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The Hamilton Spectator carried the (click here) columnist Mark Weisleder, Toronto real estate lawyer, and his story of the buyer who paid $46,000 in costs because they would not close the deal. The buyer wanted reparis done by the Seller before moving in, fel they were incomplete and refused the offer of cash from the Seller in lieu of more work by them. They did not close. Like the columns advice, we always want very specific wording in the agreement about the work to be done, details on the quality and quantity, timing and more.
I want to buy your investment property. The price you ask for would result in my having to spend money every mont out of my pocket just to keep the property afloat. Does that make sense? Surely not. So why does a seller stick to their belief in the overall value. Maybe because a neighbourhood property sold for the same price. Yet properties are not all the same...can not judge the book by its cover. What is inside matters and for investment property that is the most critical. The table of contents should show a comprehensive story is told and the story should be believable. Call me if you want some advice on how to make your story a big selller!
Cameron Nolan is a long-time resident of Hamilton and a leading residential and commercial real estate broker in the area. His radio show Real Estate Made Simple can be heard on the first Saturday of every month on AM 900 CHML.