|
Canadian Member
Join Date: Nov 2003
Location: Shuswap Lake, BC
Posts: 4,483
|
Subject to Sale is still "subject"; I wouldn't recommend this tactic at all.
I've been in your shoes.... here's a plan for you?
Put in an offer with a good deposit. Make the cheque payable to the sellers directly, not in trust. (you should disclose in the offer that you have consulted with your legal council the ramifications of releasing the deposit directly to the sellers and not held in trust).
Make the offer "no subjects", so you'll have to do your homework first if required? This is strong! Take a SOLD sticker with you, because when they accept the offer they can put up the Sold sticker. You start the presentation with the offer on the table, a cheque made payable to them directly on the table and the Sold sticker on the table. Confidence, the deal is done. (expect that they'll want a day to think it over though)
Give them their price.
Make the possession date for 6 months (I did mine for 10, but that was a tough one), or as long as you feel possible. Explain that you have a home to sell, but you didn't want to jerk them around with a subject to sale offer; or subject to financing, etc. Your expectations are that you are going to make it work for that date.
You can have a nice little verbal chat about life with the sellers if you know what I mean; let them know what you're doing; but ONLY expect the best.
Then go sell your house. If you are able, you can amend the completion dates to sooner, seller and buyer satisfactorily negotiated dates.
Downside: You don't sell your house in say 4 months.... go meet with the sellers and ask for a 2 month extension to the completion date; maybe increase deposit for extension. They're human, you love the house, etc.; it'll work if you make it work. If they don't agree, you actually own the house and you can legally sell it (the paper) to someone else; called an assignment of contract; so any negative feedback from the seller and mention that you really dont want to do that, but you will if you must???
Downside2: I did this when prices were RISING, so by the time I took possession, the home was usually worth substantially more money and I looked like a RE hero. If prices are falling, you could be looking at buying a house that's worth less than you paid? Something to think about?
I've got other scenarios, but this is the one "I" would do. It may be too gutsy for you? Let me know?
Good Luck,
__________________
Rob McKibbon
Arena Red 96 993 TT LINK
Contemplate YOUR Success!
|