Your house is up for sale in the market for quite a time already. You have entertained a few inquiries but nothing serious or concrete has so far materialized. You are therefore pleased to hear from an agent that they have a client who expressed serious interest in buying your house. Unfortunately, there is a catch: apparently this buyer is part of a chain, and before he can place a deposit on your home, he has to sell his own property first. Because you really need to sell your house, what are your options?

You have three options – agree, disagree or make your own compromise offer. In any case, you have to make it clear that you cannot agree to your house being tied up in an agreement that will prevent you from looking for other buyers. Reassure him, however, that in case your home is still on the market by the time his unit has been sold, nothing would prevent you from transacting business with him.

Most buyers would be willing to present you with contingent offers but it may work to your disadvantage. You are obligated to notify your agent and any interested persons of any agreement you may have entered into. That agreement will serve as a hedge for both agents and buyers who may be seriously entertaining thoughts of buying your house. It would deter further negotiations with buyers who may think it futile to pursue talks over a house that may turn out to be unavailable.

Serious buyers who have urgent needs of buying a house will not give yours a second thought knowing that the claimant may yet be able to perform his obligation. There is no sense in biding their time when they can look for other options in the real estate market.

In the event that you agree to a contingent offer, it is not advisable to close the door on the other buyers. Remember that you are unsure of the buyer’s capability to make good on his promise. In fairness to other buyers however, you have to advise them of the existing agreement. It is up to the other buyer to decide whether or not he will pursue negotiations for your house on the assumption that the prior deal will not push through.

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