There has been a lot of Buyer’s Remorse reported in the media, but I don’t think it’s anything new.
During market upswings, Sellers often have remorse that they “sold too soon!” and during downswings, Buyers often feel they “bought too soon!”
It’s impossible to predict the future, so all you can do is make the right decision based on the information you have at the time.
A word of caution!
I’ve been hearing VERY BAD advice floating around about what you can do to get “out of a contract.”
The two myths which will get you into trouble are “don’t bring in the deposit and the contract is void!” or “you can just walk away and only lose the deposit!”
Believe me, that is not the case. The Seller has the right to sue you for any losses, regardless of whether you brought in the deposit.
In fact, just this past week, I helped one of my team member’s clients sell their house. The Buyer didn’t want to bring in the deposit cheque so I had to educate everyone on the legal consequences. In the end, the deposit-cheque was delivered and the deal is moving forward.
So please, consult with your lawyer or other professionals to make sure your actions don’t have financial consequences.
When the market went crazy in 2017, and then tanked, there were a LOT of lawsuits because of the differences in value.
Just make sure you get the right information from the right professionals.
Do you have questions about the market?
Call me at (416) 276-4895.
Article: Buyer’s Remorse High
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