By Wand Agency
http://kyegrace.com As a Vancouver real estate seller you may find yourself receiving an offer that contains a 'subject to sale' clause. This allows the buyers a set period of time to sell their home in order to be obligated to follow through on the purchase of your home.
There are couple of things to consider when contemplating accepting such an offer.
The first is you are now dependent on another home seller's actions to complete the sale of your home. A seller who you have no control over, no say in price, how it is marketed or the acceptance of reasonable offers. You are, to a large degree, now placing the successful sale of your home in a stranger's hands.
The second is, even though you may continue to show your home to potential home buyers and even accept backup offers that become active if the first deal dies, many buyers won't even bother coming to see a home with an accepted offer. If you were that home buyer would you want to wait for weeks to find out if the first offer goes firm or not or would you rather keep looking for a home for sale you can have first dibs on?
Now if you have a very unique or special home then buyers may be more likely to write backup offers, but I would suggest if you had a special home then you shouldn't have needed to accept the subject to sale offer in the first place.
Now the exception to all of this is if the buyers writing the 'subject to sale' offer are willing to pay a premium and you are confident that they will be able to sell their home in a timely manner.