Pros and Cons of Accepting a Conditional Offer
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.
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.
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. I can help you make the right decisions when you sell. Call me today.