What can you do if the house you like is sold conditional?
Tags: FOR SALE BY OWNER, VAUGHAN, WOODBRIDGE, MAPLE, TORONTO, DETACHED, SEMI DETACHED, RENOVATED, REAL ESTATE, HOMES, STAGING, STATS, MLS, SOLD CONDITIONAL
This happens always! You take a client to see a ton of houses, some are amazing but for some reason or another the buyer doesn’t PUT AN OFFER on any of them. All of a sudden when they finally decide on the home they like BAM, house is sold conditional to another buyer! At that point I just want to go outside or whatever building I am in and yell at the top of my lungs lol! Once again, it is very frustrating being a real estate agent but these are aspects to our job that we cannot avoid. Pressuring BUYERS OR SELLERS is possibly the worst thing you can do so it is imperative that you allow clients to make their own decisions even if those decisions come too late in time!
What it boggles down to is trust and fear. After seeing that marvelous property, as a real estate professional we know that it is not going to last on the market too long. In areas like Toronto, Vaughan, Caledon and basically all of the GTA, great properties not only sell within 1 to 7 days but usually even sell over asking price so it’s like the saying goes, if you liked it you should have put an offer on it! Buyers (especially first time home buyers) tend to hesitate on pulling the trigger as fear & doubt kick in and they really can’t make a decision. They start thinking about all the reasons why they should buy and not buy. What happens during all that “thinking time” is that a buyer who really liked the home didn’t think twice and they put in an offer and the property is now sold. This is one of the things we as realtors hate most because it really leaves a sour taste in our buyers’ mouth and every property we take them to go see never really compares. In my experience, it’s taken my buyers anywhere from 2 to 4 weeks to shake off losing a house/deal and its terrible because it’s hard to get them back on track.
So the big question, we can you do if you still want to pursue your Holy Grail house? YOU HAVE TO SIT AND WAIT NOW! Most conditional offers are due to financing and inspecting and the buyer usually has 3 to 5 business days to firm up on the deal. If the buyer does not waive (waive: tell the seller he can go through with the deal) the conditions then the deal is now dead. At this point buyers want to hurry and submit an offer right away and when they find out they can’t they are bummed out again! Even though the deal is dead, the sellers’ brokerage still holds the buyers deposit in their trust account. There must be a mutual release signed in order to officially release the seller from the deal and for the buyers deposit to be returned in full without deduction. Until the buyer and seller both sign that mutual release, the seller cannot accept another offer on their property.
So there you have it, SOLD CONDITIONAL 101! If you have any other questions regarding this topic please feel free to reach me any time, always up for a real estate chat!
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