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Real Estate Contracts >Contingency Contracts
Buyers walk into your home in your area and fall in love with it. There is one problem--they will have to sell their home before they can buy yours. Their offer contains a contingency clause which makes the purchase dependent upon selling their present home. Should you accept such an offer?
Your decision should be based on several factors. Is their home being professionally marketed at this time, or are they trying to sell it themselves (a risky proposition!)? How long has it been on the market? Is it overpriced? If the house doesn't sell, can the buyers take out a bridge loan or make other arrangements to get to the closing table? How important is timing for you? Will the buyers agree to let you continue marketing your home and accept a non-contingent contract (and void theirs) if their house does not sell? Contingent contracts often work out well, but you need the help of a professional to weigh the pros and cons.
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| Q |
What does the abbreviation PITI stand for?
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| A |
Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. |
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The West Team
Emory Hill Residential Real Estate
10 Corporate Circle, Suite 301
New Castle, DE. 19720
Phone: 302-221-7300
Fax: 302-221-7301
Email: buddyandbetsy@NUMBER1EXPERT.com
We are seasoned Realtors recognized and respected locally and
nationally. We bring the breadth and depth of our experience, expertise and personal commitment to our clients every day. The families that we serve say that our greatest strengths are our negotiating and marketing skills. Our clients also thank us for our availability, accountability and tenacity in problem solving. We are proud of the fact that we have never placed personal interests above those of our clients.   
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