I had a buyer who just went under contract on Monday.
We had a 10 day due diligence period. He was ready to get the inspection done this week and he seemed to be pretty excited about the home.
Then on Wednesday morning he sent me a message saying that he wanted to terminate immediately because Trump won.
I guess he's thinking about moving out of the country or something.
I thought I saw everything but this was a first for me.
Tim, what was it like working with Miley Cyrus??? Perhaps you can get a referral fee from some of our great AR real estate agents in Canada? (very clever using "he" to disguise the identity) ^_~
In all seriousness the markets did react instantly when the NY Times shifted its predictions of a Clinton victory to a Trump certainty as the Dow futures instantly fell over 700 points! The markets react negatively to uncertanity but once they heard Secretary Clinton's gracious concession speech and Trump's victory speech the markets rebounded well.
I would think with the relaxation of some of the excessive job killing regulations, the repeal of the ACA which adds an average of $1.79 per employee per hour to business owners, and reducing the corporate tax rate to make American industry more competitive in world markets people need to wait and see what happens as that would appear to be a recipe of expanding employment.
No matter who won this election we are due for another economic downturn as it has been over eight years now.
Yes, a similar thing happened to me yesterday. Three months working with a well-qualified Buyer, condo finally chosen, finished with qualifing in Mortgage Process, ready to write the Offer and ...
"I think I will wait because I am very uncertain about how the country will react economically after this election."
All the best - Lynn
Perhaps your buyer ate something that didn't agree with him, Tim Maitski ? To cancel due to the Trump win is a move he will regret.
Endre Barath, Jr.
Beverly Hills, CA
A lot of people uncertain about the economy. The thing with elections is that half the country and a lot of the world react negatively no matter who wins. I'm sure there are Trump voters who are still concerned about how the markets will react at first, even if they believe things will balance out long-run. I'm a bit surprised someone would bail at this place in the buying process, but not that surprised.
This is a first for me, as well. This person is a bit of an idiot if you ask me. One day soon he will regret not buying when he had a chance to do so.
I find this very hard to believe and I would think a more likely scenario is that rather than leaving the country he was looking for an out.
Wow, I heard that it could happen, but reading about it happening in real life? Are people too highly about themselves? Does the President changes the need in housing?
So weird,
Our Contracts are written that a buyer can just about cancel any time for no reason... because in the old days they would start a lawsuit just to get out...Endre
Just wanted to stop in and see how much more the house is worth that your client cancelled on? 10% or more? just wondering....
I'm not sure. Homes continue to rise in value. I don't know if he moved out of the country yet.
I help buyers with:
Dunwoody homes
Sandy Springs homes
Buckhead homes
Brookhaven homes
Midtown Atlanta homes
Virginia Highland homes
Morningside homes
Vinings homes
Smyrna home
Norcross home
Duluth homes
Alpharetta homes
Roswell homes
Cumming homes
Marietta homes
Kennesaw homes
Acworth homes
Woodstock homes
East Cobb homes
North Fulton homes
Toco Hills homes
Emory area homes
Decatur homes
Chamblee homes
Doraville homes
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