What is “Sold Conditional”?
There’s a lot of terminology in real estate, and the term Sold Conditional can be confusing to new buyers. Is it for sale or isn’t it? Can I put an offer on it? When is it sold NOT conditional?
Sold Conditional simply means that the buyer and seller have come to an agreement however there are conditions that have to be met for the deal to be considered firm. Typical conditions on homes include conditions on the buyer arranging financing and a home inspection.
During this time the home is still technically for sale, although the seller can not entertain other offers because if the conditions are met on the original agreement then the offer goes through. As a home buyer, what this means to you is that you can’t buy the home and realtors can not see the sold price until all the conditions are met and the home or condo is no longer sold conditionally.
When working with home buyers, I explain the term sold conditional along with other common terms and what to expect during the process at my Home Buyer Consultation. Ready to find your next home? Let’s talk!