Conditional offers are common in real estate transactions. They are an agreement between two parties that an offer will be made if specific conditions are met. Typically this happens when the buyers are waiting for something to get done such as a home inspection. A conditional offer protects the buyers from having to go through with a property that has serious issues.
If you plan on selling your Las Vegas property in the near future, it’s important to be aware of the different offers you might get on your house. A conditional offer is one of them, and it’s common. Let’s learn more.
What Is a Conditional Offer?
A conditional offer is also known as a contingent offer. The buyers make this type of offer to the sellers with one or more contingency that needs to be met for the sale to go through. Both the buyer and the seller must agree to the conditions. If the condition is not met within the agreed upon time frame, the contract is no longer valid.
Some common examples of contingencies in real estate are:
- Sale of an existing home
- Passing a home inspection
- Completion of home repairs
- Approval of financing
- Appraisal contingency
Are Conditional Offers Worth Accepting?
Conditional offers are usually not as attractive to sellers because the real estate transaction will not go through if the conditions are not met. If you are presented with a conditional offer, it will be your choice if you want to accept it or not. If you don’t have other options and are presented with a conditional offer, it might make sense to accept it.
However, if you have other options, you’ll probably want to consider those first. You can also include a ‘kick-out clause’ that allows you to continue marketing your Las Vegas property. This way, you can still accept other, more attractive offers, even after you’ve accepted a conditional offer.
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