Real Estate Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

The real cost of unconditional offers ...

Notify me of new replies via email
Real Estate Professional | 22 Sep 2014, 09:15 AM Agree 0
The tightest market in years means selling agents are now seeing more and more no-condition offers thrust before clients, but too few are viewing those offers as the red flags they are, caution agents.
  • Larry | 25 Sep 2014, 01:23 PM Agree 0
    As a full-time Realtor I ALWAYS put 2 conditions (Fin & Insp) in my offers regardless of what my clients tell me. When i was younger my dad would said to me "those that know better must always do better" As Realtors we are the calm voice/head when our clients are excited and can't think clearly. They are our investment.
  • Dick B | 25 Sep 2014, 02:27 PM Agree 0
    Adding to Larry's reply, I think in addition to Financing and Inspection conditions, one should ensure Insurance approval. More and more Insurance companies are questioning "fused" electrical panels, aluminum wiring, shingle conditions etc. Except perhaps on homes less than 10 years, this condition should be added.
  • Marguerite | 25 Sep 2014, 03:44 PM Agree 0
    There's another issue to be addressed. The potential for a lawsuit launched by the Sellers against the Buyers and their agent for untold thousands of dollars re reduced price, aggravated stress, bridging to cover a Seller's commitment to purchase another home based on a firm deal on theirs ...the list is endless and subject to the imagination & creativity of a lawyer.
  • Francis | 30 Sep 2014, 01:01 AM Agree 0
    I never saw one mention made of a decent deposit... 10% minimum. The problem arises that too many people secure a "deal" on a house with little or no deposit.... that is quite a bit to walk away from and can assist the Seller to re-market the home.

    Another thing that a Realtor should NOT do is accept a pre-approval that a Buyer has from a bank... the person pre-approving often only looks a part of the process and is done in a minute by a teller... bad news!
  • Pat | 03 Oct 2014, 11:47 PM Agree 0
    When banks regularly leave appraisals to 10 days before closing even though they "approved" the mortgage within the condition period, is anyone really ceratin of financing with a condition anyway?
Post a reply