Bob, the Buyer “won” in multiple offers.
Bob had lost out several times before, so he was now a little “gun-shy”, but he recognized that he had to outbid everyone else in order to WIN.
Now, he’s having second thoughts.
What can Bob do?
I have had more than half a dozen people call me this Spring with this same question.
Obviously, some Buyers are having second thoughts.
In order to win, they have paid far more for that property than anyone else in the bidding war, and far more than anyone else thought it was worth, and far more than what the banks think it is worth.
They want to know about the liability of their OWN agent, and on occasion, the liability of the Seller’s agent in the same scenario. In some cases, they plan to sue.
Their potential losses are high whether they close or don’t close. At least, if they close they have the property.
My advice: get a SECOND OPINION.
This was originally published in 2005 band then subsequently published in 2015. Now, don’t you really wish you bought something (anything) in 2015 or even 2005. Even if it was the worst property at the time, it’s not a bad investment now!
Brian Madigan LL.B., Broker