Imagine you’re shopping for a new home and find the perfect one. You don’t want to lose it. So, if you want to be as competitive as possible, should you go in with no conditions?
While a “no conditions” offer will definitely give you an edge, it’s crucial that you make a thoughtful decision before going ahead.
The first thing you need to consider is the state of the market. Is it a hot seller’s market where properties are getting multiple offers? Or, is the market more balanced? In a balanced market, and especially in a buyer’s market, you might not need to risk going in with no conditions. In fact, offers with conditions may be the norm.
Another important consideration is risk. Imagine making a no-conditions offer on an older property, then finding out weeks later that there’s mold in the washroom, and the tile needs to be torn out and replaced. Ouch! A condition on passing a home inspection would likely have identified that issue.
The bottom line is this: If you’re thinking about a no-conditions offer, get good advice first. Make sure you’re making the right decision.