Halifax Home Purchase GONE WRONG.. A $270,000 Nightmare
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- เผยแพร่เมื่อ 20 ส.ค. 2024
- In this video, local Halifax REALTOR®, Andrew Stephens of Team Stephens and EXIT Realty tells the story of a Halifax Home Purchase GONE WRONG.. A $270,000 Nightmare
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I help people buy and sell real estate in the Halifax / Dartmouth area in Nova Scotia, Canada. I specialize in listing homes, working with investors and helping first time home buyers.
If you’re looking for an open and transparent experience with regards to buying and selling real estate, then I am the perfect fit for you.
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**The opinions expressed herein are solely that of Andrew Stephens, not EXIT Realty or the NSAR and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to solicit buyers and sellers currently under an agency agreement. This is not financial advice.
Do you think the buyer should be on the hook for the $270,000?
Sounds like the buyer realized they offered too much and tried to get out of the deal. Happens when builders of subdivisions lower the prices prior to construction and the initial purchasers want the new lower price.
I’d say there’s a good chance this happened here (ie: regret) based on the timing especially. Late March / early April is when the market really started to slow down here in 2022.
How in the span of 3 months does the price of a property fluctuate by an astounding $270,000.00!!! A pretty strong indication that this market is not healthy. It's also telling that the buyer out of province with potentially the huge equity (ie, selling their home) is the one inflating the prices...but a great video highlighting the significance of having the proper conditions in an offer!
Wasn’t even 3 months. I’d have to double check but it was like a mid to late March listing. Then it was only a month or about 45 days later when they re-listed it. I feel like the original offer was well above the others during the first round of offers and then the market hit the wall so the timing couldn’t have been worse. One of the arguments in the case was that the seller accepted the 950k offer only 3 days or so after re-listing so they could’ve waited it out for a higher offer, but at the same time the first round of offers was also only 4 days after listing so yeah, I agree with what you’re saying and I don’t think the market in early 2022 was necessary healthy honestly. I think a common misconception in general is that agents enjoyed the market during these crazy times which is far from the truth haha. Crazy story. An unfortunate one for everyone involved
I could imagine it being difficult when the market is so volatile like that! Great video though, thanks for sharing!@@AndrewStephens
Who was the buyers agent, they need to advise purchasers before making such a offer, some people only make 1 or 2 home purchases in there lifetime.
It’s not disclosed in the court docs. But, agreed and who knows… Maybe they did advise them otherwise but the buyer chose not to listen. Hard to say without the entire story from start to finish.
Andrew, the buyer should definitely be on the hook, but should also have gone back to the agent if the agent didn't advise including a condition on the sale of the buyer's home.
But, for me, the most surprising part of your video was the 5% tax on out-of-province home buyers.
We're listing our home in Montreal in April for $925,000 with plans to buy a home in Halifax. If we were to buy a new property for $900,000, that tax would mean an additional cost of $45,000. This leads me to the question of "How long do I need to live in Nova Scotia before being considered a resident?" I could, for example, use the $45,000 to rent in a cheaper community for a year and then buy, hoping Halifax prices had not risen 5%. Thoughts?
Where you’re moving into the property you’d be exempt! In this example case, it was an investment property that was not going to be personally occupied by the buyer.
If you are looking for any guidance when you make your move, don’t hesitate to reach out to me! My email is andrew@exitmetro.ca or you can use the calendly link in the description of any of my videos
Thanks for watching!
Crazy!
I’ve seen/heard of situations like this in the past but this amount of damages is the highest I’ve seen in my market. For reference, avg home price is about 565k currently. Unfortunate situation for everyone involved really