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Old 03-28-2019, 05:24 PM   #1
Shin Pad
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I just wanted a realtor's opinion on receiving a conditional offer on a house - the condition being the sale of the buyers present house. I'm very leery about accepting this.
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Old 03-28-2019, 08:02 PM   #2
bizaro86
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I would only take that if I could keep marketing the house, with the option to take another offer.
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Old 03-28-2019, 09:02 PM   #3
Travis Munroe
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I can't speak to your situation as you are under contract with another Realtor.

Every situation is different. Market conditions, how long you have been on the market, interest levels, recent price drops, etc. I personally would not accept a sale of condition right now unless the buyer had a conditional deal on their property or they were paying a premium. I would also fight to make it a 24 hour clause vs a 48 hour clause or more in the event I was going to take such a deal. Yes, you can still market the property as active however anyone who was going in looking for a deal will likely cancel their showing. A lowball offer can be great if you have other interest as it can spark another offer of a better price than if you didn't have the lowball offer.
Again, each situation is unique so there is no right or wrong answer and I am just explaining some scenarios and in no way should this post be taken as advice from anyone already under contract with a realtor.
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Old 03-28-2019, 09:05 PM   #4
Travis Munroe
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Quote:
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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Old 03-28-2019, 11:57 PM   #5
Shin Pad
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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.
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