Part 3
Seller Locating Replacement Property Contingency
What? A seller contingency? You mean the seller will only complete the
sale of their home when and if they find the home of their choice? Does
not sound feasible, right? Well, I’ve done it. However, this will not work
without a number of circumstances in play. The seller’s home has to be
fully inspected, (no surprises), marketable, and priced well. Add a
superior marketing campaign, and the result should be several
prospective buyers.
Why You’ll Need Multiple Interested Parties
Many buyers and their representatives will not be able to “get their arms
around” this Seller Contingency idea. Fair enough. The most talented of
seller’s representatives will not be able to make some buyers feel
comfortable waiting for the seller to buy a home. Yet, only those skilled
negotiators will be able to sell the idea to a buyer, and behind the scenes,
the their family, friends and representation.
Buying and Selling Simultaneously with the Same Licensee
Only a skilled licensee can confidently communicate a solid list of actions
needed to complete a home search and two concurrent transactions.
When a serious buyer feels the likelihood of a positive outcome, they’ll
begin negotiations to purchase the seller’s home.
Seller Contingency Price, Terms & Conditions
In a seller contingency, the buyer is moving forward on a purchase and
incurring costs along the way. The buyer needs to be compensated should
the sale not go through. A dollar amount needs to be agreed to upfront.
These sellers are more than willing to cover the buyer’s out-of-pocket
expenses, vs selling their home outright and possibly being financially
locked out of a housing market.
Pat Kapowich,
“Negotiating Smooth Transactions Throughout The South Bay”
SiliconValleyBroker.com
