Vendor facing large mtg penalty at closing

[RobAllan]

I`ve done a forum search but came up empty. Anyone address this in a past purchase? Property is a SFH; there is presently an accepted offer subject to certain conditions however the vendor has retained the right to consider other offers (with the original buyer having 48 hrs to match and waive conditions). Interested in what strategy you might have for this to be a win-win situation (using a cover letter of course to explain the strategy)

Thanks,

 

[GaryMcGowan]

You could find out from the current Lender if the mortgage is assumable.

 

[RobAllan]

Hi Gary:

In this particular situation, the mortgage is not assumable. I had considered that option as well.

 

[invst4profit]

Without knowing financial details of the deal it is difficult to determine what approach is required.
What is the road block to closing the deal.
Is the seller being greedy or is he upside down in the mortgage.

 

[Dan_Eisenhauer]

It also depending on what "subject to certain conditions" means.

If it is subject to the sale of an existing property, that is a common clause. If it is the seller hoping to get a better offer for some unknown reason, then don`t accept that. Either walk away, or delete that clause. You want to know you have a deal or not. Don`t play the game with the seller if you do not know the reason for that clause.