“Home sellers struggling with closing complications after big chill hits market” via “Toronto Star”
Formerly frenzied buyers are reconsidering purchases made in the heat of the market.
Barrie teacher Cheryl O’Keefe doesn’t know how she would have survived the stress-induced sleepless nights of July had school not been out for the summer.
O’Keefe is among Toronto region homebuyers and sellers who got caught in the spring real estate downturn.
When the sale on her house finally closed a month past the originally agreed-upon date, it was the end of an expensive nightmare for O’Keefe.
Others who sold their homes in this year’s once frenzied real estate market, are still struggling to complete their transactions.
Lawyers, realtors and mortgage brokers report a surge in calls from distressed sellers whose buyers purchased in the heat of the market, only to find that the subsequent drop in the home’s value is more than the cost of walking away from a deposit.