Backup Offer to Purchase

[shannonoreilly]

Hi,

I have made a back up offer to purchase on a property with the initial buyer having to sell his property first with in 90 days.

I have had my bond approved and just wanted to find out someone mentioned that as I have a approved bond the agent will need to give notice to other buyer and they will need to either have sold house or apply for new bond within 72 hours and failing to do so the house would then fall to me even though it is with in the 90 days.

Has anyone heard of this before and know the facts as getting mixed stories from my agent.

Thanks,

 

[ToxicBunny]

If the original OTP has a clause of the buyer has 90 days to sell their property, then you have to wait 90days...

UNLESS there are clauses in their OTP that allow the seller to find another buyer.

 

[InTheCube]

The OTP agreement is subject to the clauses within the agreement. I hope you read all of it, especially the fine print.

 

[Waaib]

Not sure if it's the same scenario but we had this happen.

• Shopped for and found house.
• House already had an offer on it but buyer was trying to get finance.
• We made offer (same amount as first offer) and the agent gave the first buyer 72 hours to get finance approved. Agent called this 'putting buyer to terms'.
• First buyer did not get finance in time.
• We got house.

 

[shannonoreilly]

There is a clause in the otp that the owner can continue to sell the property and accept offers. the following is what confuses me: a copy of the accepted offer along with final approval on loan shall be delivered by the seller to the purchaser (original ) who shall be given the option for 72 hours to waive clause 3 ( subject to sale ).