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A few years ago, I had clients looking for large home, in a nice neighbourhood. After several outings to view a variety of properties, they selected one which seemed perfect for them and their family of three little boys. It was in the neighbourhood of their choice, and a quite a bit larger from the home they were currently in, and was about 2,700 square feet. The home was listed at $599,000. We negotiated an offer, and ultimately it was accepted… My clients were ecstatic!
My clients had been pre-qualified for their financing, and we had a house inspection performed by a registered/certifed home inspector, and all was well with the exception of a few minor things that are common.
My clients removed all the conditions and we had a firm sale!
As we approacehd the closing date, my clients received a phone call from their lawyer. In the process of performing a title search to ensure all was in order with the registration of the property, and to search for any liens registered against the home etc…. it appeared we had struck a gigantic road block!
Apparently, unbeknownst to the wife, the husband was having some gambling issues and had managed to put a second mortgage on the property, and had accumulated other various debts that had been registered against the property. The amount of the debt accumulated and registered against the property was larger than the value of the home…. meaning, there was no money remaining to pay either the listing agent or myself!!!
Needless to say, the lawyers were scrambling to try and close the deal with sufficient funds remaining to pay both agents… It all worked out in the end, they finally did negotiate the loans down to a point where everyone got paid in the end.. but it was a stressful time for my clients.
Had the listing agent completed a mortgage verification… there may have been some red flags to alert her of a potential problem…
It pays to take that extra step.. check things out thoroughly and do your homework before listing the property !!
I live and work in STREETSVILLE and have a vested interest in property values here. Are you considering buying or selling or know anyone who is? Give me a call for a complimentary evaluation of your home in this changing market. (416) 717-6331
Your STREETSVILLE Real Estate Agent
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