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Talk To Me About Kick Outs

 

But I have a house to sell before I can buy! So what do I do? 

I want to buy! I have to sell ! I need some help!

 

I have talked about a reverse contingency. 

 

Now we are going to talk about a Kick Out Contingency.

 

This is also known as a contingent contract with a kick out clause. What does that mean?     

     The house shows up in the  MLS (multiple listing system) ' CONT/KO'  (Contract /Kick Out). 

 

Contingent clauses

contingent contract

 

 

 Kickout Addendum

 kick out

 

The house can still be marketed and shown to other buyers and should there be another offer without a contingency, the first buyer is given a time limit to remove the contingency. If they cannot provide proof that they can move forward with the contract, the second buyer can proceed with the purchase... in other words...they "kick out" the first one.

          Under Contract with a kick out..

Sold Or Is It?

 

Any questions about selling a home..

Call Margaret Rome

  

Margaret Rome

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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

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Comment balloon 9 commentsMargaret Rome, Baltimore Maryland • June 12 2018 03:04AM

Comments

Good morning Margaret. Used to be much more popular than in our current market. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 1 month ago

Good morning, Margaret Rome, Baltimore Maryland any home contingency is an "empty bag" until that contingency is removed.... I was never in favor of muckying the water with that language....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) about 1 month ago

Good morning Margaret. This is very informative and good for buyers and sellers to understand.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 1 month ago

Wayne Martin You are right. And always good to see you.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

Barbara Todaro Sometimes to get a deal done there has to be some  "...muckying the water with that language.... '

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

Sheila Anderson The important thing is that they understand. As Barbara Todaro  we don't want too much of the  '' ....muckying the water '' 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

When I did accept a cintigency contract, which was rare, I always did a 24 hour kick out clause and it didn't need to be in writing only for notice.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) about 1 month ago

In cases where my buyers have wanted to buy a house, but haven't sold a house, I have often suggested bridge loans.  It has worked well, especially if the market is especially slow moving.  In our current market, where things sell rapidly, contingencies can work.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 1 month ago

Margaret interesting that just this morning I got a draft of the new proposed contingency addendum for this subject. They wanted our feedback on it before it goes live in a few months. I put in my two cents. I only found one change I thought needed to be made - we'll see if the attorney's agree.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) about 1 month ago

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