If memory serves …
I was marketing a house in Albemarle County. We received an offer which my clients accepted, but it was contingent on the sale of that buyer’s house. Another offer came in, and my sellers “kicked out”* the first contract to accept the second contract. Fast forward to 2011 …
We bought a house from some of your clients about 5 years ago, the (removed), at (removed)., Charlottesville, 22902. We have loved the house, but have had to move this summer for work, so it is currently on the market, with no luck as of yet. We did remember that there was a kickout clause on the house when we made our offer.
We were wondering if you would contact the potential buyers with the clause or their agent on the off chance that they might still be interested. The market is not great currently so the price of the house is much lower than they offered way back then, so if they were interested it would be a better deal for them now. Obviously, if they do not have an agent you could be their agent, but if they do, and actually purchase the house, we could figure out some sort of finders fee for you.
I can’t advertise their house as it’s not my listing, but if you’re interested in a nice house under $250k in eastern Albemarle on a couple acres, I know a good one.
What’s a Kick out Clause?
It’s a clause that is used when a seller receives an offer that is contingent on something, typically something other than financing or a home inspection, such as a home sale contingency. The seller accepts the offer, but reserves the right to kick out the first offer should they receive a better, non-contingent offer. Should the seller receive another offer he wants to accept, he grants the first purchaser a certain timeframe to remove all of their contingencies or terminate the contract.
It’s a useful clause in this or any market.
Interested in Learning More?
Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
Dig Deeper
First Time Home Sellers in Charlottesville – What’s It like to Sell a Home?
Never sold a home in Charlottesville before? We'll get there. Selling is disruptive and invasive by nature — strangers walking through your home, your life scheduled around showings. My job is to represent and guide you through all of it. tl;dr of what follows: We'll…
Nest Seller’s Advantage
Sometimes, you need to make updates to your home before you sell. Sometimes, you might want to use someone else's money to do that. Posting this as a) I think it could be a good option for some, and b) it's often more efficient for…
Sellers’ Anchors to Higher Prices
Sellers naturally think a lot of their houses -- it's their home, where they've made memories, raised kids and/or pets (or themselves). The hard part is telling a seller client that their product is not worth what they thought it was, whether I'm representing the…
Artificial Housing Inventory in Charlottesville
I'm guilty of this, too. For houses that come on the market in Charlottesville and the Charlottesville area, what I'm seeing is this Home is listed as a Coming Soon on Monday/Tuesday so that we Realtors can tee up our buyers. House is activated on…