In a normal world real estate purchase and sale agreements come with conditions. Typically there are conditions for a property inspection, window coverings, air conditioning or heating equipment and of course financing. However since 2021 real estate market is unlike any other year, many people are writing condition free offer just to improve their changes of becoming the winning bidder.
However as I wrote about back on March 11, this may not be the best idea for most people. There are exceptions to this when your net worth far exceeds the amount of your new purchase. However other than that I would not advise it as there are too many potential landmines.
So when clients and or Realtors ask if they can submit a condition free ofter, my answer is the same if they asked to play blindfolded in traffic. I can’t make that call for you, nor will I be held responsible if you place a condition free offer. Just because you are pre approved does not mean that the lender will in fact like the property that you have picked out. While I can’t prevent you from going condition free, all I can do is help you get your financing secured as quickly as possible.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).