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Real Estate Contracts >Contingency Sale

Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.

The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.

Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.

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Q	What real estate term was first used in the 19th century and means "a high-flying flag on a ship"?
A	Skyscraper was first used in the 1880s when office buildings of 10 stories or more were built in Chicago and New York.
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Chantel Ray Real Estate Team, REALTORŽ, real estate agents and broker for Virginia Beach, Chesapeake and Norfolk Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Chantel Ray Real Estate Team
William E. Wood and Associates
195 S. Rosemont Road, Suite 109
Virginia Beach, VA. 23452
(757) 497-8733
(757) 717-1003
Fax: (757) 473-0187
Email: chantelray@NUMBER1EXPERT.com
A mathematics graduate of Virginia Weslyan College, Chantel taught at Cox high school for several years. She has served as a childrens minister and Youth minister. The Chantel Ray Real Estate Team has sold on average 6 million dollars in real estate every 3 months! Chantel resides in Virginia Beach with her husband of three years and their dog Mango. Chantel's most recent accomplishment is completing her EPro Certification. She is currently working on her GRI which is nearly complete.

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