Is Contingency Clause a Good Idea in Stockton?

 

While trying to sell your wonderful Stockton home, you might have come across a phrase you didn’t know- Contingency Clause. These can mean a lot when constantly chanting “sell my house in Stockton”, so you should probably have a basic understanding of what a contingency clause is, and how to use it to the best of your ability. After all, you want to make good money for your house! Here’s the basics on contingency clauses, and whether they’re what you need to sell your house.

Definitions

A contingency clause is part of a contract you might make when you sell a house. It states that if the seller or buyer agrees to do something, they need to do it- and if they do it, they’re definitely going to buy the house. An example of this would be if your contingency clause was that the buyer needed to find their loan in thirty days, with a 6% interest rate- if the buyer did that, they’d have to legally buy the house. If the buyer didn’t follow through with that clause, they’d be free to look at other housing prospects. It doesn’t always work in your favor, though. A contingency clause might also state that the potential buyer has to actually sell their home before they’re willing to buy yours, and that means that your house is under contract, but not sold, until the buyer can come up with a contract on their house.

Should You Use Contingency Clauses?

Whether or not contingent clauses are right for you really depends on what you want from your home. If you’re looking to get lots of different offers, and keep everything open and on the table while the house is on the market, you might want to shy away from drawing up a contract with your buyer- after all, some buyers will walk away from a house if it’s already under contract. On the other hand, though, it’s a legally binding agreement- if the buyer fulfills the contract, they have to buy your house. So really, it’s a question of what you’re seeking from your house- to get it sold quickly, or to get lots of money for it. 

If you’re dealing with a contingency clause situation, know this – we buy houses in Stockton. The best part? We buy houses for Stockton in cash, and we can help you close in as little as seven days. While a contingency clause might seem like a good idea at the outset, the reality is that it can be incredibly problematic if you need to get out of your house quickly. To get your fast, free offer, contact us today!