Searching online for homes to buy can be fun. Also frustrating when you find the perfect home and it is already conditionally sold to somebody else.
So What Does Conditionally Sold Mean?
Conditionally Sold means the home seller has accepted a "Conditional Offer To Purchase" subject to "The Buyers' Conditions".
What Are "The Buyers' Conditions"?
One common Buyer Condition is "Subject To the Buyer getting Approved for a Mortgage". Another common Buyer Condition is "Subject To The Buyers Approval of the results of a Home Inspection".
Buyers' Conditions are often referred to as "Walk Away Clauses". If a buyer does not waive the buyer conditions in writing by the specified time the offer to purchase contract is voided, the deposit is returned in full to the buyer.
The seller has options after accepting a "Conditional Offer To Purchase".
1. Change the MLS Listing Status to "Pending" and the listing disappears from the internet.
2. Leave the MLS Listing as "Active" to try to get offers in case the first one falls through.
From the seller's perspective if they are feeling confident or not about the first offer going through or not leads them to choose the option of leaving the property on the market or taking it off pending the outcome of the conditions.
Before we book property viewings for our clients we ask if the property is still active or conditionally sold. It's not ideal for our buyers to get excited about a property only to find out it's most likely sold already. But we do see the seller's point of view as well.
The best way to avoid the disappointment of missing out would be to get directly connected to the Real Estate Boards MLS® System. Then you would be amongst the first to see new listings that match your list of wants and needs.
Contact Us Today and we will get the MLS® System Working For You instead of against you! We reverse the process of you searching online for houses to the home finding you. We know our system works best because 100% of our buyer clients switch from wandering the internet and are glad they did.
Contact Us for more information on the entire home buying process in Calgary and how to avoid the disappointment of finding conditionally sold properties.