S&P - what other "out" clauses other than "cash out clause"?

[jack2016]

Hi thanks for any advice.

I have a section for sale, a very simple section, nothing complex about it.

Got an offer at the price we want but it has - Lim clause, finance clause, and subject to sale of a quirky property (but in a "hot" selling location)
+ cash out clause

Thing is - I am wondering - if I accepted the offer, would that put off other buyers even with a cash out clause?

Price wise, it's a discount from before the lockdown, so it's a "cheap" price even in a small recession because it's a XXXlarge section. But area is very "exposed" to tourism - so i really don't know what will happen to section sales.

What would you recommend? Any other "out clauses"? Ie I want to keep this offer but still be allowed to take other offers without putting them off. Or just say can't accept at this stage?

Thanks for any tips.

[jack2016]

Offer that has too many clauses!

Received an offer for a simple squarish flat section conditional on LIM, finance, sale of property, and DD!

I'd like to politely say "no thanks, can you remove DD and finance clause?"

Would you?

Also, is it common for an offer to be subject to both sale of property and finance?

[Rosco]

Hi Jack,

Often you go for terms or dollars. If the dollars are good, then I think some terms are fine.

All depends on how long the conditions are for. If a week, what is the issue? Even two weeks at the moment isn't a big deal.

If longer than 2 weeks, I would put in a cash out clause, so that if you get a cash unconditional offer, the currently buyer has to go unconditional as well within X days, or else there contract is ceased. - Note if I was the buyer I wouldn't want this

Ross

[Perry]

Depends on quite a few things. The current 'environment' will end, at some point. What's your guess about sales prospects in the future, compared to now?

I've been mulling over the sale of a property that's the opposite of yours - very complex. But it is highly desirable. My initial musings have led me to the notion of pondering the consequences of stipulating that "only unconditional offers will be considered."

Good luck.

[jack2016]

thanks. it's just the DD clause - i do have $$ to lose as I have to involve my lawyer and buyer can cancel as they please?