what comes first - selling your current home or buying a new one? What About SOBP offers?
In this blog post, we'll explore the dynamics of SOBP conditions in real estate offers and shed light on a crucial element that sets Nova Scotia apart – the property remains listed as active, not pending, on the MLS, allowing sellers to entertain showings and allowing the first offer buyer the option to waive their condition early if another offer arises.
Understanding Sale of Buyer's Property (SOBP) Conditions:
What is an SOBP Condition?
An SOBP condition is a condition in a real estate offer that makes the purchase contingent on the successful sale of the buyer's existing property.
This condition provides buyers with a window of time to secure a buyer for their current home before finalizing the purchase of a new one.
Active Listing Status on MLS: A Unique Feature in Nova Scotia:
In Nova Scotia, when sellers accept an offer with an SOBP condition, the property remains listed as active on the MLS.
This is unlike traditional pending status, which would typically indicate that the property is under contract and usually not available for further showings.
Entertaining Showings with an Active Listing:
The active listing status allows sellers to continue entertaining showings, even after accepting an offer with an SOBP condition.
This flexibility is invaluable, allowing sellers to showcase their property to potential buyers who may not be deterred by a property already under contract.
Early Notice for Conditional Waiver:
In the event that another offer comes in while the property is under an SOBP offer, sellers are obligated to provide the first offer buyer with notice.
This notice gives the initial buyer the chance to waive their SOBP condition early if they wish to secure the property without selling their current home.
Benefits for Buyers and Sellers:
Buyers: SOBP conditions provide buyers with the security of reserving their dream home while allowing time to sell their existing property.
Sellers: The active listing status on the MLS ensures that sellers can continue to actively market their property and potentially secure a backup offer.
Conclusion: Understanding the nuances of Sale of Buyer's Property (SOBP) conditions in Nova Scotia is crucial for both buyers and sellers. The active listing status on the MLS adds a layer of flexibility, enabling sellers to maintain an open market for their property and giving buyers the assurance that they have a fair chance to secure their desired home. As with any real estate transaction, open communication, cooperation, and guidance from knowledgeable real estate professionals are essential to navigating this unique aspect of the Nova Scotia real estate landscape successfully.
