Eliminating Stringent Contingencies: How to Make a Contingent Offer Stronger
Is it an understatement to say that buying a house can be a complicated process? And that’s long before buyers even start thinking about steps like making a contingent offer.
From the moment you make the decision to find a new home, you’re navigating a juggling act of strategy, timing, and luck. Choosing a qualified agent and searching for the perfect home in terms of ideal size, location, price, and condition can already feel like a journey, but making an offer on a property is when the challenge really begins.
Making a competitive offer on your dream home is as important as ever, even when the nation is slowly shifting toward a buyer’s market. Buyers still need to come prepared with enticing offers and the capacity to quickly follow through, and nothing can sideline an otherwise stable deal like tricky contingencies.
We’ll review what a contingent offer is and run through a common contingency scenario with the help of Marc Lagrois, a real estate agent based in Rochester Hills, Michigan. We’ll explore what buyers can do to help strengthen a contingent offer and secure a spot at the closing table.
What is a contingent offer?
As the term implies, a contingent offer proposes a deal that can only be brought to fruition if certain conditions are met. Because the stakes are high when it comes to property transactions, contingencies are written into the purchase agreement, and in most cases, action must be taken toward satisfying those contingencies within a certain time frame.
Contingencies can range from the relatively minor or otherwise workable — like requesting a $3,000 allowance to fix a plumbing issue that was revealed during inspection — to more serious stipulations, such as a buyer needing to sell their existing house before closing on the next.
