There’s no doubt about it. The best kind of offer is a “firm” offer. The buyer offers you a certain price for your property and, should you accept it, the deal is done. Congratulations. You’ve just sold your house!
But more often than not, an offer is “conditional”. That means the buyer is offering you a price, but with one or more conditions. If those conditions are not met, the buyer can walk away from the deal.
Examples of typical conditions include:
- Conditional upon arranging suitable financing within a fixed period of time.
- Conditional upon the buyer selling his own home by a specific date.
- Conditional upon an inspection of the property.
Should you accept a conditional offer? After all, if you do, the deal might fall through. But if you don’t, you might be passing up on an opportunity to sell your house for the price you want.