CondoAdvisory Blog

Photo courtesy of Joshua Davis (jdavis.info)

When you are selling your place and you recive an offer, it will normally be subject to a number of things such as inspection, reading all the strata documents, financing and more. Of course we all know that a deal isn’t done until it is done, subjects removed, but in recent times it has not been a hige issue, more often than not subjects have been removed.

If a sale is going to collapse, it has often been due to financing, or at least that is the most common excuse that has been used. The difference today is that it is most likely not an excuse when you here this. With the current financial situation in the US and abroad, as well as Canada of course, the finacial institutions have tightned up significantly, it is much more difficult to get a mortgae today than say 1 year ago.

With condo sales it used to be that as a seller you had to be most worried about the strata documents and what the buyer may find and interprest in them, well that seems to no longer be the case “Sorry, we couldn’t get financing”

It is more imortant than ever to have a expert realtor working for you, and make sure to remind them that you want buyers to be pre-qulified as much as possible before writnig an offer, this can save everyone a lot of time and heartache.

Specifically your realtor should insist on seeing a copy of the buyes pre-approval letter before accepting an offer. Seems like a simple thing, but it is often overlooked.

Rememer, your place is only sold when the subjects are removed.