How to Get a Contingent Offer Accepted

Although contingent offers are more common in today’s market, there are a few things you have to do in order to make sure your offer is accepted. 

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Although we talked about how to get a contingent offer accepted a long time ago, it’s still prevalent in today’s market. Since home prices have increased so much in the last few years here in Southern California, contingent offers are being accepted more often.

First of all, it’s incredibly important that you are ready to go. If the seller is going to accept your offer, they don’t want to sit around for a month waiting for you to prepare your home for the market. Your home has to be ready to go on the market immediately. You also need your pre-approval letter and down payment ready to go if you want your contingent offer to be accepted.

You should also keep in mind that you may have to pay a bit of a premium when you make a contingent offer, especially if there are multiple offers on the home. After all, you’re asking the seller to take their home off the market for an extended period of time in a seller’s market. The seller most likely won’t want to do that unless they know they will get something in return, so don’t be surprised if you end up paying a little more for the home.

Your current home needs to be ready to go on the market immediately.

Since your offer is contingent on your ability to sell your current home, you will have protective measures in place. For example, the property is contingent on a concurrent close of escrow. That is an important clause to have in your contract because if some act of God happens and your replacement home is suddenly unavailable, you will not end up on the street. The concurrent escrow clause is necessary to be able to close on your replacement property.

The bottom line is that you can still buy a home with a contingency in today’s market, but you have to be smart about it. Make sure you work with the right real estate agent to guide you through this process.

If you have any other questions about contingent offers or about our current real estate market, give us a call or send us an email. We would be happy to help you!