For weeks, there have been four homes for sale in the Belwood, Belgatos, and Surmont area of Los Gatos. Recently, one of the homes on Westhill went under contract or “sale pending”. It is a contingent sale, subject to the sale of another home – so not ideal by any stretch, but it is a sale.
When a home is sold contingent on the buyer’s selling a house or condo or other real estate, what does that mean?
Often, the listing agent will allow a set timeframe for the buyer to sell his or her property. Also, the Realtor working with the seller will usually include a “release clause” or “kickout clause” to that if a better (non-contingent) offer comes along, the sellers can effectively boot the first buyer out of contract – with some stipulations. Usually it’s a matter of time, like 72 hours to remove the contingency or to sell the home.
Sometimes homes that are “status 2” or contingent sales do go to closing, and sometimes they don’t. In a hot sellers market, homeowners will not ordinarily take a contingent offer. But in a market like the one we have today, sellers will consider any reasonable offer if their home’s been for sale a long time with no other offer.
Essentially, then, there are still four homes that are available to purchase. Two are in Belwood of Los Gatos (one on Belvue, the other on Belhaven) and two into the Begatos/Surmont side, both on Westhill.
And two more homes will be on the market in the next 2-4 weeks. Both of these are larger houses and will have higher price tags. One is in Belwood, and one is very close to Belgatos Park.
If you’re thinking of buying here in east Los Gatos, give me a call or drop me an email and we can talk about the market and the current opportunities afforded by it.
Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, RECS, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: “Get The Best Deal When Selling Your Home In Silicon Valley”