Once you get an offer, that does not mean your house is sold. I realize that on so-called reality TV shows the REALTOR® makes a call to the buyer, works his magic, and suddenly everyone is fist pumping the air, elated and victorious. In Lethbridge, the vast majority of offers include contingencies and there is no victory lap until they’re removed… later. Put another way, nothing is final until the buyer meets his conditions and submits a written waiver of same.
Buyer’s conditions usually include financing and home inspection, per the approval of the homebuyer (and myriad other people stakeholders in the background). Other conditions a homeowner may request include:
- sale of buyer’s current home
- lawyer approval of the contract
- the buyer acquiring a land use permit
- City compliance for an improvement (current or future) on the property
- lawyer review of the real property report
The list of options goes on and on. The point is that most offers in the Lethbridge market have conditions attached. Fortunately, these conditions have a deadline, often within 10-14 days of offer acceptance (although this varies widely). Conditions and deadlines are written into the contract and are negotiable.
As a homeowner, buyer conditions mean you will have a few sleepless nights while you wait for the buyer to line things up. A good listing agent, however, will vet your buyers and try to understand their ability to meet their conditions while negotiating for your best interests in a changing market. Watch my video below for further explanation!