Contingent Offers

Most home buyers have an existing home to sell before they can close on their new home. This isn't unusual, but right now some people are worried about how long their house will take to sell and at what price. This makes them worried about committing to a new house before their existing house sells. To mitigate the risk of being stuck with two houses or forfeiting earnest money, buyers can submit a contingent offer, meaning the closing of their new home is contingent upon the successful sale and closing of their existing home.  However, many builders do not accept contingent offers, or if they do, they require non-refundable earnest money. 

Riverwood Homes encourages buyers to enter a contingent contract while you wait for your home to sell. We will give you a free 30-day look without putting any earnest money at risk. If your house hasn't sold within 30 days, you can cancel the contract and get all of your earnest money back. More often than not, people are able to sell their house within the 30-day period. 

If you've been waiting to buy a new house but are nervous about first selling your current home, please consider a contingent offer, and rest easy knowing you won't lose your earnest money!