Adding a buyer, Preparing for showings


Dear David,

We recently sold our home. The buyers have asked to add another buyer to the agreement before it closes. Should we be worried? – CONCERNED

DEAR CONCERNED: I see this happening more and more in our current fiscal environment, for a number of different reasons. It’s possible that one of the buyers was unavailable at signing and now the bank wants to see them on the agreement. Perhaps their financial position has changed since they first signed and their lender wants to add the strength of an additional buyer before closing. These reasons are purely speculative, of course. When I receive the request to add an additional buyer to an agreement, I look to the buyer’s agent for a reasonable explanation.

PRO TIP: For sellers, the process of adding an additional buyer to an agreement is pretty simple. It’s always better to have an extra buyer on the deal and allow it to close, rather than to have it fall apart. If you’re uneasy, feel free to ask questions.

Dear David,

I’m listing my home for sale. It’s been a long time since I’ve been through the showing process. What should I expect? Who will be in my house? – GETTING READY

DEAR READY: Depending on your price range, location and marketing strategy, your first few days on the market could be quite busy. If you’re selling a $350,000 townhouse with a great walk score, it’s likely you’ll be bombarded with activity. If the property is a $4 million mansion on the outskirts of town, traffic will tend to be slower.

It’s common for a well-presented, properly-priced property to receive a wave of showings when it first hits the market. If this is your scenario, prepare to be out of the house as much as possible, at least initially. The management system that most local Realtors use to track showings can be set to require as little as one hour’s notice for bookings, so requests may start to roll in almost immediately. I like to give sellers the authourity to approve showings on their own, so they retain control of the schedule.

In theory, any licensed Realtor in Ontario can show your home with proper notice and authourization.  There are close to 2 thousand local agents in Kitchener, Waterloo, Cambridge and Guelph, any of whom may have a buyer.

PRO TIP: Ideally you’ll want to accommodate every showing, but your Realtor can set restrictions as necessary. Families with young children may wish to limit evening appointments. Shift workers may need restrictions for various times. If your property is vacant — or you’re not going to be home for a few days — your Realtor can arrange immediate authourization for agents who wish to bring buyers through. #AskDavid #Advice