Tips for Buying a Condo From a Couple Going Through a Divorce
Monday Feb 08th, 2021
In this rapidly growing and buzzing world, it is very much strenuous to find Toronto condos for sale. Divorce and joint owners make this process more intricate.
In case you come with a Toronto condo or Toronto loft that is being sold by joint owners, then be prepared for all the possible delays. Thus, the whole buy and sell process can become a lot more tangled.
Nevertheless, there are always some tips that you can consider before you buy a Toronto condo sold by a couple going through a divorce.
The chance that the transaction for your Toronto condo will fall is high. The main reason for a complicated transaction is that there are two people involved, and both will have a different way of looking at the situation.
Crack the deal quickly
If you are really into the deal, go for the Toronto condo without much thinking and hesitation. The more you try to negotiate, the greater the chance that you are inviting problems for yourself.
Get the full information
Always try to get a full insight into the actual situation. You can ask out the vendor or have a direct talk with the vendors if they are available. The information will help you to check the reliability and will help you trust people selling the Toronto lofts.
Both the people involved in selling the condo may have different agendas and motives, making the process more convoluted, and even you may face difficulty concluding the deal.
Understand seller’s motive
Try to understand the motive that the sellers have behind selling the Toronto condo. It will help you get a perception of the situation. Understanding the situation will prove fruitful because you will stand at a higher chance to make any negotiation.
You may find that the Toronto loft may be slightly overpriced. The fundamental reason behind the fact is that the owners may be looking to replace one property with two as they are getting separated. Contrarily, if they are looking for two properties, they will require more money, and they will try to collect as much money as possible from this deal.
Chances of messy condo
There are high chances that the apartment will be messy. As the case is of divorce, there may be a mismatch in the living style between the two owners. Hence, there may be instances that the apartment does not look in a much saleable condition.
Divorce happens due to a break in communication or any opinion difference. The seller side of the Toronto condo may be going through some emotional ups and downs, and there are chances that they may not communicate effectively.
Thus, the communication break between the two joint owners can make the whole process leisure. In such cases, it is best to show some more amount of patience as a buyer.
The immense role of seller’s agent
The role played by the seller’s agent in the above case will be considered highly significant. It depends on the seller’s agent to get the deal cracked. There will be instances where the seller’s agent has to act as a therapist. He can ask the sellers or the owners to fasten up the deal.
Change in decision
As you are buying from people who are going through a divorce, there can be a high possibility for the situation to change at any time. The change in a decision can be possibly due to a change of mind of the owners.
There may be instances that one owner has raised equity from any other possible sources and does not want to sell the condo anymore. Or, they may have decided to give their relationship a second chance and not plan to sell the Toronto condo at all.
Sell may not be bilateral
The whole process will become even more complicated if one party is less interested in selling the Toronto condo. The whole deal will become much slower than expected, and there will be a very small window for you to win the negotiation. It will be almost next to negligible.
While one owner will be looking for reasons to sell the condo, and the other will be looking for reasons to keep it for the future. Again, remember that you are buying it from a couple going through a divorce. So, it is best if you make the decision as fast as possible.
You have to deal with two people at the same time. So, don't assume that the information you are getting from one owner is the full information. There is always a chance that you do not see the full picture.
In the end, always go for a condo that has all the finances clear. You need to keep this in mind no matter from whom you are buying a condo. Also, try to get clear-cut information regarding the splitting up of the furniture and fixtures to save yourself from any future troubles.
Whether you are buying a Toronto loft or a Toronto condo from a couple who are going through a divorce, Toronto Condo Team can help you drop the anxiety level and bring in the best results