Why should I consider a Kick Out Clause?

You know what they say - "A bird in hand is better than two in the bush." But let me tell you, in the world of real estate, that's not always the case – especially when the bird in hand is a buyer making you an offer contingent on selling their own property first.

Picture this: you've got a potential buyer who's interested in your property, and they make an offer with the caveat that they can’t close until they sell their house first. It's not an ideal situation for you, right? Now YOU are assuming THEIR risk!

But fear not, because there's a clever solution to make this scenario work in your favor and minimize your risk – the kick-out clause.

So, what exactly is a kick-out clause? It's a strategic addition to the contract that works like this: You accept the initial offer from the buyer who needs to sell their house. However, you also include a “kick-out clause” in the contract. This clause allows you to keep your house “available” on the market and bring in other buyers. If another buyer makes you an offer you like, you have the option to “kick out” the first buyer - you give them a certain time period to either cancel their contract or they must agree to remove their home sale contingency and stay in first position. 

In other words, you can continue working with your initial buyer while keeping your options open. If a more promising deal from another buyer in the bush materializes, you're not stuck with your first offer. You can take the better opportunity and move forward.

In the competitive Miami real estate market, having the flexibility to explore multiple options is key. So, remember, a kick-out clause can help you maximize your opportunities and ensure you're free to "fly" in the direction that suits you best. 

If you'd like to learn more about using kick-out clauses in your real estate transactions, don't hesitate to reach out – I'm here to help you navigate the real estate market with confidence!