contingent real estate sale

  1. Georzetta profile image81
    Georzettaposted 6 years ago

    Some folks want to purchase some land from me contingent on the sale of their house. Currently, I don't have a real estate agent so I'm wondering how much I should ask for as good-faith money.

    They would want me to hold this land during the time of the year when there are many people looking and buying.

    If it goes through, I will speak to a lawyer before signing anything but I'm wondering how much one can ask for to sit on property like this.  Would 10% of the total value be too much?


    1. wilderness profile image96
      wildernessposted 6 years ago in reply to this

      It could be too much for them to handle - they may have little cash until the house is sold.

      Also of concern is how long do they have?  If the selling season is over before they make a decision you may have lost a good bit of money.  Is the money refundable to them?  How sure are they of the house sale?  Would a non-refundable purchase option be OK with them?

      When I bought land to build on I already had a signed house sale contract in hand that was contingent on buyer finance and I was pretty confident that would go through.