Lower Mainland Real-estate – Buyer Beware?!

According to this article on CKNW – Vancouver’s hot real estate market is creating conditions where the buyer must beware, particularly in the condo market. Really?? You mean prior to this you could blindly stumble into a purchase costing several hundred thousand dollars, not do any research and be just fine?

That from mortgage consultant Peter Kinch after some real estate developers have been told to stop selling condos thanks to allegations of duplicate sales and missing deposits.

Kinch says potential buyers are too often focused on buying quickly instead of doing more research, “There’s this pending sense of ‘If I don’t get in now, prices are going to keep rising and I’d better get in now.’ People are hearing stories of all their friends who have made so much money in real estate and they’re jumping on the bandwagon and I think these are the individuals that are becoming the most vulnerable.”

..ok, fair enough, but who’s fault is that? I mean sure, interest only loans and the constant blare of real-estate marketing may help to create conditions where people feel the need to buy something they can’t afford to buy before they are unable to afford it, but come on! Just where is the line between someone dumb enough to leap into a deal that they haven’t checked out, but smart enough to be able to sign their name?

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Anonymous
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Anonymous

The problem is that in a competitive market you don't have the luxury of adding subjects to your offer. If you require an inspection of the property it will go to someone else.

sweatshopper
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sweatshopper

If you have an offer in on a property and the seller passes just because its subject to inspection, consider yourself lucky and pity the person that made an offer without subjects. Have we all forgotten about the whole leaky condo issue here in the lower mainland?

metro
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metro

No matter what the market you should always do your due diligence. If you rush into a major purchase and it turns out to be a mistake you have no one but yourself to blame.

Anonymous
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Anonymous

You can't just blame the buyer. Sure they have a responsibility to make themselves informed, but they aren't experts on real estate. That's why they hire a realtor. They are paying for the service of an expert and they should be made aware of all the potential problems and pitfalls by the realtor and not feel rushed into a bad deal.

metro
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metro

You can't just blame the buyer.sure I can. They're the ones making the purchase. At the very least they should attempt to get a second or third opinion on anything they don't understand. They should also be very wary of 'experts' that are motivated by personal gain.