This is an increasingly interesting topic that we have seen in todays market.
With the average time for a house to sell increasing every month, and now standing at 50 days in New Plymouth, it is harder to sell houses. You as the buyer are taking longer to make the descision to buy, as the rush isn’t there. This in turn creates the buyer to be picky about what they want to buy.
But on top of this sellers know that it is hard to sell there house. Vendors should be starting to become smarter and realise that the market isnt going to wait around for them. When a home enters the market the buyer will look at it and compare it to the rest of the market. And make there descision from there.
When it comes to putting offers on homes being cash unconditional is the most powerful negotiation tool you can pull out of your pocket. This gives the seller the certainty that there house is then sold once they agree to the price.
Subject to sale means that the buyer needs to sell there house in order to fund there purchase. Now alot of things can happen in this time of trying to sell there house. One is that the owner of the house to sell overprices and wants a higher price than that of the market will give it. The other thing is that the condition or location of the home means that there arent any buyers in the market for this home, or there are others that are better. The third thing that can happen and which has just happened to me recently is that the purchaser of the home that needs to sell there home looses interest and cant be bothered to sell there home any longer, or they have found something else that they like and decide that they don’t want to sell. But in my case they didnt tell me this, they just refused to listen to any advise i gave them and avoided all the avenues that i tried to create for them so that a sussessful sale could be negotiated.
Now this does happen and its a waste of everyones time when it does happen. So for the people that want to sell there house to purchase another one be very careful and make sure you are prepared to do all that you can to sell your home.
At the end of the day a cash offer is far more powerful and you could even negotiate a better price with cash as well. And remember that you are buying and selling in the same market so any advantage or disadvantage as a buyer and seller are canceled out.
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[...] Subject to the sale of another property. This condition also needs to have a time limit on it. Generally this is negotiated between the parties. This will give the person buying the property to have enough time to sell their own house in order to buy. This condition is usually followed by an escape clause. This allows the seller to continue marketing their property and being able to accept another offer that is better to the seller( this can be a lower price, it doesn’t matter). This is then called a cashing out contract. The original contract then has the agreed on working days to go unconditional. If they do not then their contract is void and the cashing out contract is executed and closed. [...]