Office: 165 Pretoria Avenue, Ottawa ON. K1S 1X1
A real estate train wreck occurs when one deal fails to close which causes multiple deals to also fail to close. This typically happens when a client schedules both their sale and purchase to close on the same day. If there is a problem or delay with the sale closing, then the client will likely default on their purchase agreement. This could also impact other buyers and sellers in the same chain. As the attached article indicates, there are ways to reduce this potential problem from occurring, by using bridge financing and by asking your buyers and sellers in advance whether their deal with you is contingent on another deal closing. Be prepared so that you or your clients are not involved in their own train wreck.
Click here to read the article by Mark Weisleder in the Toronto Star: