Oh the thrill of checking your email to find an offer for your listing! Only to find that it has a Contingency for the Sale of Other Property…
While this isn’t ideal you can help your client (or perhaps yourself!) make good choices by being familiar with how this contingency works and your options going forward.
First of all, do you accept?
Here are a few items I like to consider:
Is the other property on the market? If it’s not even listed yet I might be hesitant to accept.
If listed, is it priced appropriately to get an offer asap? If not, I might discuss with buyer’s agent to find out if they are open to dropping price on the listing. Continue reading “Technical Talk: Dealing with Offers Contingent on the Sale of Other Property”
One of the advantages of being an investor with a real estate license is the ability to list our own properties. This give us the opportunity for significant savings on the listing side but what about when a buyer is unrepresented… the savings can get even more substantial! But, in these cases, even more diligence is required due to the increased risks. It’s important in these cases that we follow certain procedures to protect yourself!
First, as a reminder, even when there is a buyer’s agent you must do the following to ensure that the transaction will be covered under your Errors & Omissions insurance when you are listing a property you own:
1. Seller/Agent must disclose, in writing, their status as a licensed real estate agent. You should put this disclosure on the MLS listing in agent remarks AND in Section 4 of the TREC 1-4 Resale Contract. Continue reading “Technical Talk: Listing Agent & Unrepresented Buyers”