Drop in GTA home prices prompts new warning: seller beware
Jasmin Sheba had already sold her furniture in anticipation of moving this week when she learned the buyer of her house wanted $20,000 off the selling price to close the deal.
He threatened to sue for the $10,000 deposit if he didn’t get the reduction, she said.
But the stay-at-home mother was defiant.
“I have a 2-year-old and, after all the house showings, the craziness, you’re going to try to back out? That’s not happening,” said Sheba.
The real estate world is awash in buyer-beware warnings. But some homeowners and realtors are making a case for stronger seller protections — specifically, who gets to keep the deposit when a buyer backs out of an agreement.
Until recently, it was rare for a buyer to try and exit a home transaction.