Last year, the Calgary Real Estate Board made the decision to uphold a rule that is somewhat unique in Canadian real estate. Section 18.02 of the Calgary Real Estate Board’s Rules and Regulations states this: “All conditional sales will be reported at the time of acceptance of a conditional offer sale except where the Seller has given written instruction not to report the conditional sale until conditions are waived in writing.”
So what does this mean for buyers? In the past, when a buying agent looked up a property of interest, they would be able to see if there was currently an offer on the property. In most cases, buyers wouldn’t want to waste their time viewing a home that was “nearly sold”. With this rule in place, there is a certain level of uncertainty in the buying process. As a buyer, if you happen to put an offer on a home that already has one pending, the other buyers may feel pressured to waive their conditions if they know another offer is waiting in the wings.
This rule also emphasises the importance of doing your homework before you buy so that you can offer the shortest possible condition period. Speak to your mortgage professional and have a pre-approval in place, so the underwriting process can move along quickly and you can seal the deal as soon as possible.
What does this mean for sellers? As a seller, this gives you a choice. If you choose to allow your REALTOR® to report a conditional sale once you have one in place, you won’t be bothered with any additional showings. However, if the offer falls through, you may have missed out on potential buyers during the condition period. Keeping your listing showing as active on the public site while showing it as “under contract” on the Realtor site is one way to handle this – that way, anyone who is truly interested in viewing your house will be able to view it and put in a backup offer. There is no “right way” to handle this decision. It all comes down to the marketability of your property, the quality of the offer that you have in hand, and your overall real estate strategy. Your REALTOR® is qualified to explain your options and represent your best interest in the transaction.
Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, firstname.lastname@example.org, or www.allisonjames.com and let’s get on with your journey!
About Allison James
Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.