The "Contingency For Sale Of Other
Property" clause creates some major disadvantages for the
Seller and I can not say that such an offer would be accepted
regardless of whether or not there is another offer on the
Property.
One issue for the Seller, which I am sure you have thought of, is
that the sale of their property could fall through as a result of
matters which they have no influence over.
Also, although the clause allows the Seller to solicit other
offers, the chances of them actually getting one drops
considerably once their Property has a Contract on it.
There are at least two reasons for this.
The first is that if another potential Buyer is considering two
properties and one is already under contract, they will be less
likely to make their offer on the Property where there is already
a Buyer in primary position with the ability to enforce their
Contract by waiving a contingency, as doing so would risk loosing
the other property to another Buyer in the meantime. The second
is that if the listing agent changes the MLS listing from
"Active" to "Contingent", as they should,
other potential Buyers will be less likely to see the Property in
the first place.
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