Can you buy Regina Real Estate with a Sale of Property Condition?

When real estate markets are doing really well, people in general fear that they won’t be able to find a new home to suit their needs after they sell their current home. 


Let me explain the logistics here:

Often, people cannot hold two mortgages. So the normal way to transition from property to property is to put the current home on the Regina real estate market and sell it, then once conditions are removed they would start the process of buying the new home and hope that the possession dates will line up well enough so that no one ends up homeless for a week. There is a product called Bridge Financing where a mortgage lender will finance the new property if there is clear evidence that the old one has a firm sale. 

This process is common for Regina real estate, but there are some people out there who have a real fear that if they sell their current home before they buy the new one, they won’t be able to find a new home that suits their needs. 

So, the option of writing an offer on a property subject to the sale of the current one presents its self as an option. This means that a buyer would have a conditional sale on a property they want to purchase while their current home is on the market waiting to obtain a firm sale.

The question is: Can you buy Regina real estate with a condition that the purchase is subject to the sale of the current home?

Answer: Sure. 


From my perspective as a real estate agent, the Regina real estate market is not in a position to need to accept these kinds of offers. It’s a hot market, houses are selling quickly. Seller’s are not desperate enough to accept an offer that would only be firm if the buyers home sells for a few reasons. 

  1. A buyer who isn’t able to buy a new home but doesn’t want to sell their current one first isn’t thee most motivated buyer. 
  2. There is no telling how long it could take for the buyers to sell their home. It could be a distressed property, over priced, out of town etc. 
  3. If the buyer’s property doesn’t sell, they can walk away from the purchase at any time and the seller is back at square one. 

The best kind of buyers are one’s who can make clean offers and in this market place those are the buyers who are going to end up getting their offers accepted. 

However, writing an offer with a “subject to property” condition can be the right option in certain circumstances. 

 

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If you have questions or would like to discuss Regina real estate further, please give me a call at 306-552-7047 or fill out my online contact form.

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