selling house, buyer contingency clause

[kk1]

Hi everyone!

So I put my house on the market starting last friday. There was a buyer that saw the house over the weekend, supposedly loved it, made an offer with contingency clause but she hasn't even put her own house on the market.

I read about the kick out clause but I am concerned that I am scaring off potential buyers if I have my house status as active contingent. Is there any other way or suggestions from this community?

Research: The offer was good and shows that she will put 20% down and finance the rest on 30 year loan. I did some research she is a teacher but in grad school with some program that she is doing with school district. Buyer agent doesn't seem to have too much experience but my agent has a lot of experience and is willing to help seller agent to get this deal push though...

Thanks~~

[bacchi]

Never take the first suitor.

Or, if you do, have a time limit. You don't want to wait 6 months for the potential buyer's house to sell.

[fishnfool]

I wouldn't accept a contingency on her house selling if she doesn't even have it listed for sale. But it depends on how quickly you want to have your house sold? If you're not in a big hurry and you like the offer its your call.

[Another Reader]

In your shoes, I would not accept a contingent offer with no sale of the buyer's house on the horizon.  If the buyer's house were in escrow and there were no other offers on the table, I might consider it.  Not in this case.  This is not a buyer.  This is a dreamer.

Your agent is supposed to represent you.  Why would s/he recommend accepting this offer?  Is the price too high?  Is there something wrong with the house?  Is your market extremely slow and nothing is selling?  Otherwise, the recommendation makes no sense.  The buyer can keep your property tied up for months and then just walk away.

[kk1]

Thank you all. I ended up with a 2nd offer. Yes 1st offer was a dreamer because she didn't even have her act together to get her house on the market when the buyer agent said she was going to put the house on the market.

I accepted the 2nd offer although not full price but much better than the 1st one. Let's see how it goes with the inspection and whatever.

Thanks!!!