For Calgary home sellers, the conditional sale reporting rules have just been changed. Previously, it was required for a seller who received a conditional offer on their home to notify the MLS® system and put up a conditionally sold sticker to let prospective buyers know. This let buyers know that an offer was already on the home, but would often keep interested parties away from the listing even though a conditional sale isn't a done deal.
The Calgary Real Estate Board has changed the rules on reporting conditional sales to be more in line with the rules that other boards follow. These changes will allow home sellers to not report conditional sales so that they can continue to market and show their homes so that if the conditional sale does not go through, there is potentially a backup plan in place. In theory, this change of practice could make home sellers more likely to accept a sale with conditions because they could wouldn't have to disclose the offer and shut down the marketing of their home.
While this change in the rules could potentially benefit home sellers, it might not work out as well for home buyers in Calgary though. With no record of which homes have been conditionally sold, it is possible that home buyers could waste a lot of time and effort pursuing listings that aren't really available. One possible benefit to home buyers could be that they might be more inclined to view properties that they might not have bothered to check out otherwise, if they had a conditional sale sign on them. This could result in buyers purchasing homes because the original conditional sale fell through.
Like any change in the rules, there are some benefits and some drawbacks. It may take a bit of time for people to get used to this change, but it makes sense to have continuity between the different boards. Do you think that this is a good change for buyers and sellers in Calgary?
Krista Kehoe, Calgary real estate agent & REALTOR®