Contracts
What is a 'contingent offer' and how does it affect Delaware home sellers?
AAn offer from a buyer who doesn't have pre-approval — the seller takes a higher risk
BAn offer conditioned on one or more events occurring — such as the buyer selling their current home, obtaining financing, or satisfactory inspection results; the seller's property is under contract but with conditions that could cause the deal to fall through✓ Correct
CAn offer with a 'contingent' commission structure benefiting the agent
DAn offer that is conditional on the asking price being reduced
Explanation
A contingent offer means the purchase is conditional on specified events. Common contingencies: financing (loan approval), home inspection, appraisal, and sale of buyer's existing home. The seller's property is under contract but exposed to potential fall-through if contingencies aren't satisfied. Sellers may continue to show the property and accept backup offers.
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