Beware of "Subject to" Financial clauses when selling your Bahamas real estate

When you receive an offer to purchase your Bahamas home, you are likely to focus on the price. You might be ecstatic over a full price offer, but you should be aware how "subject to financing" clauses could affect the likelihood of success in your real estate transaction.
Some purchasers may ask for a “subject to financing” clause. While the vendor obviously wants to make the sale, there can be pitfalls to this in the Bahamas as elsewhere.
If you commit to a “subject to” financing clause, your Bahamas property will be taken off the market for a specified timeframe. In the meantime, other prospects who would have viewed your property will now look elsewhere and perhaps find something else.
There's a real chance the person who you contracted with won't be approved by the bank and you'll have to start the sales process all over.
By then, you lose the excitement generated when a Bahamas home first goes on the market.
Another sticky contingency is when a purchaser states that they must sell their home before they can finalise the purchase of yours. If you agree to this, there has to be a realistic time limit, so the purchaser doesn't tie up your listing.
It's wise to respond with a "kick-out" clause that allows you to keep your home on the market while the purchaser promotes theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.
These two examples are just the tip of the iceberg, so sit and discuss each line of the offer with your Bahamas Real Estate Association agent before making your decision.

TIP OF THE WEEK: If your property is priced RIGHT when it goes on the market you should find a qualified buyer in short order. This should avoid a “subject to” clause. PRICE IT RIGHT WHEN YOU LIST IT!!!!!!