Thinking about buying in Crest Hill but need to sell your current home first? Or maybe you just received an offer with a home-sale contingency and you are weighing the risks. You are not alone. Many buyers and sellers in our area use contingencies to time two moves smoothly without taking on extra financial stress.
In this guide, you will learn how home-sale contingencies work in Illinois, common timelines in Crest Hill, what a kick-out clause means, and smart ways to negotiate. You will leave with clear steps to protect your goals and keep your move on track. Let’s dive in.
Home-sale contingency basics
A contingency is a contract condition that must be satisfied or waived before closing. A home-sale contingency ties the buyer’s purchase to the sale, and usually the closing, of the buyer’s current property. If that sale does not happen on time, the buyer can typically cancel without penalty under the terms of the contingency.
You may also see other standard protections alongside a home-sale contingency:
- Inspection contingency for property condition.
- Financing or mortgage contingency for loan approval.
- Appraisal contingency, often aligned with the lender process.
- Title and association document review contingencies when applicable.
How it works in Crest Hill
Most Illinois residential deals use standardized contract forms prepared by REALTORS or attorneys. Your agent can insert specific contingency language and dates so everyone understands the steps and deadlines. In active markets around Crest Hill, sellers often require a “kick-out” or “release” clause so they can keep marketing the home.
Here are common timing windows you will see in our area:
- Inspection: about 7 to 10 calendar days after contract.
- Financing and appraisal: often 21 to 45 days, depending on lender pace.
- Home-sale contingency period: typically 14 to 90+ days. Shorter windows of 14 to 30 days fit buyers already under contract on their home. Thirty to 60 days is common when you still need to list. Longer than 60 days is less attractive to sellers.
- Kick-out response time: usually 24 to 72 hours for the contingent buyer to remove the contingency if the seller receives another acceptable offer. In competitive conditions, 48 to 72 hours is common.
- After contingency removal, closings in Illinois often occur 30 to 45 days later when financing is involved.
Local details matter. Will County title and recording run on normal timelines, but title issues can add time. Seasonality also plays a role, since Crest Hill typically sees more inventory in spring and summer. Your strategy should match current supply, demand, and days on market.
Buyer pros and cons
Using a home-sale contingency can make your move safer, but it changes your negotiating position.
- Advantages:
- Reduces the risk of owning two homes at once.
- Lets you rely on your sale proceeds for the down payment.
- Risks:
- Less competitive in multiple-offer situations. Sellers may prefer a non-contingent buyer or insist on a kick-out clause.
- Timeline pressure. If your home does not sell in time, you could lose the property you want.
- You might feel pressure to waive later protections, like appraisal, which increases financial risk.
Seller pros and cons
Accepting a contingent offer can work in the right conditions, but it ties up time.
- Advantages:
- Useful if activity is slower or current offers are weak.
- Can still close successfully when the buyer has a realistic plan and an active listing.
- Risks:
- Market risk if a stronger, non-contingent buyer appears later.
- Time and carrying costs for mortgage, taxes, and utilities while you wait.
- Opportunity cost while under contract with a contingent buyer.
Smart negotiation levers
Small adjustments can make or break a contingent deal. Use these levers to balance risk and keep momentum.
If you are a buyer
- Prepare evidence upfront:
- List your home before writing the offer. Price it realistically and share proof of listing.
- Provide recent comparable sales, a pre-inspection report, or photos that show your home is market ready.
- Share your lender pre-qualification or conditional approval with an estimated timeline.
- Tighten the terms:
- Offer a shorter contingency window when feasible, such as 14 to 30 days.
- Agree to a reasonable kick-out response time, such as 48 hours.
- Sweeten the deal:
- Increase earnest money held in escrow. Consider making a portion nonrefundable after you remove the contingency.
- Be flexible on the seller’s preferred closing date. Offer a rent-back if the seller needs time after closing.
- Explore alternatives:
- Consider bridge financing or a HELOC to remove the home-sale contingency. These options have costs and qualification requirements.
If you are a seller
- Ask for a kick-out clause so you can continue marketing and accept backup offers. Set a short response period for the buyer to remove the contingency.
- Require documentation that shows the buyer’s home is truly market ready, such as the listing agreement and proof of showings.
- Negotiate earnest money. Consider staged deposits and nonrefundable portions after the contingency is removed.
- Weigh carrying costs against price and timing. Backup offers can reduce risk while working with a contingent buyer.
Example clause structure
Below is a plain-language example to show how the pieces fit together. For actual contract drafting, talk with your agent and a local real estate attorney.
“This offer is contingent upon Buyer’s present property at [address] being under contract and closing on or before [date]. Buyer agrees to use best efforts to list and sell the property promptly and will notify Seller when the property is under contract. Seller may continue to market the property. If Seller receives another offer, Buyer will have 48 hours after written notice to remove this contingency or this contract may be canceled by Seller.”
Timeline scenarios that work
Every deal is different, but these examples can help you plan.
If your home is already under contract
- Days 1 to 10: Complete inspection on the new home and deliver any repair requests.
- Days 1 to 21: Lender orders appraisal and processes your loan.
- Contingency window: 14 to 30 days for your current home to close.
- Kick-out period: If the seller receives another offer, you would have 24 to 72 hours to remove your home-sale contingency.
- Closing: About 30 to 45 days after financing is clear.
If you still need to list your home
- Days 1 to 7: List, stage, and launch marketing on your current home. Show aggressively.
- Days 7 to 30: Aim for an accepted offer. Share updates with the seller to maintain confidence.
- Contingency window: 30 to 60 days to get under contract and close.
- Kick-out period: Be prepared to decide quickly if the seller receives another offer.
- Closing: Plan 30 to 45 days after you remove the contingency, depending on financing.
When to consider alternatives
If your home is not selling fast enough, consider options that reduce or remove the contingency:
- Bridge loan or HELOC to cover the down payment while you sell.
- Price and marketing adjustments to speed up your sale.
- Rent-back to the seller after closing so both sides can time the move.
Each path has costs and approval requirements. Review the numbers with your lender and agent.
Check market conditions first
Seller receptiveness to a home-sale contingency in Crest Hill depends on local supply and demand. Ask your agent to pull current metrics such as median sale price, days on market, months of inventory, and how often homes sell over list. Your offer strategy should match the data and the season.
Ready to make your move in Crest Hill?
You do not have to juggle two transactions on your own. If you want a tailored plan, clear deadlines, and strong marketing to sell your current home while you buy the next one, connect with Michelle Madden. We will map your dates, set the right terms, and negotiate with confidence.
FAQs
Will sellers in Crest Hill accept a home-sale contingency?
- It depends on current supply and demand. In competitive markets sellers often prefer non-contingent offers. In softer markets they may accept a contingency paired with a kick-out clause.
How long can my home-sale contingency be in Crest Hill?
- Common windows range from 14 to 90 days. Shorter timelines are more attractive. Tie your window to how quickly you can list, go under contract, and close.
What is a kick-out clause in Illinois contracts?
- It lets the seller continue marketing the home. If the seller receives another offer, the contingent buyer typically has 24 to 72 hours to remove the contingency.
Can I waive other contingencies to win a Crest Hill home?
- You can, but it increases risk. Waiving an inspection or appraisal contingency can expose you to repair costs or appraisal gaps. Weigh the trade-offs with your agent and lender.
What are alternatives if my home will not sell fast enough?
- Consider a bridge loan, a HELOC, faster pricing and marketing adjustments, or a short rent-back to the seller after closing. Each option has costs and qualification requirements.
