Contingent offers – how do YOU feel about them?
My $300,000 listing has been on the 2 months and continues to get a steady stream of showings. I always get positive feedback. One Realtor said her Buyer loved the property, but it was his first day shopping, so he still wanted to look. Another Realtor’s Buyer loved the property, but his wife was too ill to see it – I am still waiting for them to return. Another Realtor’s clients loved the property, but it was at the top of their price range and they were not sure if they could forgo an in-ground pool – there’s certainly room to build one, but they likely won’t have the money to do so. 
I have received NO poor feedback and no complaint on price.
We received an offer Saturday contingent upon the Buyer’s out-of-town home selling. The offer is almost full price and financing seems solid. Buyers did not ask for closing costs and asked for a small amount in repairs.
The Buyer is suppose to list her property with a Realtor tomorrow. I requested a copy of the listing agreement and Realtor’s MLS data, so that I could see the selling compensation offered. I also asked for a CMA.
Before I presented the offer to my Sellers, I mulled over why I tend to not show contingent properties. I couldn’t come up with a rational reason, but the truth is, if my search brings up multiple properties, I will skip the one with a contingency.
I mentioned this to two other Realtors and they both said they do the same thing, but none of us can come up with a reason why we tend to skip over properties that have a contingency.
Fortunately, I know a Realtor in the town where the property is. As soon as I get a copy of the listing, I’m going to ask her to visit the property and let me know if she thinks it is priced to sell and get her opinion of how long it will take to sell.
Since we received the offer (which we are still negotiating), the property has been shown twice. The steady stream of showings still amazes me. It's a unique property and absolutely beautiful.
When I called my Seller today with a counter, she asked my opinion of rejecting the contingent offer and let the Buyers come back and make another offer after their property sold. I told her that we could lock the Buyers in at a known price with their contingent offer, but if their home was still on the market two months from now after the Buyer's home sold, they would most likely make a much lower offer at that time.
So, lock the almost full-price offer now with a contingency and risk missing a few showings or reject the contingent offer?
Do you have a tendency to skip over contingent listings, and if so, why?
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If you're looking for homes for sale in Midtown Tulsa, OK or just need more information on Midtown Tulsa Real Estate, please call 918-852-5036 or visit my primary website at www.loricain.com. While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!
Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
