Poultry Talk Ontario (pto.ca)

WOW, the is hitting the fan!
Put our farm up for sale.
2 days later had a "Low Ball" offer
which turned into a Real offer with a
10 day condition of the buyer doing their "Due Dilligance"

A week after, buyers are in Mexico when we found out the deposit cheque BOUNCED
They did Not meet the 10 day condition, nor numerous dates to give us a new Certified chq
Property was back on the market for a day.

#2 buyer came in with a clean deal, only condition was Lawyer approval.
#1 buyer decided they would try again for the property.
This resulted in a price war

Even though #2 came in lower than #1, we decided to accept their offer.
We already had experienced Many missed deadlines, & fudged paperwork.
( #1 wife is a Real estate agent, husband a Mortgage broker. They know better )

The day AFTER we accepted #2 offer, they are phoning wanting out.
They said they felt pressured & want their deposit back.

#1 came back with another bid, just above our 1st accepted bid
- but MUCH lower than they offered a few days ago during with price war.
( paper work came back with more conditions & a day late)
Needless to say, hubby refused it

I think the hunt for a new farm is out the window - , ,

Sounds like you should walk from both of them!!!

YES that is Exactly what we did!
Thank goodness we hadn't put any offers on another property

That's crazy! Do people put in offers just for something to do?

What REALLY surprised us is how much the rules have changed in the last 15 yrs.
I thought if you put a deposit & walked, you LOST your $
BUT NOOOOOOOOO it is NOT the Sellers to keep
You have to "prove" to a judge that you have suffered a Loss & he decides IF & how much you get
WTF is that????? What is the incentive to keep folks from doing dummie deals?

I understand #2 wanting out, I hear folks get into a bid war but they haven't been approved for a mortgage that size.
But #2 wrote some dumb ass letter with their offer Pleading to own our place...so we assumed they had the $
Then they asked the agent to cut his commission so their offer could be more.
( we told the agent - NO you don't have to cut your pay, we will accept the offer "as is" )

Our lawyer said today he was supposed to close NINE deals, but FIVE of them FOLDED
He said there is a Crisis happening with the Real estate deals because folks are over extended.
With interest rates scheduled to go up, they don't qualify for the deals they are writing up!

Yep just like happened in the US over extended . I've got a young nieve nephew who just been in sales recently even quit his day job . Goin grazy with all the goin on up & down sold not sold . Tried to warn him to slow down but wouldn't listen. I guess we all like that once new baby & all . Hope sorts out for all . Luck

I still remember 18% interest back in the day - anyone else? I guess we just didn't buy what we didn't NEED back then.

i remember the 18% and 22% mortgages! and 47% on credit cards!!!!!

Sorry to hear you're having such a tough time selling. My husband and I do a lot of real estate and as a result have had lots of negative experiences like yours. We've found that every time something like this happens, it works out better than expected in the end.

Sorry for your tough time, my nephew thought he had his house sold 10 times, I couldn't believe people did that. Some backed out 3 days before they were supposed to get the house. In the end he finally did sell it.