Blog Stories Mission Impossible

Mission Impossible

By Drew Burchette, May 4, 2018

Pulling off a contingent sale* is always a challenge. It is not impossible, but it is really tough to get a contingent offer accepted on a hot property when there are other buyers in the mix. In this situation, my clients (the buyers) had a double contingency and one of the properties wasn’t even on the market yet!

Adrianne & Gino (+ 2 kids) were selling their house in SE Portland and searching for a home in West Linn to share with their parents. We had been searching semi-casually in the weeks leading up to the listing of the SE property with the thought that if the perfect property came along, they’d jump on it. Then in late March it happened, the perfect house: perfect layout, perfect yard and a Mt. Hood view to boot. The offer was contingent on the sale of the SE house (that was listing in a few days) AND the successful closing of a home equity loan on the Grandparents house. It was a lot to ask of the seller to begin with… then the other offer came in.

My clients upped the ante by a good bit on the sale price. That wasn’t enough; they had to release the earnest money** and make it non-refundable after the home inspection. Everyone grit their teeth a little and signed the contract. It was a lot of risk for all parties involved, but everyone was on board with the plan.

Long story sort…all of the contingences were cleared in good time and we tripped & stumbled our way towards closing. At the end of the day, the sellers got a great price and the buying family got a house that was perfect for their unique needs. Were there some sleepless nights? Yes! Was it worth it? Absolutely! But in the moment, it all seemed a little insane.

*in broad terms, a ‘contingent sale’ means that the buyer need the proceeds from the sale of their current home for the down payment of their new home. It adds many layers of complexity and risk to all sides of a transaction.

**the earnest money is the buyer deposit and in most cases it is refundable in the event of a sale fail. By releasing it, the buyers are letting go of all the contingencies that protect those funds in the transaction. For example, if one of the buyers lost their job a week before closing then that money would go to the sellers. Under normal circumstances it would have gone back to the buyer under the financing contingency.

Drew Burchette

Principal Broker

I arrived in the real estate business over a decade ago and have since helped scores of people buy and sell their homes. The groundswell that I created in my practice is rooted in the relationships that I have nurtured over the years. My style is educational, and I see myself as the coach and leader of your real estate transaction. My coaching is geared towards empowering you to make informed decisions that will lead to your best possible outcome. I excel at asking the questions that get to the heart of the matter which in turn enables a smooth sale process. Away from the office I am passionate about so many things, but it all begins and ends with my family. My boys are both in elementary school and parenting is an ongoing challenge and joy for my wife and I. We love to travel around Oregon, the East Coast, Mexico and beyond. My passion for surfing, kiteboarding, and fishing help to keep me grounded in life. Read more reviews
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