Buying a house sight unseen!
Sudbury buyers say housing market pressure made them leap into bad purchase
CBC News
Sara MacMillan Posted: 24 May 2022
A couple that bought a house in Sudbury sight-unseen with no conditions says they got swept up in a hot housing market and now have major regrets. They're sharing their story as a cautionary tale to other would-be buyers on the importance of due diligence.
Josh Keyes and Yuri Nakashima were excited to be able buy their first home in Sudbury after being priced out of the market in Vancouver. But when they walked into their newly-purchased house earlier this month, they discovered it was far from a dream home.
"Once we opened the door, immediately we started realizing the terrible condition that this place is in," Keyes said.
Keyes said he and his wife are now facing tens of thousands of dollars in repairs on a property for which they already paid about $60,000 over the asking price.
Keyes and Nakashima said they don't feel they were advised on proper due diligence, and don't feel their real estate agent acted in their best interest.
"Of course a lot of it is our responsibility. But as first time home buyers and us relying on the real estate agent to really guide us through the process, I think she is also responsible, and the seller as well," Keyes said.
CBC contacted the real estate agent the couple worked with, but did not hear back.
The house is/was a two-unit rental at 63 Simcoe Street in West Sudbury. (There are two electrical meters at the front of the house.) It was listed in January 2022 for $279,500. Paying $60,000 over asking would be $339,000.
Worry, buyer's remorse high as real estate market slowdown materializes
CTV News 18 May 2022
A wave of buyer's remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months.
Realtors and lawyers in Toronto and Vancouver say they have noticed buyers looking at what options they have to get out of a purchase and sellers hoping to ensure one goes through because conditions have shifted dramatically from the previous highs and frenzied pace.
What to do when your home appraisal falls short as the housing market cools
CTV News 20 May 2022
The red-hot housing market over the last several months pushed many buyers fighting through bidding wars to put in unconditional offers at high prices.
But now that the market is cooling, some are ending up with mortgages that can’t cover the full cost of their home following an appraisal.
Toronto-based mortgage broker Mary Sialtsis says there are “very few options” for these buyers.
A six percent drop is not much.