What must the listing agent verify when a buyer submits a contingent offer?

What must the listing agent verify when a buyer submits a contingent offer?

• A. The buyer's financial background
• B. The seller's current home condition
• C. The buyer's existing home sale status
• D. The closing costs for the new home

Answer: (C)

When a buyer submits a contingent offer, it is essential for the listing agent to verify the buyer's existing home sale status. A contingent offer usually hinges on the condition that the buyer's current property must be sold before they can finalize the purchase of the new home. This ensures that the buyer has the necessary funds available and is capable of moving forward with the transaction. Verifying the sale status helps in assessing the feasibility of the buyer's offer and protects the seller’s interests by ensuring that the deal has a realistic chance of proceeding. The other considerations, while important in the broader context of real estate transactions, do not specifically address the critical factors surrounding a contingent offer. Understanding the specific status of the buyer's existing home sale provides crucial insights into potential timelines and obligations, thereby facilitating smoother negotiations and expectations between parties involved in real estate transactions.

When a buyer submits a contingent offer, it is essential for the listing agent to verify the buyer's existing home sale status. A contingent offer usually hinges on the condition that the buyer's current property must be sold before they can finalize the purchase of the new home. This ensures that the buyer has the necessary funds available and is capable of moving forward with the transaction. Verifying the sale status helps in assessing the feasibility of the buyer's offer and protects the seller’s interests by ensuring that the deal has a realistic chance of proceeding.

The other considerations, while important in the broader context of real estate transactions, do not specifically address the critical factors surrounding a contingent offer. Understanding the specific status of the buyer's existing home sale provides crucial insights into potential timelines and obligations, thereby facilitating smoother negotiations and expectations between parties involved in real estate transactions.