Expert: Dick Dennis - 2/6/2006

Question
I am in the process of selling my home through FSBO. I have some interested parties, one in particular wants to make an offer, but said she'll have to make it contingent on selling her home. Are there any ways to accept her offer with a contingency of my own? One that would allow me to accept a better offer from another potential buyer and release me from the orginal buyer's contract? Any advice you have is much appreciated!

Thanks in advance!

Answer
Yes, Matt. This kind of selling is done all the time in a market that favors the buyer .  .  .  now.

You simply accept her offer to purchase subject to her finding a buyer within X amount of days. Seller retains the right to continue marketing his property. Should seller receive an acceptable offer, buyer shall have 72 hours to remove her contingency. Upon the removal of her contingency she shall advise seller (you) that she is proceeding to buy your property and getting the necessary funding and increasing her earnest money deposit to X amount of dollars or withdrawing her offer and you have the right to enter escrow with your second buyer.

That should cover you all right, Matt. I wish you well.

Dick Dennis    dixiedee13@aol.com