View Single Post
Old 03-28-2019, 11:57 PM   #5
Shin Pad
First Line Centre
 
Shin Pad's Avatar
 
Join Date: Oct 2001
Exp:
Default

Quote:
Originally Posted by Travis Munroe View Post
This is how they are structured. You negotiate the time frame in which you need to give notice to the current buyers to lift their conditions or walk from the deal. A buyer really shouldn't need more than 12 hours although 24 is fine imo. They likely know whether or not they can take on the second mortgage before they are even presented with the countdown clock.

A buyer may actually be able to take both mortgages but just doesnt want to. If you reject this condition, the buyer may not want to risk losing the property and go ahead and take the deal without it.

Also, it amazes me how many people accept such a condition and allow the inspection or financing or any other conditions to have the same deadline date as the sale of their home clause. If I am a seller, I want that buyer to be invested in purchasing my property and have waived all conditions except the sale of their home.

This is exactly one of the conditions that we are going after - we want the seller to get the financing and inspection out of the way as soon as possible, so that the only condition is the sale of their home (in this case they are selling an acreage). I'm not confident that they will be able to sell their place quickly. I just wanted to make sure that it wouldn't detract other realtors from showing the home. I'm very tempted to reject the offer outright. Anyway, I have another showing on Friday, so I'm going to try and keep the offer open to acceptance/counter offer, for a few more days - hopefully they will go for it.
__________________

Shin Pad is offline   Reply With Quote