Sellers like to see unconditional Offers, but things have changed.
Even if you have financing, make sure to include an Appraisal Condition.
That’s the one you really need. If the market drops or goes sideways, the Buyer may not be approved for this particular property.
If you are a Seller, you also want the Financing Condition. If it’s not in the Offer, add it yourself.
The sale will be noted as “sold conditionally”. Then, someone can see two conditions:
- Financing, and
- Appraisal.
If the deal falls through and the property goes back immediately on the market, if another prospective Buyer sees these two conditions, they will assume that the first Buyer didn’t get financing.
However, if there’s only an Appraisal condition then everyone will conclude that the property is “not worth the money”.
Brian Madigan LL.B., Broker