is high to encourage sellers to hold out if the closing process takes longer than anticipated.
Can you outbid a contingent offer? No, it's not possible to outbid a contingent offer. The seller has already accepted an offer while waiting for certain conditions to be satisfied before closing. However, some sellers will accept backup bids while engaged in a contingent offer.
A contingency clause should clearly outline the conditions, how the conditions are to be fulfilled, and which party is responsible for fulfilling them. The clause should also provide a timeframe for what happens if the condition is not met.
More info
In general my advice to seller clients is to consider contingent offers only when the buyer's property is already in contract. A contingent offer is considered a legally binding agreement between the two parties, however it is conditional until all the conditions are met.A sales contingency is when you will need to sell your current home in order to close on the house you're offering to buy. The contingency clause gives a party to a contract the right to renegotiate or cancel the deal if specific circumstances turn out to be unsatisfactory. A contingency offer is an excellent option for a buyer, who doesn't want to be saddled with two monthly mortgage payments, but not always for the seller. Your dream home was just marked contingent. But can you still make an offer on a house that is contingent? The home sale contingency clause can be complicated to both structure and present to your buyer or seller. A contingent offer on a house is an offer with a protective clause on behalf of the buyer. Contingent literally means "depending on certain circumstances.
