lower my price while in contingency?

**dars** · 10-29-2009, 10:02 AM

1. We are selling our house and received and accepted a contingency offer about a month ago. We do have the "continue to market" addition.
2. Since then, we found the perfect place and, smart or not, we offered and the seller accepted a contingency offer from us. They also have the "continue to market" addition.
3. The timing of the 2 contingencies are both until 12/31/2009.

We very much don't want to lose the house we have selected but I have some concerns about our buyer's house selling soon.

Questions -
1. Is it allowable and ethical for us to lower the price on our house in hopes of getting a non-contingent offer?
2. What is a realtor's ethical responsibility related to telling an agent that is requesting a showing that there is a contingent contract on the house (my concern is whether the agent selling the house we want is telling people this while continuing to market)

thanks!

**bentbarrel1** · 12-06-2009, 03:23 PM

I am not a realtor but I delt with this situation in the attempted purchase of our home. First let me say that we got upset when the seller lowered thier price after we agreed to a contigency. That being said you do need to sell your place asap. When we found out that the seller lowered thier price we asked for a release. This could happen to you and then you would have no one set up to purchase your house. We recieved our release the guess what? our house sold and we were able to offer to buy the place 10 thousand less than we first agreed. so to make a long post short yes you could lower your price but you risk the chance of loseing money or a guarnteed buyer. Anyway we never did buy the place due to the title not being clear.

**markbrian** · 12-06-2009, 05:46 PM

Possible answers:
1-You could lower your asking price, but as bentbarrel1 warned it might anger the buyers with the contingency contract. I would not lower the price below what you are under contract for already.

2-The home would show up as Under Contract Right of Refusal or Contingency Contract in my MLS. Not sure how the MLS your agent is a member of would handle this. I would have to talk with the listing agent before showing the home with this type of status to find out the details before showing.