{"id":1590,"date":"2016-04-14T11:11:04","date_gmt":"2016-04-14T18:11:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1590"},"modified":"2016-04-14T09:28:46","modified_gmt":"2016-04-14T16:28:46","slug":"brokers-concerned-about-real-estate-offers-made-with-no-conditions","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/brokers-concerned-about-real-estate-offers-made-with-no-conditions\/","title":{"rendered":"Brokers Concerned About Real Estate Offers Made With No Conditions"},"content":{"rendered":"<p style=\"text-align: justify;\">The breakneck speed of real estate transactions in British Columbia has some brokers so concerned, they are suggesting agents have clients sign a form spelling out that they understand the risks when offers are made with no conditions.<\/p>\n<p style=\"text-align: justify;\">Sotheby\u2019s International Realty has sent a notice to its agents with a new form asking for official client acknowledgment that there could be serious consequences to an offer that includes nothing that makes the purchase subject to financing or property inspection.<\/p>\n<p style=\"text-align: justify;\">\u201cSomething I\u2019m concerned about is a bank then saying, \u2018I\u2019m sorry, we\u2019re not going to appraise the property for that price,\u2019\u201d said Polly Cordwell, Sotheby\u2019s managing broker, who drafted the new form.<\/p>\n<p style=\"text-align: justify;\">People who can\u2019t get financing risk losing their substantial deposits. They could also get sued.<\/p>\n<p style=\"text-align: justify;\">Ms. Cordwell said close to 100% of the buyer offers that the agency is seeing lately \u2013 as prices have spiralled to unheard-of heights, not just in Vancouver but throughout the region \u2013 are being made without conditions.<\/p>\n<p style=\"text-align: justify;\">The Sotheby\u2019s form asks buyers to recognize that \u201clenders may not approve financing if the property appraisal, conditions of the lands or building or any other factor pertaining to the property is not acceptable to the lender, even if a financing pre-approval has been obtained.\u201d<\/p>\n<p style=\"text-align: justify;\">It also warns them that making an offer without a building inspection could lead to unexpected and expensive repairs later<\/p>\n<p style=\"text-align: justify;\">Dustan Woodhouse, a mortgage broker who mainly serves clients in the Tri-Cities area, said he had eight sets of clients in the first half of last week who all wanted to make subject-free offers.<\/p>\n<p style=\"text-align: justify;\">He said he\u2019s just finished talking to a lawyer about a similar form warning them about the risks.<\/p>\n<p style=\"text-align: justify;\">\u201cI am contemplating an indemnification agreement to make it crystal clear that at no time can I ever possibly advise any client that they are 100-per-cent safe to go subject-free,\u201d he said. \u201cThe greatest danger in the market is the consumer walking around with a \u2018pre-approval\u2019 and failing to understand that it is little more than a ratehold.\u201d<\/p>\n<p style=\"text-align: justify;\">Although Mr. Woodhouse is doing well financially in the current market, he said he thinks the region\u2019s real estate market has become dangerous. \u201cThese are very problematic conditions right now. I do not like this market, I do not believe this market is healthy. A little more rational behaviour would be nice.\u201d<\/p>\n<p style=\"text-align: justify;\">The Mortgage Brokers Association of BC is not yet seeing a stampede of brokers toward new forms advising buyers of risk.<\/p>\n<p style=\"text-align: justify;\">But CEO Samantha Gale said she is definitely hearing concerns from the association\u2019s 1,500 members \u2013 who are among the province\u2019s 3,200 brokers \u2013 about the high number of offers they\u2019re seeing that are subject-free and have unrealistic completion dates.<\/p>\n<p style=\"text-align: justify;\">None of those contacted by The Globe and Mail has yet heard of a bank or credit union turning down a buyer because the offer is deemed to be much higher than the value of the property. That\u2019s largely because, as prices keep rising, an offer that is far above the official assessed value is still being considered as reasonable in current market conditions.<\/p>\n<p style=\"text-align: justify;\">\u201cBut it\u2019s something we need to be aware of as a possibility,\u201d Ms. Cordwell of Sotheby\u2019s said.<\/p>\n<p style=\"text-align: justify;\">Realtor Ian Watt said the region is \u201coverdue\u201d for some fallout from the no-condition offers.<\/p>\n<p style=\"text-align: justify;\">\u201cWe know somebody\u2019s going to get sued.\u201d It won\u2019t happen immediately, as long as the market is hot, he said, but as soon as there\u2019s a slight downtown, that will become a possibility.<\/p>\n<p style=\"text-align: justify;\">The region is going through one of the most unusual bursts of spiralling prices that many people in the real estate industry can remember. Until a few months ago, the stories of skyrocketing prices, sales for hundreds of thousands over asking and no-subject offers were largely confined to certain hot spots, such as the west side of Vancouver and the North Shore.<\/p>\n<p><a href=\"http:\/\/www.theglobeandmail.com\/real-estate\/vancouver\/brokers-concerned-about-real-estate-offers-made-with-no-conditions\/article29603246\/\" target=\"_blank\">Brokers Concerned About Real Estate Offers Made With No Conditions<\/a> by Frances Bula | The Globe and Mail<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The breakneck speed of real estate transactions in British Columbia has some brokers so concerned, they are suggesting agents have clients sign a form spelling out that they understand the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/brokers-concerned-about-real-estate-offers-made-with-no-conditions\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1590","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brokers Concerned About Real Estate Offers Made With No Conditions &#8226; 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