Earlier this week I was scheduling some homes for my buyer client to view. Within a day, three out of the four homes were conditionally sold before we had a chance to see them.
When the listing agents were asked if we could still view the properties, the response was that the homeowners “are not wanting any showings.”
I understand how inconvenient it can be when selling: needing to vacate hours at a time and sometimes at a moments notice, gathering the children and pets, and having to keep your home presentable at all times.
However, sellers need to realize that there’s a real chance that the sale won’t firm up.
For example, I examined yesterday’s sales for both single family home and condos, and 6.9% of them had been conditionally sold twice before selling. Two homes had even been conditionally sold 3 times each before the sale was finalized.
Back to my experience at the beginning of the post: 1 one of those 3 homes was back on the market after a few days. The other two are still currently pending.
There are many things that can stop a deal in its tracks. Some buyer agents aren’t pre-qualifying their buyers and financing is falling through. Appraisals can come in too low. The property inspection can uncover something unexpected. The buyer can get cold feet.
Whatever the case, it’s prudent to continue showing your home until that Notice to Waive is in hand declaring that all conditions have been removed and the deal is finalized.
Continuing to show conditionally sold homes benefits both the sellers and the buyers.
For sellers, this encourages back-up offers and you don’t waste any time off the market. With conditions usually lasting up to a week or more, that is very valuable time you don’t want to lose.
For buyers, even if they aren’t interested in writing a back-up offer, it gives them (and their buyer agent) a chance to view the home and have a frame of reference when comparing it to other homes they are interested in.
Some agents just don’t want to be bothered scheduling showings when the home is conditionally sold. But sellers, is this in your best interest? Until the home is sold, instruct your agent to keep showing your property – at worst, it’s just an added week of inconvenience.
Sellers, how can you keep your showings limited to just the most interested buyers? We’ll examine that in a future post.