Vancouver Condo Real Estate Video Blog #734 - October 8, 2012
Do Not Do Subject to Sale to Buy Your Vancouver Condo in a Declining Market
Ian Watt video blogs about how in a declining market you should never use Subject to Sale of your own home as you may end up over paying for your Vancouver Condo. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to firstname.lastname@example.org and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
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Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. There is such a thing called subject to sale it means you got a property you found one you really like but you write an offer on this new property saying I want to tie up to this property for ex amount of dollars. But one of the condition is I need to sell my property. No buyer should get into a subject to sale contract in this kind of market. In a rising market no problem because what you’re doing you’re tying up that property at this price and if the market keeps going up and up and up. No problem you probably made $5,000 or $10,000 or $20,000 dollars because the market is rising before you even complete or before you even sell your property. However in a stagnant market like this or a declining market like this. You're buying
at today’s rate but what if 2 months from now the price is drop 5% you’re kinda screwing yourself to $25,000 dollars, $50,000 dollars who knows the best thing to do in this market sell your property and then go shopping when you got the cash in your hands. My name is Ian Watt if you have any questions you can always email me at email@example.com. Thank you very much and have a great day!