Buy before Sell pressure
Homeowners were selling a starter home, circa late 1990s. They were asking $235,000 for their home and they had just purchased their new home in a different province that was scheduled to close with funds from the sale, in a few months. Finally, they received a $226,000 offer with several buyer conditions. Their real estate agent encouraged them to strongly considering the offer. Ultimately, they sold for $228,000, while honoring the buyer’s conditions. As that year went on, prices in that neighbourhood dipped even more, so the Seller, even though not particularly happy at the outset, was able to close his new home on time, with less stress and more money than if he had waited for another offer.
Pre-closing Error: Large Bank Deposit Causing Delay
A couple buying a seller’s home in Alberta deposited $8,000 in cash into their checking account three days before closing. Their father had given them money to buy new furniture and appliances for the house. Their bank checked balances the day before, and it was “dinged,” as this particular transaction required a gift letter. The father had just travelled to the Rocky Mountains for a hunting/fishing trip, and no one could reach him. This delayed the closing by two weeks.
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