Don’t you just love being all PC (Politically Correct)?
Probably the greatest scourge thrust upon us since social media and the digital communication age commenced only a few short years ago.
The old term used to be, “When the fat lady sings.”
Referring to the moment when you could press the go button or when a deal is done and dusted.
Well for the next minute or so, to help you, I am going to have to drop the PC and tell you something that many of you need to hear.
Firstly, before the cold hard truth comes out, congratulate yourself for selling without an agent.
Even though you may have signed a contract for the sale of your home or property – it is NOT sold.
Stop bloody well telling all and sundry it is sold or under contract before the ‘Fat Lady Sings’
So when does she sing?
Almost every contract for the sale and purchase of a property has a cooling of, conditional or exchange period.
This is the agreed time period straight after the contract has been signed by buyer and seller whereby the buyer carries out the specific functions, searches or tasks that need to be satisfied for the contract to be ‘locked and loaded’.
These are things like:
Obtaining full finance approval
Undertaking a building and pest inspection
Initiating specific searches through the local council or other authority
All contracts can be subject to these types of conditions, whether you are selling your own home or not.
And should the buyer not be able to obtain finance or be satisfied with inspections or searches, the contract is over. Kaput. Gonski. And that leaves you, the seller, looking for a new buyer.
So, if you decide to tell the world that your property is ‘under contract’ or Sold before the conditions of the contract are met (our big girl is singing), you run a HUGE risk of missing out on a raft of buyers who would have enquired on your property during the ‘conditional’ period and who you could have engaged with and placed on the bench (much like your reserves bench in a game of footy) should the original contract fall over, say, because the buyer could not obtain finance approval.
Please, let the big girl warm up off stage until you know all the conditions on the contract are ticked off – then wheel her out!
Agent in a Box.