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Things That Could Go Wrong With a Real Estate Sale
Things That Could Go Wrong With a Real Estate Sale
You’ve just sold your house or acreage in Spruce Grove, Stony Plain or Parkland County in Alberta.  That is, you’ve accepted the Offer to Purchase, and now all you have to do is wait for the proceeds to be deposited into your account, right?  Not so fast!  There are many things that could undo a sale. 
Buyers’ Circumstances:
Buyers not pre-approved for a mortgage.  After making an offer, the buyers discover they can’t get a loan for the amount they need.  (Mortgage approval is influenced by buyers’ source, size and stability of income; their debt load, or “debt to income ratio”; credit history; size and source of down payment; value of the property being purchased, and so on.  A mortgage specialist can inform you about these things.) Interest rates increase; buyers no longer qualify for a mortgage. New government legislation.  Ottawa recently announced a decrease in the length of time a mortgage can be amortized, from 35 to 30 years, making monthly payments higher and therefore out of reach for some buyers. At closing, buyers are short of cash for the down payment and closing costs. Change in ... more

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