Yes, some PebbleCreek sellers will accept an offer contingent on the sale of a buyer’s home. However, it can be a challenging situation for both the buyer and the seller, so it is important to understand a little bit about contingent offers in Arizona.
Let’s say that the buyer’s home is not under contract. At that point, the buyer finds their dream house and wants to make a contingent offer on a PebbleCreek home. The PebbleCreek seller will likely evaluate this as a negative situation and may look to the purchase price to compensate for the uncertainty.
After all, in that case, there are actually two contingencies – that the buyer’s home goes under contract AND that it eventually sells in time to close on the home that they want to buy. Not a great situation for the seller and the eventual contingent contract will almost certainly give the seller the opportunity to leave the transaction if another buyer makes a non-contingent offer. (If you find yourself in this situation make sure to discuss it thoroughly with your Realtor.)
More common in PebbleCreek, the buyer has a home that is under contract and well through the process – the inspections completed and the repairs agreed to with any loan activity necessary to close the sale progressing favorably. One example would be a buyer has a home closing and wants to use the cash from that sale to finance the new purchase – and have both the sale and the purchase take place on one day.
In that case, the buyer is presenting an offer with just one home sale contingency – that the original home actually closes as planned. The seller will likely evaluate this situation more favorably than accepting a contingent offer on a home that does not have a buyer, but the opportunity for the seller to accept a non-contingent offer from another buyer will likely be very, very limited.
Most sellers will evaluate each offer on its merits to determine if they can afford to accept a contingency or would be better off waiting for a non-contingent offer. It is important to keep in mind that a home sale that is based on a mortgage also has a contingency… that being that the buyer actually gets the loan. There are no absolutes in real estate! (Again, discuss your specific situation with a Realtor!).
Overall, contingent offers are accepted in PebbleCreek, but if it is possible to make an offer without a contingency there is more likelihood that an offer will be accepted – and when sellers accept contingencies it is not unusual that purchase price compensates for some of that uncertainty.