Why offering subject to sale isn’t the waste of time it used to be
Purchasing a property can be a tricky process, especially when you're trying to sell your current home at the same time. You may already have your home on the market, or you may be working towards…
Article
Why offering subject to sale isn't the waste of time it used to be Purchasing a property can be a tricky process, especially when you're trying to sell your current home at the same time. You may already have your home on the market, or you may be working towards getting your home market-ready. Bridging finance these days is pretty difficult to obtain, and you’d be quite brave to purchase a home with a long settlement before selling when the market is cooling. Introducing the “subject to sale” offer This type of offer means that your offer to purchase your next property is dependent on the sale of your current home. For the past couple of years, you’d have been laughed out of the open home if you attempted to buy subject to sale. But now that the pendulum of the market has swung toward the buyer, they’re making a comeback.
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Communication is key When making a subject to sale offer, it's important to be upfront and communicate with the seller about your timeline for selling your current property and what happens if the sale falls through. It's also a good idea to have a plan B in case things don't go as expected. For example, if your current home doesn't sell within your projected timeline, it may be an option to retain your current home and rent it out. It’s all in the preparation Having your home ready to be marketed is also crucial when making a subject to sale offer. This means that your home should be in good condition, staged and ready for viewings. Having your home already on the market and actively being shown to potential buyers can give your offer a stronger appeal to the seller. This shows that you have taken the necessary steps to ensure a smooth transaction for both parties. Keep both feet on…
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