Recently some clients of mine made an offer on a new 2 bedroom condo in the Sheridan Park neighborhood of the Uptown area of Chicago. Sheridan Park is bordered by Lawrence and Montrose on the north and south and Broadway and Clark on the east and west.
The offer was contingent on the buyers selling their 1 bedroom condo in the Lakeview area. The developer would accept a contingency based on the buyers getting a contract for their condo, but wouldn’t agree to accept the offer contingent on them selling their condo. I explained to the listing agent that no buyer in their right mind would agree to such a contingency. If the buyers got a contract on their current condo, but weren’t able to close the sale before the close for the new condo, they would lose their earnest money. My buyers wisely passed on the developer’s counteroffer. No home is worth that kind of risk.
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