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I have no comment on the prevalence of this behavior, but I don't think it would be impossible. There's multiple levels of agreement (offer, purchase and sale,
by MiddleEndian 7y ago
I have no comment on the prevalence of this behavior, but I don't think it would be impossible. There's multiple levels of agreement (offer, purchase and sale, closing), many of which are conditional, and if a buyer backs out late in the process it can put your property back on the market for a long time and lower its price due to real estate magic, plus you could lose the new property. Selling my home to buy another while holding a full time job while my real furniture was in storage and replaced by staged furniture was one of the most exhausting things I've ever done in my life.
- gruez 7y ago>if a buyer backs out late in the process it can put your property back on the market for a long time and lower its price due to real estate magic, plus you could lose the new property Sounds like something covered by tort law.
- MiddleEndian 7y agoHopefully one would be able to sue and reclaim the costs of the renovations afterwards. But I have little knowledge in that area, especially in Australia. I was only commenting on how the situation was not atomic and how such a scam could happen in the first place.