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What Is A Reverse Contingency FAQ

 

When someone wants to look at properties but they still have a home to sell, we have a discussion that goes something like this.

   What happens if you fall in love with a property? Can you move forward without the proceeds from your current home? 

 

What if I sell and have no place to move? You can feel their fear.

 

Some clients want to see every property even though they have not  considered putting their home on the market. 

 

A reverse contingency may be a a consideration.

 When separate moves are just not possible. My advice  is to list the property, contingent on finding a home of choice.

 

How serious are  they to avoid that second move? 

Ask...

 What if someone comes along and offers a million dollars and their home  is only worth half million. 

Some will say OK, we will pack up, travel for awhile, move to an apartment, move in with parents or go to a hotel for that kind of incentive.

 

Others will not make that move for any amount of money.

This is the perfect time to explain the "reverse contingency." 

 

When an offer is made, a specific clause is in the contract stating  a contingency for a short amount of time (could be weeks) for the seller to find that home of their choice...notice that wording home of choice

 

Once the home is listed, viewing available properties is appropriate so the seller/buyer can become familiar with the available inventory.

When the current home goes under contract, the buyer can write a  offer on the new home contingent on settlement of the present  home. Did you follow that?  There are so many ways to help buyers and sellers.

This is not a simple transaction...there is expertise and coordination required. 

I have done reverse contingencies with success.

Ask questions and find out the buyers and the seller's needs. 

Thinking of buying and selling a home

Call Margaret Rome

 

 Margaret Rome 410-530-2400

 Search All Active Listings

 

Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

Margaret Rome on Zillow

Comment balloon 9 commentsMargaret Rome, Baltimore Maryland • June 06 2017 02:04AM
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