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Real Estate: The Oakville Beaver, Wednesday February 8, 2006 - 23 Using real experience to "escape" home confusion Question: We have purchased a new home and our present house has been listed for over three months. Our concern turned to elation when our agent called last night and said she has an offer to pres ent. However, the offer she had, which was enough money, was contingent upon the buyer selling their house for three months. We were worried about the buyer not being able to sell their house and our house being tied up. Our agent said "no problem, we'll add an escape clause for 96 hours?" Frankly, we are confused, escape what? escape. Your strategy should allow you to go along with'an acceptable offer with a reasonable condition and a fair escape clause, so you can retain the right to continue to offer and show your home to other prospective buyers to obtain back-up offers. In a hot or sellers' market, where there are more qualified buyers than houses for sale, you needn't accept offers contingent upon the sale of the buyer's old house. In a slow or buyers' market where there are more houses than buyers, sellers can't be too choosy. What concerns me about your letter is your agent saying she will add an escape clause. She should have already had it in the offer. She also said 96 hours. Four days is too long. To me, it looks like it is her own offer and she may not be working in your best interest. 1. The buyer's old house should be reasonably priced and listed on the Multiple Listing Service of your local Board of Realtors. 2. Is 90 days to sell the old house a reasonable time in your market? Ask reputable realtors, how long it takes. Sixty days is usual. 3. The escape clause should only be for 48 hours maximum, while allowing you to continue to mar ket your home until you sell your home or the buyer removes his condition and makes his offer firm and binding. If you require further clarifica tion, call the agent's broker or consult with your attorney. Adam Campbell is a broker with Advantage Plus Realty Inc. and members of Ontario Real Estate Association (OREA), Canadian ADAM CAMPBELL Real Estate You Were Asking? Real Estate Association (CREA), Oakville Milton & District Real Estate Board (OMDREB), Toronto Real Estate Board (TREB) and Hamilton, Burlington Real Estate Board (HBREB). Adam can be reached at 905-844-4444. Answer: The offer on your home does not obligate the buyer, because there is a condition or contingency clause. 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