Quote:
Originally Posted by JDMDreams
Accepted offer is a temp contract made out between seller and buyer, usually this is a 7 day period where buyers have to finalize their financing, inspection etc. The deposit isn't paid till the end of subject removal, this is when the contract is firm. After the 7 days and the buyer decides to go through with the deal. The buyer can always walk away within the 7 day period if they put the correct subjects.
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More or less
An accepted offer can still have conditions to the deal.
Accepted offer for $300K for 1BR condo for example...subject to:
1) buyer securing mortgage by ___ (date) for no more than 4%
2) inspections by ___ (date)
3) reviewing and approving strata docs, contingency funds, etc, ___ (date)
Should any of the conditional reviews not pan out or buyer isn't satisfied, no damage no harm for walking from the deal.
Also, deposit ($10-50K) simply just shows sincerity of the deal, and is held in trust by the buyer realtor firm anyhow. That's fully refunded if deal collapse.
This is why when market's hot, no condition offers are hard to beat. It's like buying a car just from looking at the surface and not even test driving it!