How to Handle a Conditional Offer on My House

Getting a conditional offer for your house is exhilarating as it can inch you closer to moving up to your new home! But before you get too caught up with emotions, you need to work through all the conditions to make a firm sale.

Here are four major conditions that you might encounter and how you can prepare for them.

Financing Condition

As a seller, there is not much for you to do during a financing condition. It is up to the buyer, their mortgage company, and the lender to work through the financing and make things happen.

However, if your house went for a price way higher than most comparables in your area, you can help the buyer with the appraisal. For example, the average selling price in your area is $650,000 to $700,000, and your home went for $800,000 because you did a massive renovation to make it look fantastic.

One thing you can do to help the financing condition as a seller is to offer a list of all of the renovations and the costs associated with them. This will help the appraiser understand the true value of your home so that the financing condition won't fall apart.

Home Inspection

During your home inspection, you have to remember that the job of the inspector is to find things in your house that are not in order. The inspector will check every single corner of your home to see if there is any problem.

Surely, when you buy your next house, you would want the same thing to know what you are getting into. To ease the inspection process, you can do a few little things. Clean up your mechanical room, remove the dust on top of your hot water tank or furnace, and put your storage boxes against the wall. This will allow the inspector to move around easily and do the inspection properly.

If there are things outside your house, you can also organize them so the inspector can see clearly what's going on. Proactively show the inspector and the buyer every little detail of your house. Make them feel that you are not hiding anything and you are confident that there's nothing wrong, so they can freely look around.

Condo Document Inspection Condition

If you own a townhouse, apartment condo, or any property with a condo association, you will have condo documents. Ensure that all your condo documents are ready for inspection.

Condo document inspection can be done by the buyer themselves, their lawyer, or a Condo Inspection Company. If you have any missing documents, you can talk to your property managers to look into their records and provide a copy for you or how you are able to order the ones you need.

Sale of Buyer’s Home Condition

This condition states that a buyer will purchase your house upon selling their home first. If you get an offer like this, you need your agent’s help to know if their house will actually sell.

Ask your agent to do some research on their house. Know what price they are going to list it for and do a market evaluation to determine if it is worth it to accept the conditional offer.

Your agent should have some tricks up their sleeves to make things move along because it’s taxing to sit for two months waiting for the buyer to sell their house. Otherwise, you won’t be able to move forward and buy a new home because you don't want to do another offer subject to the sale of your house because your house is subject to the sale of someone else's house.

If you have questions about any of these conditions, don’t hesitate to reach out to us because we are here to help you! Send us an email at info@chamberlaingroup.ca or give us a call at 587-316-5400.