What To Do If A Buyer Has To Sell His House First
Imagine this: Its been a few weeks since you first put out an advertisement on your house. Youve already entertained so many potential buyers; however, no one has yet signified an interest to buy your home. Then, just when you least expect it, you receive word from an agent that their client likes your home and is planning to buy it. Unfortunately, there is a catch: apparently this buyer is part of a chain, and before he can place a deposit on your home, he has to sell his own property first. If youre faced with a situation such as this, what would you do?
There are several courses of action you, as a home seller, can take. However, to protect your interest, it would be advisable to gently advise the buyer that you cannot put your property on hold until he has sold his house. Reassure him, however, that in case your home is still on the market by the time his unit has been sold, nothing would prevent you from transacting business with him.
Most buyers would be willing to present you with contingent offers but it may work to your disadvantage. Once you accept a contingent offer, you will have to advise your...
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