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Question regarding Condo resales in Matrix A & B (TSCC 1438)

KidRobot

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Hi all,

I've been browsing these forums lately, because of one particular topic (http://urbantoronto.ca/showthread.p...ce)-suing-Concord-Adex&highlight=Concord+Adex)

I'm currently a condo owner in the Matrix A building, and have listed my property for sale (back on July 8th).

Long story short, an offer was presented, and some counter-offering transpired. The offer agreement was signed back at $300K

The buyer is not able to obtain adequate funding because of said lawsuit against the builder. Neither CMHC, Genworth or AIG will insure his mortgage. He's putting $30K as downpayment, but he is short about another $30K to make up the required 20% DP.

Now my question is, since this lawsuit has been outstanding since 2008, how are properties being sold in Matrix A & B?

It would be quite an ordeal for a buyer to come up with the required 20% downpayment on, let's say, a $300K condo property. That's $60K. Who has that kind of money laying around? Realistically?

Let's consider that the average demographic of home buyers looking to live in that area, are young professionals and/or first time home buyers, how on earth are properties being sold without CMHC or any type of mortgage insurance?

My condo sale just went sour, half an hour ago, when the buyer decided to release the offer due to failure to meet the finance condition.

We went back and forth on the last couple of days to play with options. VTB mortgages, assuming my current mortgage, etc. All of these are kind of risky, and at the end of the day, does not make for a smooth transaction.

Any one here have any experience or heard of from friends or real agent buddies, on how properties were sold in these 2 buildings? Especially in hot market back in Feb & March of this year?

Any comments would be greatly appreciated.
 

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