Rosemary Papp

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You find a home that you’re interested in buying. But you have concerns. Is it in a good state of repair? Will you be able to secure the right financing? Can you sell your current home in time?
Signing a DocumentAny of these issues can prevent you from making a prompt offer and, as a result, cause you to lose the opportunity.

The solution? Make a conditional offer.

A conditional offer means just that. You offer to purchase the home so long as certain conditions, which you specify, are satisfied. Here are the most common examples:

  • Subject to financing“. You will buy the home if you’re able to arrange for a suitable mortgage.
  • Subject to inspection“. You will buy the home if it passes inspection by a qualified home inspector of your choice. If he or she finds that substantial repairs are required, you can either walk away from the deal or renegotiate.
  • Subject to selling my current home“. You will buy the home if you can sell your own home within a set period of time. For example: 45 days. A seller might agree to this if your home is competitively priced.
  • Subject to the repair of ____“. You will buy the home if the seller makes certain repairs, at his or her own expense. This can range from something relatively minor, such as fixing a crack in the foundation, to a major repair like replacing the roof shingles.

A conditional offer will protect you. However, there is always the risk that the seller will say “No.” If you’re in a competitive situation, for example, and another buyer’s offer is unconditional, you may lose the deal – even if your offer price is higher!

So you really need to use conditional offers strategically, in just the right way, under just the right circumstances.

 
 
 

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Direct: 778-834-8021
Toll Free: 1-888-707-3577
Rosemary's Email: rosemary@homesinlangley.ca
RE/MAX Treeland Realty
#101 - 6337 198 Street
Langley BC V2Y 2E3
www.HomesinLangley.ca