Pros And Cons Of Accepting A Conditional Offer
Imagine you’ve listed your home and get a fantastic offer. The price is VERY good. The buyers have attached a hefty deposit and a pre-approved mortgage certificate. The only drawback? There is a condition. The buyers want to sell their home before the offer to buy yours becomes firm.
Hmm. Should you accept that offer? Let’s take a look at the pros and cons.
PROS
- A Bird in the Hand. While a conditional offer comes with a string attached, it still means a buyer is keenly interested in your property.
- Room for Negotiation. You might be able to negotiate a compromise. For example, accept the condition but with a more favourable (to you) closing date.
- Slower Market. What are the chances another buyer will offer you the same price? In a slower market, it might be worth accepting the conditional offer — particularly if the risk of the deal falling through is low.
CONS
- Potential delays. There’s always at least some risk that the condition won’t be met, which means the sale won’t go through.
- Missed opportunities: While waiting for a condition to be met, other potential buyers may move on.