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Thread: BC Announces Home Buying 3-Day Cooling Period

  1. #1
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    Default BC Announces Home Buying 3-Day Cooling Period

    Obviously doesn't affect us but interesting implementation - https://www.cbc.ca/news/canada/briti...riod-1.6527837

    "British Columbia has announced a mandatory three-day period to allow homebuyers time to arrange an inspection and take other important steps like securing financing in the province's high-pressure real estate market."

    "Robinson says the policy, the first of its kind in Canada, includes a cancellation fee of 0.25 per cent of the purchase price, or $250 for every $100,000, for those who back out of a deal, balancing the needs of both buyers and sellers."

    I can see pros and cons from both sides of the sale, nice that you don't have to go all in and go no conditions, but on the other side will buyers potentially use this period in a manner they shouldn't? As in putting another offer in on a different property and eating the cancellation fee while boning the first set of sellers?

    Will be interesting how this pans out for BC, doesn't go live until Jan 1st of next year.

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    Nothing like government to insert themselves needlessly in the middle of contract negotiations between 2 consenting parties.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Wait, people make offers on houses and THEN see if they qualify financially? How. Why.

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    Quote Originally Posted by jutes View Post
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    Wait, people make offers on houses and THEN see if they qualify financially? How. Why.
    Well are you surprised...?

    Walk into Hyundai
    OMG THIS SONATA IS PERFECT
    Oh I can't pay that up front
    Ok how about 3y 0%
    How about 5y 0%
    Ok how about the next-most-perfect Elantra for the next 84 months at the 7.99% you qualify for? You still get a brand new car and 0% down

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    Quote Originally Posted by jwslam View Post
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    Well are you surprised...?

    Walk into Hyundai
    OMG THIS SONATA IS PERFECT
    Oh I can't pay that up front
    Ok how about 3y 0%
    How about 5y 0%
    Ok how about the next-most-perfect Elantra for the next 84 months at the 7.99% you qualify for? You still get a brand new car and 0% down
    Holy shit, I know people that would think this is a good deal.
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    That's why I just say I have a 4" dick and lift weights to make up for it.
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    My car sounds like shit.

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    Quote Originally Posted by jwslam View Post
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    Well are you surprised...?

    Walk into Hyundai
    OMG THIS SONATA IS PERFECT
    Oh I can't pay that up front
    Ok how about 3y 0%
    How about 5y 0%
    Ok how about the next-most-perfect Elantra for the next 84 months at the 7.99% you qualify for? You still get a brand new car and 0% down
    'What kind of payments are you looking for ser?'

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    So, basically a $2,500 to $5K non refundable deposit if your offer is accepted.

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    Robinson says the homebuyer protection period is based on consultations with the B.C. Financial Services Authority and the experiences of buyers who jumped into deals they later regretted.

    Elaine Spilos, a homebuyer who joined Robinson at a news conference Thursday, says she contacted the finance minister after she and her husband were assured by their Realtor that the "exceptional" home they purchased had already been inspected and built to code.

    Spilos says the retired couple endured a "very painful experience" three weeks after their purchase when a sewer backed up, with similar damage nine months later.
    Laws to protect idiots from being idiots. Trust the realtors.

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    Fiduciary duty.

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    Quote Originally Posted by killramos View Post
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    Nothing like government to insert themselves needlessly in the middle of contract negotiations between 2 consenting parties.
    My body my choice.

    Wait, wut?

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    Quote Originally Posted by killramos View Post
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    Nothing like government to insert themselves needlessly in the middle of contract negotiations between 2 consenting parties.
    Lol I agree with this on so many levels
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

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    Quote Originally Posted by jutes View Post
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    Wait, people make offers on houses and THEN see if they qualify financially? How. Why.
    Yep. We had an offer last year where the realtors note with the offer was literally:

    "After having another long conversation with my client and talking through all the risks involved with this unconditional offer, not so much to do with the home but more the financing concerns, she is only able to go to XXX,XXX. (X,XXX over asking) At this price she is willing to take the chance on her ability to get financing, any higher price for her and she would need to have financing condition as she is pushing her boundaries as is."

    This was the only offer that outright said it but we had 2-3 more where it was implied. At the end of the day as much as I knew these people wanted to get a house and understood why they put in offers like that (market was HAWT), I didn't want to be involved in someone potentially fucking themselves and ultimately me so we only considered people who were pre-approved or paying cash.
    Quote Originally Posted by rage2 View Post
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    ...Last thing I want is someone reading my posts and losing their cock over it...
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    Meh, they all look like Jackie Chan to me
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    I'm generally cute.

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    Did you leave money on the table by only working with said people? Were the offers better by the people that didn't know if they could afford it or not?

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    I intentionally took an unconditional offer with a high deposit when I sold my last place.

    Once the deposit cleared I was happy.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by jutes View Post
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    Wait, people make offers on houses and THEN see if they qualify financially? How. Why.
    Everyone does, “prequalified” is meaningless and not a single document is being reviewed by an underwriter till there is an offer in place.

    Not everyone is a high paid salaried employee… shit happens once docs are submitted

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    Yea approvals are pretty soft until the bank can approve the place.

    Just because you are approved for a hypothetical loan does not mean the bank agrees with the valuation of the home ( aka their collateral ).

    It’s actually a fair dumb assumption to make unless you are paying for the house cash or not mortgaging.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    I could see how that would be a problem in BC.

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    Quote Originally Posted by LilDrunkenSmurf View Post
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    Holy shit, I know people that would think this is a good deal.
    Quote Originally Posted by riander5 View Post
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    'What kind of payments are you looking for ser?'
    How about this great deal here... $250/week for 96 months. You can surely afford that right? Brand new car, I'll throw in free winter mats and you can spin the big wheel we've got for a 65" RCA TV or vacation for 2 to Mexico*

    *This entitles you to one week's stay at some 3* resort. Taxes, Flights, meals, gratuities all excluded.

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    I realized this will only make the problem worse.

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    Quote Originally Posted by ercchry View Post
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    Everyone does, “prequalified” is meaningless and not a single document is being reviewed by an underwriter till there is an offer in place.

    Not everyone is a high paid salaried employee… shit happens once docs are submitted
    Bingo. Pre-approval isn't worth the paper it's written on.
    Ultracrepidarian

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