Quote:
Originally Posted by MillerTime GFG
Let's say you live in Vancouver. You just purchased a place for 1.5M and waived financing condition, because you have a firm sale on your previous residence that you sold for 1M. Now that buyer has walked on the deal, so you no longer have a firm sale on your previous home. Your mortgage on your new place has a condition that it's subject to a firm sale on your previous home, as your income isn't enough to carry both debts. You're now scrambling.
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As far as I'm aware and it is likely not quite this simple, but if there is a firm sale on your house (ie: conditions removed) and the buyer walks away from it, you still get the deposit. I also believe the deposit is usually at least 5% ($50k on $1MM), which should more than cover any debts until the next sale.