How is a contingent offer different from a non-contingent one?
What’s the difference between a contingent and a non-contingent offer? Understanding these two types of offers is more relevant now than ever since we’re in such a tough market for buyers.
A contingent offer means that to purchase a home, you need to sell your current one first. This usually happens when a buyer needs the funds from the home sale for their purchase. On the other hand, a non-contingent offer means you don’t need to wait to sell another home to purchase a new one. It’s usually more attractive to sellers since they often make a more straightforward and smoother closing process.
There’s a high chance that your contingent offer will be rejected for a non-contingent one.
Currently, the real estate market is hot, and most homes are going under contract with multiple offers. If you make a contingent offer on a home now, there will likely be non-contingent offers competing with yours. Unless you’re planning to offer the highest bid, your contingent offer will probably be rejected for a non-contingent one.
However, making a non-contingent offer in the current market is not a hopeless case. Don’t give up yet. I have several strategies I suggest to my buyers to make their offers stand out and win their dream home. If you’re considering taking advantage of today’s market and want to learn more about how I can help you craft a winning offer, don’t hesitate to call or email me. I’ll be happy to help!