For sellers, this means patience in the form of waiting days, weeks or even a month or two to find a buyer for your house.
Did that make you gasp? Spew your coffee? Yes! Contingent offers will be making a comeback. If your house is going to take longer to sell, and you don’t want to be homeless when it does sell, you might be inclined to make an offer to purchase your replacement home based on the likelihood that your home will sell, eventually.
The tricky thing about contingent offers is that you have to come up with a reasonable, mutually agreeable time frame for you to find a buyer for your house, negotiate the price and terms and open escrow. The CAR form for a contingency sale has “17 days” written into the contract, but conveniently offers “or ” in case 17 days is too many or too few.
And if the buyer of your house is submitting an offer contingent on the sale of their house, you’d better get out your calendar. This will mean working out timing and logistics – such as how long everyone has to get their house in escrow, how long each of the escrow periods will be, how long it will take to flow the money from one escrow to the next, and how many days each of the occupants have to get their personal property moved out. Whew.
Leslie Sargent Eskildsen is an agent with RealtyOne Group West and a member of the California Association of Realtors’ board of directors. She can be reached at 949-678-3373 or
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