The real estate market has been HOT, HOT, HOT, with this come scenarios of multiple offers and subject-free offers. Subject-free offers are a way to position yourself more competitively in these types of situations; however, it’s vitally important to understand how the process works and what the potential risks are of making a subject-free offer.
Contrary to what it may sound like, a cash or subject-free offer doesn’t mean you’re showing up to the seller’s house with duffel bags of cash. A cash or subject-free offers means you are giving an unconditional offer to the sellers, meaning you as a buyer are 100% sure you want to complete this purchase and have done all your homework prior to – which includes: securing your financing, reading through the documents, reviewing the insurance policy, and getting an independent inspection done if needed.
Sellers usually prefer subject-free offers because it gets the deal done faster. However, while the transaction is more efficient, you, the buyer, are legally obligated to purchase the house. If you don’t, you may lose your deposit and more.
The rule is buyer beware- so with a subject-free offer you’re saying I’m very aware of what I’m getting myself into. In these situations, it’s important to work with a real estate advisor in order to ensure you’re making an informed decision – not only do we, as real estate advisors, understand the ins and outs of a subject-free offer, but we’ll be able to help you with all the necessary due diligence prior to making the purchase.
Our team here at WestCoast Living Real Estate has intimate knowledge of the local Vancouver and lower mainland real estate markets, and we are willing to go above and beyond to help you make an offer that you’re confident and comfortable with. It’s important that you don’t navigate a competitive market alone, we will walk you through a strategy to ensure you end up on top – send us an email or give as a call now to begin your real estate journey, jessica@hellowestcoast.ca or (604) 771 0007.