Offer on residence advise

[Dave Myers]

Hi BPer's!

I had my personal residence on the market for a day and have been presented with a full price offer.   Unfortunately, the offer is contingent upon the sale of the buyers home.   My question is whether or not it makes sense to accept the offer?  If I did, what should be connected to the acceptance?

Here's what I know:

- Buyer to supply lender pre-approval letter w/in 24 hours after offer acceptance.

- Buyer has 30 day contingency clause for getting loan and they want to keep the $500 earnest money if they don't get the loan

- Buyer want 12 days to have inspections completed

I don't know the condition of the buyers' house or their asking price, etc.  If they're not realistic in terms of their pricing, etc, they could be sitting on their home for a while. Since they have a home sale contingency in play I'm not certain what is considered "typical". Any advice is greatly appreciated.

Dave