Canadian Real Estate/Purchase of home

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Question
We put an offer to purchase on a home.  We were told that there was already a conditional offer.  We were told that the conditions were: Sale of their home & inspection.  Our offer was for more money, no conditions & a 6 weeks closing.  The buyer that made the offer that supersedes ours has been notified that they have 48 hours to remove their conditions. We do not know the details of the offer.  Our question is, does the closing date hold any weight?  In other words can the vendors tell them to remove the conditions but can they also have them change the closing date or are the vendors committed even if the closing date is say, 2 months away?  Can the prospective buyer up their price or does that constitute a new offer?

Answer
Hi Keri,

The Seller gives Offer number one the option to either firm up on the Offer or walk away and they have within 48 hours. The Closing Date could hold some weight? It all depends on the Sellers situation? The Closing date can always be changed. I hope this helps.
Thanks, Derek  

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Derek Hamilton

Expertise

Any questions relating to Residential Real Estate in the City of Toronto or Southern Ontario. How much is my home worth in todays market? What's involved in Buying Real Estate ? How much do you need for a down payment? What's involved in Buying a Condo? What's involved in Buying a Co-op? What do you need as a deposit? How to choose a good Real Estate Agent for your property? What should you do to prepare your home for the market? How much Commission should you expect to pay? What are the expenses when Buying or selling your property? Should you have your home Staged for the market? Derek Hamilton has made Toronto his home his whole life and knows better than most what the city has to offer! Use his 26 years of Award winning experience to work for you.

Experience

Residential Real Estate Sales Representative in Toronto Ont,Canada for 26 years. Award Winner for 24 straight years with Royal Lepage & Sutton Group. Prior experience was 10 years building new custom homes & Renovations in North Toronto. I have a total of 36 years experience in the Residential Real Estate field.

Organizations
I also subscribe to the Georgian Triangle Real Estate Board in Collingwood & the surrounding areas.

Education/Credentials
George Brown College "Carpentry", Continuing Education with the Toronto Real Estate Board. Member sinse 1985.

Awards and Honors
Platinum Award 2000-2008, Presidents Gold Award 2009-2010-2012, Award Of Excellence 2011 25 Year Club for the Toronto Real Estate Board.

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