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Old 03-28-2019, 09:05 PM   #4
Travis Munroe
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Join Date: Feb 2009
Location: Calgary

Originally Posted by bizaro86 View Post
I would only take that if I could keep marketing the house, with the option to take another offer.
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.

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