What is a finance condition for home buying?

Question

I was just watching preoperty virgins on hgtv, and the people didnt take these peoples offer because they had a finance condition on their offer. The realator said they shouldnt have that on the offer, and that it killed their chances in recieving the house

can anyone explain what this is too me, is it bad, what does it do??

Answer 1

i saw this episode last night and within the past two months and i was wishing she would have explained what a finance condition was. from what i gather is that a finance condition can be something like the buyer has no been fully approved for a loan, but just pre-approved. the finance condition states that if the buyer is not approved for their loan from the bank that the contract for sale can be canceled. i would say that the seller did the right thing by not taking the couple who offered the most money but with a finance condition. i'd rather take less money then take someone who offers most and then can back out of a contract. the websites below will give different examples of finance conditions. they are from different countries, so maybe, i guess it's not done here in the states.