Imagine you’ve listed your home and get a fantastic offer. The price is VERY
good. The buyers have attached a hefty deposit and a pre-approved mortgage
certificate. The only drawback? There is a condition. The buyers want to sell
their home before the offer to buy yours becomes firm.
Hmm. Should you accept that offer? Let’s take a look at the pros and cons.
PROS
- A Bird in the Hand. While a conditional offer comes with a string
attached, it still means a buyer is keenly interested in your property. - Room for Negotiation. You might be able to negotiate a compromise.
For example, accept the condition but with a more favourable (to you)
closing date. - Slower Market. What are the chances another buyer will offer you the
same price? In a slower market, it might be worth accepting the
conditional offer — particularly if the risk of the deal falling through is
low.
CONS
- Potential delays. There’s always at least some risk that the condition
won’t be met, which means the sale won’t go through. - Missed opportunities: While waiting for a condition to be met, other
potential buyers may move on.
Deciding how to handle a conditional offer can be tricky. We can help you make
the right decisions when you sell.