Conditions are NOT conditional
In recent weeks the real estate market has been quite active with record-setting sales continuing to rise in Waterloo Region. With mortgage rates steady at an all-time low, has sparked an influx of eager first-time buyers.
Real estate is a great investment but should not be taken lightly nor rushed into no matter what position you are in life. A dedicated full-time Realtor can be a valuable asset to you in these times by actively searching for new listings and informing their buyer clients right away.
Where helping clients is a realtors #1 duty, I am witnessing a daily trend on the rise that is concerning at the very least. Homes are being listed one day and being sold firm within 24 hours. I can’t help but question HOW?
The minimum required time to have a mortgage approved is 2 business days (Monday-Friday). Understanding that some buyers may have the benefit of not having to include a financing clause, I am seeing too many first-time buyers taking the risk by not including a financing condition clause.
Conditions to purchase a home are in the benefit of the buyer as they protect them in the misfortunate situation an error was made and receiving approval for a mortgage loan does not get approved. Just like the real estate market, perceived as a great investment with very little chance of home values going down is never a guarantee!
If you are a first-time buyer I urge you to reconsider the next time you are sitting down to draft an offer to purchase a home and considering leaving out conditions just to make your offer favorable to the seller. The repercussions to not including conditions and not being able to close the purchase come closing day including;
- loss of your deposit
- responsible for repayment of lost time on the market
- legal repercussions
- credit score deduction
Contact your own professional Mortgage Broker to receive detailed information today, Realtors are not qualified financial advisors and should advise you to consult a qualified professional before placing an offer on a home.
Contact me today for a list of my trusted advisors that I guarantee great service and experience.
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