Q. What are the pitfalls of accepting a contract w/ contingency of sale of buyer’s home.
A. Some potential buyers might not even consider the place is one. When they do & an offer has been negotiated, you then have to wait for the ‘time agreed on ‘ in the contingency, for the 1st buyers to proceed or bail.
If you do this (accept an offer with such a contingency), make sure the time they have to ‘decide’ in the event of a subsequent offer, is 24 hours (no longer). Also, make sure you have some say what they price their house at. An overpriced place isn’t getting anyone anywhere. Also, you might want to walk thru that place & see what you think for yourself. You agent can do this with you.