Rethinking the contingent sale

What with the market the way it is these days, I have seen an increasing number of contingent sales in my market as I am sure some of you have as well.  As a matter of fact, my MLS statics tell me that 13% of the sales in Clatsop county are actually in this position. An article in NAR's trade magazine stated last month that 8 out of 10 buyers need to sell before they buy. So what happens to the Seller and to us when we accept an offer with this contingency? I must confess that when I have seen a house with a contingent sale on it in the past I have written it off as sold.

As I now find myself in the postion of having a house tied up with a contingent sale for the first time ever in my 34 year career,  (I have no idea how I have managed to ellude this scenario) I have a new outlook upon the home with a contingent sale. As a matter of fact, it went under contract to the 1st person that looked at it. I know I am not alone when I say we have not had any inquiries since it went contingent.

Think about this:

If the home had a short period of time on the market and got immediately swept up, just what was so great about that particular property that the buyer liked. Was it the price? The ammenities? It was something. Especially with the amount of homes buyers have to choose from these days.

This experience has taught me a valuable lesson. I will never again write off the homes with the contingent sale. As a matter of fact, I will make it a point to more closely look at those homes as they are probably the best deals out there.