What is the Difference Between

SPECIAL CLAUSE EXPLANATION ………………..

If you are a Seller the scenario is tricky …

As a Seller you may not have your home on the market yet – or you are getting it ready for sale BUT you go house shopping. Chances of finding a home that you love are 50/50 – You write an offer is written with a condition of not only financing and home inspection BUT has an additional clause that is called a Special Clause condition – that ALSO comes with conditions –
a) putting your home on the market within ‘X’ days and
b) ‘X’ days to reply to the seller if your offer is challenged

So – here’s the tricky part

The home you the offer on can STILL BE MARKETED AS AN ACTIVE listing …(IT DOES NOT COME OFF THE MARKET) meaning that the owner can ACCEPT ANOTHER OFFER ON THEIR HOME BUT give you first right of refusal!
Now you have to make one of two decisions
a) Do you remove your condition that reads ‘subject to the sale of their home and your home hasn’t sold yet (could lead to owning two houses0 or
b) Withdraw your offer

This is NOT recommended – Always SELL BEFORE you purchase! .. you avoid ulcers, stress, no sleep and most of all DISAPPOINTMENT!

Now – if you are a buyer in this situation and your realtor tells you there is a Special Clause on the home you are interested in – make sure your realtor finds out as much about that Special Clause offer as they can – with the privacy situation it may be hard but your realtor should dig, dig, dig
a) how much time does the other buyer need to make a snap decision?
b) Can the listing realtor indicate the stability of the offer?

As a buyer you can also experience a disappointment if the first offer removes their clause.

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