When it comes to making (or receiving) an offer, the vast majority of contracts dealt with, will have some level of uncertainty attached to them by way of contract conditions.
There are few certainties in life – though death and taxes tend to be mentioned with a bit of tongue in cheek. Outside of that, whether it’s a roll of the dice or in this case, putting your home on the market, guarantees are few and far between.
When it comes to making (or receiving) an offer, the vast majority of contracts dealt with, will have some level of uncertainty attached to them by way of contract conditions. Some of these may be fairly straightforward – not too many buyers have half a million dollars in the bank to purchase a home without finance being involved, while others might be more complicated. Subject to sale (of another property, which may or may not already be on the market), subject to “due diligence” (a pretty wide catch-all that can mean any manner of things), these and more can all add a degree of stress to a seller than just wants to sell, and move forward with their next plans.
As the market continues to change, we are seeing more and more variations of these conditions come forward, as contracts frequently come forward in competition with each other. With owners hesitant to sell their own homes until the next address is secured, buying subject to sale in particular is a clause we are seeing more of.
While it won’t suit every buyer’s circumstances, its in an environment like this that getting your ducks in a row in advance in order to minimise your conditions, can be to your ultimate benefit. Where a seller has multiple options in front of them, at different price points, its not always the highest number that wins out, but quite often the offer that provides the best balance of conditions overall.
In the perfect world, that balance of conditions might just mean no conditions – a straightforward unconditional contract, no finance or building and pest clauses, perhaps even the cooling off period waived. It might also be as simple as having only one condition or the other or having tight (but achievable) timeframes attached to it.
While it might put more pressure on a buyer to get to the position where they can offer such a contract, it can also mean the difference between them getting the property in the first place, and even how much they pay for the privilege. While some owners are willing to throw the dice on a chancey (but higher) offer, more often than not it’s the option with less stress that has them reaching for a pen first.