Contingency sale offers are more acceptable

It might be difficult for homebuyers to make a purchase without selling their existing residences, or for sellers to hand over the keys to their home without having located a new place to live. Even though it's less common, offers contingent on the sale of the buyer’s home are more acceptable these days – particularly amongst sellers whose homes have lingered on the market, and they’re relieved to receive an offer. Multiple deals can fall apart if even one party in a contingency arrangement can’t sell or get financing. Several steps can be taken to minimize the risks. Buyer’s and seller’s agents must cooperate, with the seller’s agent determining whether the buyer’s home is likely to move during the specified period, and maybe even helping set the price or stipulate when the asking price must be lowered. To forestall buyers from looking for a better deal, sellers could limit the contingency to 30, 60 or 90 days.