40 ~ Friday, April 4, 1986 ~ North Shore News Real Estate Learn to deal with conditional offers MORE REAL estate sales mean more offers are being made on properties — and more offers are being accepted. But, for every offer that results’ in a sale, there are some that do not. Some offers are just not acceptable to sellers, Other of fers are made conditional- ly. A conditional offer is one where a condition or event must be met first, before the offer is binding on both the buyer and the seller. If you are trying to selt your property. should you accept a conditional offer? While most of us would like to see only unconditional of- fers, this is’ not usually the case. So a seller must learn to deal with conditional of-” fers. By far the most common _condition is one covering fi- nancing. A ‘buyer makes an offer, -conditional on their ; being able to arrange financ- . ing. ”, As a seller, you. should _ have no problem in accep- ting this condition providing the financing the buyer wants is ‘reasonable, and the timeframe is short — say - = five banking days or less. This .is. where your salesperson can advise you, so be sure to ask their opi- nion. By JAMIE JOHNSTON Contributing Writer tion is one where the buyer offers to buy your house, conditional on the sale of their own house. The buyer may ask for a 30-45 day period to remove this condi- tion. Ina buoyant market, ac- cepting such an offer may pose no problem. In a slow market, yourself, with an unsold house at the end of the con- ditional period and your future plans in turmoil. While some conditional offers are easy to analyse, what do you do with an of- fer that is conditional on the sale of the buyer's existing house? =‘ If you accept, you may take, your house. off .the market, even though it is'not technically sold. If you reject it, you may not get another . offer. Here’s what recommend: . First, make sure that all other conditions of the offer are acceptable — the price, the. financing, the closing date. If not, change them to your satisfaction. Secondly, find out about you may find" I would . trying to sell. Get your salesperson to supply you with the information on how long it has been listed for sale; is the list price realistic? In fact, if the house is close by, go take a Jook at it. Then decide if you think it will sell. If not, don’t accept the offer. Finally, put in an escape clause. This clause allows you to continue to offer your house for sale, even though you have accepted a conditional offer. You want the salesperson to continue to work for you and, you want potential buyers to sce your property. The escape clause should give your buyer 48 hours: to either make their offer un- conditional, or allow you, the owner, to accept another offer on your house if one is made. Remember, don’t reject outright offers conditional on the sale of a house. There are still more houses for sale than offers being made in today’s market. . Thus, you have to exam- ine each offer individually to see whether’ you should ac- cept or reject it. \ For a free booklet write: Canada Trust Realtor, 320 Bay St., Toronto, Ont. MSH 2P6, Toll free 1-800-263- 9599. ; : PAUL DREGER YOUR PERSONAL REALTOR WORKING FOR YOU! RES. 922-8881 BUS. 926-8581 (24 HRS.) WHY NOT HAVE ANOTHER LOOK AT 5626 EAGLE COURT IN GROUSEWOODS Now completely finished & ready for immediate occupancy. New homes — $179,000-3199,G00. Open Sat. & Sun. 2-4 p.m. or anytime by appointment. 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