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Originally Posted by DoubleF
I'm kinda confused. Maybe there's a difference between Calgary and BC's real estate culture, but if you pull out of a deal based on a reason that wasn't a specific clause in the conditions, I thought you lose your deposit to compensate the seller? I've always done much more rigid conditions on a house sale and the conditions to pull out without losing the deposit is quite narrow.
Something like: if inspector finds deficiencies that requires remediation but is not in excess of $5K, can't break deal. But if the inspector find in excess of $5K of undisclosed issues then the buyer can renegotiate deal and potentially break it without penalty. Seriously though, if you haven't disclosed windows, roof and furnace, $5K of undisclosed issues is really fricken hard to come by and it just seems really damn dishonest to be unaware of that much requirement for remediation.
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This is technically true but hard to enforce.
If a buyer says they couldn't get financing or didn't like what they read in condo docs for example, it's difficult for a seller to prove otherwise and get them to perform the contract and continue.
Even with the inspection clause, they could make claims like the windows and roof are too old and will cost over $5000 to replace for example.
There's a lot of interpretation to these things, even if the buyer is clearly playing games.
While you might be right about that buyer being a liar, you'd still have to go through a legal process to get remedies (the deposit) and sellers usually just let it go and move on to other buyers.
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My realtor told me if a situation like that happened, we'd wait for the open house to complete but be honest in notifying those at the open house that there is an offer and if they want to put in an offer it would become a multiple offer situation. Someone would have to put in an aggressive offer with a short and very narrow or no condition time period to get me to pull the home from the market just prior to an open house. Otherwise, I'd take their deposit if they pulled out for nearly any reason. The conditions are meant to be relatively fair to both parties.
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It's only a multiple offer if the first offer is still open for acceptance.
If they're trying to come in quick before the open houses, they likely aren't leaving it open for your response into the weekend.
Would be something like an offer made Thursday morning with a response required by Thursday night.
That would be a terrible buyer's agent if they're giving you an open offer for your agent to shop around at the open houses.