Make that Three Times

Once upon a time, I used to tell prospective Sellers that the Comparative Market Analysis (“CMA”) I was about to do would be repeated two more times.

First, by the Buyer’s Realtor, trying to advise their client what to offer (and ultimately, to expect to pay).

And second, by the appraiser dispatched by whichever lender the Buyer was getting a mortgage from (unless they were paying cash — not very common).

Contingent Offer Comeback

Now, make that three times.

Who’s going to do the third CMA?

The listing agent on whichever house the Seller is interested in buying, if they’re making a contingent offer.

Coming back in vogue, such offers are dependent upon (contingent on) the Buyer first selling their current home (called “the backup home”) within a prescribed period of time — usually 3 months or less.

To intelligently advise their client, the listing agent needs to check out the prospective Buyer’s home and see if it is indeed likely to sell before the Buyer’s contingency expires.

Got all that?!?

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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