What You Need to Know About Contingencies Before Selling Your House in Toronto

Selling your house in Toronto? Contingencies are common in traditional real estate sales, serving more often than not to protect the buyer in the transaction; therefore, you should be aware that you can negotiate with your buyer over these contingencies before signing the contract. Should the specified aspects of the contingency fail to meet the guidelines within a given timeline, the buyer may walk away or choose to renegotiate. 

The contingencies buyers may add to a contract are limitless, but some are widely known and have become a standard in home sales. 

While the terms of contingencies are in the process of being met, you as the seller may continue to consider other offers but cannot enter into a second contract. Regrettably, deals that fall apart over contingencies add to the number of days your home is on the market, and this often equates to a lower final sales price on a home.

We will explore what you need to know about contingencies before selling your house in Toronto.

Inspection

The most common contingencies before selling your house in Toronto have to do with the inspection. Unfortunately, for many homeowners who doubt the soundness of the structure or significant systems in the home but want to sell their home, the inspection is often the cause of many sleepless nights. In addition, if an inspector detects an issue during the inspection, your buyer may ask for credit towards the repairs or request the repairs be made before closing if they don’t back out of the deal altogether. One way to avoid the fearful anticipation of the outcome is to hire an inspector before listing the property. Though it may not be pretty, having a realistic picture can help you decide the best course of action for selling your home.

Appraisal

Your buyer may add an appraisal contingency to the contract if the home’s value is in question. Should your home appraise for less than the offer, the buyer may back out, or you may attempt to renegotiate before selling your house in Toronto.

Sale of Current Home

Before selling your house in Toronto, you should know that buyers may come to the table with an offer contingent upon selling their current home, which is a great deal to ask, especially when your bills will keep rolling in each month until yours closes. Therefore, if you consider their offer, you’ll want to learn more about where they are in the process of their sale and how close their closing date is.

Financing

You can expect a contingency based on your buyer’s financing approval before selling your house in Toronto unless you received a cash offer. Therefore, pre-screening for preapproved buyers can help avoid the letdown of a lost deal. However, even when preapproved, the process of attaining a mortgage loan can be time-consuming so consider the costs of owning your property during the waiting period as you weigh these types of offers against others.

Bliss Realty Inc

Rather than a traditional sale, a direct sale of your home to Bliss Realty Inc can help eliminate all contingencies. Bliss Realty Inc makes selling your house in Toronto easy with straightforward contracts. The professionals at Bliss Realty Inc will lay out the details of our offer to compare how much you would earn through a traditional listing vs. a direct sale. At Bliss Realty Inc, will make you an offer you agree is fair is for your home, as-is. Selling directly to Bliss Realty Inc means you could have your cash in hand in a matter of days, or we can wait till you’re ready to move; just let us know the date you want to close. Contact Bliss Realty Inc at 647-484-3777 today!

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