Offer Strategy before you waive condition in Toronto

Here's a scenario...

John and Jill have conditionally purchased a house. Their amazing agent Michael negotiated great terms and the offer is conditional upon the results of a home inspection to the sole and absolute discretion of the buyers.

Let's suppose that the inspection revealed that there was some active water in the basement and upper ceiling in a bedroom due to some minor roof mishap (perhaps the flashing around chimney has come undone).

John and Jill are willing to take the house in "as is condition" based on the inspector advising the couple that the matter isn't a big deal, will likely not worsen in the next 60 days prior to closing and the house has to be transferred in like condition to the way they purchased it.

John and Jill were going to paint anyway. So now they have a little roof work and some ceiling work. All said and done the rest of the house proved to be in good condition. With that they budget aloted for the fixups was approx 1k. This is a very manageable amount for a 0-2 year time frame post inspection.

If the final waiver is to be submitted by 8pm tonite (the waiver removing the final condition) and making this a binding agreement....John and Jill have 3 options.
1. The home inspection is to their sold and abolute discrtion so they can walk
2. The couple may just waive the condition and accept the minor defect and move on
3. The couple's agent can submit an amendment, changing the initial agreement and putting the onus on the seller to repair the roof by closing at sellers expense and offering up all documentation to show it was repaird. The Sellers then can walk from the amendmnet (not agree) or agree to it.

Here's the thing...make the amendment due by 7pm and not the 8pm that the original agreement dies at (the time the waiver is due). Here if the sellers don't agree to play ball and the buyer decides to move forward, after 7pm the deal defaults for the final hour back to the original contract ---the very one that gives the buyuers until 8pm to "waive" the condition and own the house.

This is a small tip but a good one to know. I've got plenty of these tips for you. It's all about staying on top of the game!

http://www.TheSmithsBuyAHouse.com

Cheers-