In a contingent offer, which factor usually controls the sale?

In a contingent offer, the sale is primarily controlled by the fulfillment of specified conditions. This means that certain requirements must be met for the sale to proceed. For instance, a buyer may include contingencies related to obtaining financing, passing inspections, or selling their existing home. Until these conditions are satisfied, the buyer may have the right to withdraw from the agreement without penalties. This aspect protects the buyer's interests and ensures that critical issues are addressed before finalizing the sale. The nature of these contingencies can vary greatly depending on the specific terms laid out in the contract, but they serve as foundational elements that determine whether the sale will move forward.

In contrast, while the seller’s acceptance is important, it does not control the outcome if the contingencies are not met. The estimated value of the property might influence negotiations but does not dictate the sale's progression in a contingent offer. Similarly, the buyer's financial situation is relevant to their capacity to meet conditions, yet it does not govern the sale as effectively as the specified contingencies outlined in the contract.