There are variations in the way the home sales process works from one state to another in the US. Not all home sales are straight forward, and many questions arise in the event of a home sale contingency.

What is a Home Sale Contingency and how does a Home Close Contingency Differ?

From the moment a buyer makes an offer to the seller of a home and that offer is accepted, they enter into a contract known as a purchase and sales agreement. In the agreement all the details of the transaction, including the purchase price, are mentioned. The contract also includes any other special conditions. These conditions are called contingencies and they must be met, otherwise the agreement will be cancelled.

In a Home Sale Contingency, the buyer has made an offer to purchase while still trying to sell their current home.

In a Home Close Contingency, the potential buyer has a purchase contract executed for his home, is waiting to close.

How does a Home Sale Contingency work?

• The buyer has the opportunity to complete their home sale first to prevent from owning two properties simultaneously.
• The seller is protected by the time frame given within the home sale contingency, usually between 30 – 45 days.
• If the time frame is not met the contingency expires.
• A request for an extension can be requested, but not necessarily granted, before the expiration date.
• Depending on the agreement, the seller can continue showing the property and accepting other offers or not show the property until the expiration of the contingency.

The ins and out of a home contingency sale in Illinois can vary. That’s why an experienced REALTOR® can be an invaluable asset. Think of me when you are ready for a smooth and satisfactory home sale.