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String of Contingencies |
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I have a contract on a house with a contingency to sell my current house. I also have a contract to sell my house but the buyer insisted on a contingency to sell their existing home. The person selling the house to me says he is unwilling to search for a home until the contingency in his contract and the contingency on my contract are removed.
Isn't it normal to have multiple contracts with home sale contingencies in a string? I thought most people have to sell their home in order to afford a new home. |
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It's not really your worry, whether the person you're buying from is house-hunting or not. That's his business. He may feel he'll be able to make a stronger offer if he doesn't have to include a contingency in his proposal.
As for a string of contingencies -- if they go far down enough, my husband the Realtor says that it's been known to happen that the agent who's waiting for all those commissions sometimes buys the last house in the chain, just to set things going. By the time there are several lined up, the last one is usually not too expensive! |
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Edith
Originally published on April 25, 2008 |
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