Real Estate

Can an accepted offer be rescinded?

  • Last Updated:
  • Sep 21st, 2020 11:34 am
Deal Addict
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Jan 2, 2012
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Toronto
bobbings wrote: Fighting in court and the costs associated makes it not worth it. I’m not stating they’re literally fighting for the principle of things only. When you are guaranteed a win then maybe you pursue it but one of the poster here posted a court case awarding the sellers the win but costing them $100k. Hardly worth it in my opinion which is why I said “principle.”
A deposit amount could be in the $50K range. Surely people have sued for less, and $100K in legal costs is overly excessive.

Each case is unique though so in some cases it may be worth it, in others probably not.
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Sep 14, 2006
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rob444 wrote: A deposit amount could be in the $50K range. Surely people have sued for less, and $100K in legal costs is overly excessive.

Each case is unique though so in some cases it may be worth it, in others probably not.
Each case is different for sure. If the buyers back out and if you think the value is going to drop due to the market being bad, you'd list it asap and sell it to see what the variance is from the first buyer's purchase price. From there, you can gauge if it's really worth the time and effort to sue and fight for the difference.

$100K sounds excessive but that's just the case that was posted here. I have no experience going through something similar so nothing to base it off of personally.

In a seller's market right now in the GTA, it might even benefit the sellers to relist because the values may have gone up slightly from when it was initially sold.
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[OP]
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Jan 17, 2016
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bobbings wrote: Most of the GTA is a seller's market right now. Check out the "Coronavirus impact on Real Estate" thread here in the forum.
OK but Canada is much larger than the GTA.
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Sep 14, 2006
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automorphism wrote: Wait a second... In what province/city/town/area is it a seller's market? I thought there was a huge economic stress due to a virus.
automorphism wrote: OK but Canada is much larger than the GTA.
Yes but you were asking which location is a seller's market and I merely answered your question that the GTA is a seller's market.

Also, look at most of the responses in your thread. Many are talking about the GTA market.

If you provide a more specific location like a city or province, maybe we can structure our responses towards your area. Cheers.
TEAM CANADA!!!!!!!!!!!
[OP]
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Jan 17, 2016
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bobbings wrote: Yes but you were asking which location is a seller's market and I merely answered your question that the GTA is a seller's market.

Also, look at most of the responses in your thread. Many are talking about the GTA market.

If you provide a more specific location like a city or province, maybe we can structure our responses towards your area. Cheers.
In your initial post in this thread you only said that "it is a seller's market" without reference to any location. The location I'm talking about is far from Ontario.
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Sep 14, 2006
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automorphism wrote: In your initial post in this thread you only said that "it is a seller's market" without reference to any location. The location I'm talking about is far from Ontario.
I'm not the only one talking about the GTA or Ontario here. If you want people to not talk about it, then where are you located? Glad to chime in if applicable.

Your other posts seem to suggest you're from Ontario? Just went to see your other threads you started like the steam cleaning from the landlord in Ontario or the gym in Ontario you mentioned but if it's not Ontario, I apologize for that. Let's move on.
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[OP]
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Jan 17, 2016
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bobbings wrote: I'm not the only one talking about the GTA or Ontario here. If you want people to not talk about it, then where are you located? Glad to chime in if applicable.

Your other posts seem to suggest you're from Ontario? Just went to see your other threads you started like the steam cleaning from the landlord in Ontario or the gym in Ontario you mentioned but if it's not Ontario, I apologize for that. Let's move on.
Saskatchewan.
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Sep 14, 2006
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automorphism wrote: Saskatchewan.
Okay. I apologize sincerely for assuming Ontario.

Everyone else should take note of the location and stop assuming Ontario as well. Saskatchewan is a different market.

Cheers.
TEAM CANADA!!!!!!!!!!!
[OP]
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Jan 17, 2016
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bobbings wrote: Okay. I apologize sincerely for assuming Ontario.

Everyone else should take note of the location and stop assuming Ontario as well. Saskatchewan is a different market.

Cheers.
No need to apologize Smiling Face With Open Mouth
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Sep 14, 2006
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Quick search shows Saskatchewan's RE market is booming as well after Covid-19. Is it really that hot there as well?
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[OP]
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Jan 17, 2016
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bobbings wrote: Quick search shows Saskatchewan's RE market is booming as well after Covid-19. Is it really that hot there as well?
I'm not sure, my property had been on the market for almost 2 months before an offer came in. And the first offer was way below the asking price.
Sr. Member
Jun 7, 2017
935 posts
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BC
milolai wrote: you don't need to disclose the issue
nor do you need to show a copy of the report you paid for
That's an extreme position intended for shock value.
You may be surprised. Particularly for the lack of financing clause. If they claim they could not get financing you could request proof of that while holding on to the deposit.
[OP]
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Jan 17, 2016
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Furcorn wrote: That's an extreme position intended for shock value.
You may be surprised. Particularly for the lack of financing clause. If they claim they could not get financing you could request proof of that while holding on to the deposit.
The buyer has not yet sent the deposit. What happens if they don't?
Sr. Member
Jun 7, 2017
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BC
automorphism wrote: The buyer has not yet sent the deposit. What happens if they don't?
An offer is null without a deposit.
Jr. Member
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Jun 3, 2019
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GTA
automorphism wrote: The buyer has not yet sent the deposit. What happens if they don't?
Second what Furcon has stated, and if the buyer doesn't intend on going through with the purchase by not submitting the deposit your agent should still get a mutual release signed by both parties
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