Accepting an accidental offer in your home can feel like a gamble, but you don’t have to. Whether you are selling your home in Kansas City, Missouri, renting a home in Portland, or renting an apartment in Los Angeles, California, or having a sales contingency with your new home, understanding the offer of conditioning can help you navigate the process of selling your home with confidence.
The short answer to whether you should accept an accidental offer in your home is that it depends. If you don’t have a lot of offers, you’re fine to accept an accidental offer, as there are no actual drawbacks except that it could potentially fall. On the other hand, if your property is attracting considerable attention, it may be wise to refrain from offerings better without the possibility that it will not pass. This Redfin article will help you navigate the confused world of accidental offers so you can make the right choice for you and your home.
In this article:
What is an accidental offer?
What conditioning offers are available?
How often do accidental offers fall?
Should I accept the accidental offer from my home?
Conclusion: Knowledge is power
What is an accidental offer?
An incidental offer is an offer that is passed only if certain conditions are met. If these conditions are not met, the buyer has the option to back out of the contract. Most offers include some contingency, and certain contingencies are particularly popular in the buyer’s marketplace managed by the buyer. In the seller’s market, sellers may have a wealth of offers. One way buyers can highlight offers is to abandon contingency.
What you need to know: An incidental offer is an offer that is only confirmed when certain conditions are met.
What conditioning offers are available?
From home inspections to home sales, there are several types of contingencies, and knowing what to expect when receiving an accidental offer can be confusing. Working with a Redfin real estate agent will help you distill this information and not be able to cause confusion.
Here are some of the different types of contingencies you encounter:
Home inspection contingency: If a home inspection reveals a major issue with the real estate, the buyer will be able to back out of the purchase agreement. If the buyer wants to continue selling, they can request repairs or lower the purchase price. Mortgage Emergency: Give buyers a specific period to obtain a contingency in their housing financing valuation. It is usually used for lender protection. Lenders require an assessment before agreeing to provide mortgage financing. If the home is rated as less than the purchase price, the lender will not lend you money. Buyers can either renegotiate the purchase price or create a larger down payment to cover the differences. Title Contingency: Guarantee that your home has a clean title that is free from liens or intrusiveness. Home Sale Emergency: If the buyer’s home is first sold, the transaction will pass.
Important Point: The most common are many different accidental offers with accidental inspections of a home, but if you encounter them, it is a good idea to become familiar with other types of accidents.
How often do accidental offers fall?
An accidental offer runs the risk of falling. This is a risk to keep in mind if you are choosing to accept an accidental offer, but it does not happen as often as you would like. According to a National Association of Realtors’ Survey in early 2024, only 5% of household sales contracts were fired ended at 13% of sales contracts before they were resolved only with 13% of sales contracts.
Things to remember: An accidental offer can collapse, but it is much more likely to become clear.
Should I accept the accidental offer from my home?
The simple answer is that it depends. Accepting an accidental offer in your home is a personal decision and depends on your expectations regarding the sale of your home. How quickly do you need to sell your home? Do you need money to move to your next property? How much attention has your home been attracted since it’s on the market?
If your home has been listed for several weeks, it is advantageous to accept an accidental offer. Even if the transaction collapses, you don’t have to deal with regaining your property. On the other hand, if you have great interest and multiple offers, the buyer will ensure that the transaction closes without hiccups by choosing an offer that exempts the contingency. Despite the slight risk of an accidental offer posing, accepting the best offer is usually your greatest benefit, even if it has the contingency you are trying to deal with.
In a nutshell, accepting contingent offers depends on what is needed for sales and market conditions. If you weren’t particularly interested, it’s okay to accept an accidental offer. However, if you have multiple offers or a bid war, you can be more selective about whether to accept a conditional offer.
Conclusion: Knowledge is power
Contingent offers are a common part of today’s real estate landscape. They can introduce a bit of uncertainty, but they also present opportunities, especially when slow markets and when buyers are serious, but need time to raise funds or sell current homes. The key to navigating this confusing world is to understand the type of contingency you are dealing with, how it aligns with your goals, and how flexible you have in your timeline.
Before you say yes or no to an incidental offer, weigh the level of interest your home has created, assess the urgency of the sale, and consider the buyer’s financing potential. With a thoughtful approach and guidance from experienced Redfin real estate agents, you can confidently decide whether accepting an accidental offer is the right move for you and your home.
