For the past two years, real estate has been quite the roller coaster of an industry. With low rates, low supply and high demand, 2020-2022 have been very stressful for buyers, realtors and sellers alike! The most common complaint, or stressing factor that I hear about in my day to day is simple. Everything felt rushed, or I felt pushed into it.
As a real estate broker that has a team of 4 including myself, We conclude easily 75-120 transactions per year depending on the market, and I can tell you even the most experienced and composed brokers of all time can make mistakes if their clients rush them into doing their job. It is important to remember that part of your broker’s job is to verify all documents, information and help guide you through the process, although if we don’t have enough time to do this, how can we properly inform a client?
Anecdote: One of our clients called us on a Saturday aftering finding a great deal in St.Leonard for a condo that was not yet listed on the market. When I say good deal i mean… 40,000$ under market value good deal – Yeah, the real mccoy. Our client however wanted to make sure not to lose this deal and wanted to rush us into doing the paperwork before the coming Tuesday at 5:00pm so as to not risk losing the transaction of having the seller change his mind. The issue that our client did not realize? – We had no information, the unit was rented and happened to be rented to an older woman who was more than 70 years of age! Thankfully, as a responsible realtor, I decided to tell my client we were not comfortable with the rushed transaction and made sure to meet with the seller to gather all necessary information before proceeding to writing up an offer. Had we not used our common sense and slowed down the transaction, our client may have gotten a great deal, but would not be able to live there!
Conclusion: Had our client rushed into his purchase to secure the good deal, he would have been faced with a purchase where he could not occupy the unit unless his tenant would be willing to move out. The law states that any tenant over the age of 70 years old, that has been living in the unit for 10+ years and is of a low socio-economic profile cannot be displaced out of their living area for anyone (exceptions apply).
Make sure to fully trust your broker, understand why they are telling you to slow down, and know that if it seems too good to be true, it usually is!