Posted 12.8.12 @ 9:20 by: Staff

While we love to help you buy and sell Oakville real estate… sometimes the bidding gets so furious and the home is not all that you want! Here we’re going to talk about when it’s time to walk away and when it’s time to stay in the game. There is almost always another buyer or seller, so you can’t allow yourself to get too emotionally over-invested in a single deal. Let’s go over a few common things that you need to know on both ends!

Condo Buyer’s Remorse

If you’re buying a home or selling one, there might be a little remorse. How long you have depends on the kind of Oakville luxury real estate that you’re buying. If you’re buying a condo that’s new (pre-build) you’ll have up to 10 days in Ontario to have a change of heart. This doesn’t apply if you’re buying a traditional detached home from a builder or resale residential property in Ontario.

No Walking Away from Accepted Offers

One important thing to know is that once your offer has been accepted and you pay the deposit, you can’t change your mind as a buyer. If you try to walk away after you’ve signed an offer with a seller you could be sued, even if you don’t end up in the property.

If you put a deposit down on a house and change your mind, for example, you’re not going to be off the hook. If your bid was for $400,000 and the next bid coming up is only $300,000, the seller can sue you for the extra $100,000 you cost them by not going through with the deal for Oakville real estate. This is why it’s so important to know what you’re getting into.

What About Escape Hatches?

Escape hatch clauses can help you change your mind later, but they’re pretty rare and very selective. You’ll want to look at the contract, work with us as your Oakville luxury realtor and have the help of a real estate lawyer so you know what to expect. In Ontario you’re going to have the standard contingency of being able to get a mortgage (your mortgage lender will need to approve and appraise the property) and you can throw in a home inspection contingency too.

It’s so important to know that it’s hard to back out of a deal once your offer has been accepted. This is why you need us! We’ll be able to help you make sure that this is the right property and the right price for you. You shouldn’t have to work without a net, and when you choose us as your Oakville realtor you’re going to get all the help you need.

Why try and figure out all the technical details on your own? Contact us today and experience the Goodale Miller difference!

Pertinent and insightful information on Oakville real estate as well as commentary on current events in our community.