Lynn's Blog

Now that I have an accepted offer does that mean my house is sold?

Now that I have an accepted offer does that mean my house is sold?

There are two types of offers; one with conditions and ones without.  

Conditional offers:

If you have accepted an offer that has conditions (also known as subject to’s) it means that the buyer has placed one or more conditions on the purchase.  For example a sale may be conditional upon the buyer receiving a satisfactory home inspection or receiving final approval on the terms of their financing.  The home will not be officially sold until all of the conditions of the offer have been met or waived.

An accepted offer on your houseThe date for subject removal is one of the terms of the offer that can sometimes be negotiated.  As a rule, the buyer usually has two weeks or less to remove their conditions.    

Even though you have an accepted conditional offer, I would advise you to continue to allow us to show the house until the offer becomes unconditional.  It never hurts to have another buyer in a back-up position if the deal collapses.

Unconditional Offers

‘Sold Solid’ is what we Realtors call this kind of an offer.  This type of offer means that the buyer intends to buy the home without putting any subjects or conditions on the sale.  Additionally, a conditional offer becomes an unconditional offer once subjects have been successfully removed or waived.

The buyer is now legally obligated, to complete the purchase of your house or condo outright, on completion day.

 

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