Re:Canada to ban foreigners from buying homes
by blip54321 on Thursday April 07, 2022 @03:07PM
(#30949004)
It's complex. There are two sides to every equation. Buyer and seller. Sellers aren't necessarily sophisticated either. If I sell my home, and the roof is leaking and I don't know about it, I don't want to be liable down-the-road.
Peace-of-mind is worth a lot. Especially if the buyer is sophisticated, I might take a lower offer if it has the right waivers.
Re:Canada to ban foreigners from buying homes
by chaostheory on Thursday April 07, 2022 @07:56PM
(#30951761)
How bad are the bidding wars ie how much over listed price do houses tend to sell for?
In a competitive market, filled with buyers of questionable sophistication, i.e. residential real estate, everyone gets to the bottom of maximally-waived, minimal-safeguards pretty quickly to make a competitive offer. And ultimately, that isn't good for anyone, sellers included.
Better to explicitly prohibit the stupidest behavior and require some safeguards. E.g. non-waivable 72 hour cooling off period. Then everyone can compete within those bounds however they want.