Arthur called me out of the blue on a Tuesday. He got my name from Mike at Worry Free Mortgage. He had a mortgage pre-approval and was ready to buy a condo. Extremely ready. If you could buy a condo at Walmart, he would have picked one up that day.
But it's not that easy to buy a home quickly.
We arranged three showings on Thursday morning. The first one was perfect. We canceled the other showings and wrote an offer. Arthur planned to take possession and move in two weeks.
Then things got tricky.
Every real estate purchase requires a deposit. But Arthur planned to use RSPs for his downpayment. Converting your RSPs into liquid cash for a down payment takes time. Sometimes weeks. Arthur rushed to the bank.
We were able to negotiate a low…