Too Many Showings Can Be a Waste of Time

Too Many Showings Can Be a Waste of Time

When you list your house you obviously want agents and people to be coming to your house to see it. While the first weeks are very important for traffic, too much traffic in your house with no offers can be a sign that your agent is misrepresenting your house in the listing on MLS.

What some agents do is take a listing, misrepresent the listing, then when there are little or no offers, they say the house is over-priced and start haggling you to lower the price. Agents that take listings for little or no commission do this to get buyers and make money on the other end of the deal. They take a bunch of listings and hope that one hits or they get buyers. They purposely do not take proper pictures or none at all and do not promote or showcase your property or leave vital information out of the listing. While it is great to get a deal on your agent, for the most part you pay for what you get in this world, even if the agent is making money on the other end.

I’ll give you an example. I went to a listing with a buyer last week. The listing said 3 washrooms. The listing agent omitted the fact that one washroom was in the basement with no shower, the other washroom was on the main floor 2 piece, and there was only one upstairs with 3 bedrooms.
Another listing we saw was the exact same situation but they said 2 piece on main, 2 piece in basement and 4 piece upstairs with 3 bedrooms. We did end up going to view the property to see if we could put another washroom upstairs, because the closet space was not needed and it was a very big closet.

The first one that deceived us, was already in our bad books when we started to look around because we were not told the whole truth in the listing on MLS, and we started to carefully examine everything else to see what else was misrepresented.

We might have not gone to see the house if we knew the truth because it was not in our criteria, but agents think that by us seeing the property and showing his client that there is traffic to the house, or that we might fall in love with it by some chance. The exact opposite is always true.  The agent wasted our time, his clients time, his office’s, my office’s time and my clients time. There must have been 50 other agents cards there as well. 15 days on the market, with that many agents, there should have been a sold sign on the lawn. I knew right away why the property did not sell.

The question you must ask yourself is your agent misrepresenting your house on MLS?

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Tips for Investing in Condos?

Tips for Investing in Condos?

I have been receiving a lot inquires in the past few weeks regarding investing in condos. Both have been from condos either downtown, or in the Mississauga area. I thought I would share some tips to help you if you were considering investing in a condo.

1) If possible buy before it is built.

This is great because you can put some money down while the property and condo value go up. The longer the wait, usually the better it is because in the G.T.A., values have been going up, not down on condos. If you cannot sit on your money do not go for this plan. Wait till something is built. Usually condo corps are delaying moving in 2-3 times.

2) Make sure you see what is included in the fees.

I’m sure 98% of people will examine this, but I do get a few people that are shocked after they buy a condo to find out certain things or amenities are extra. Even after you figure out what is included, you need to understand what is not. If you buy a condo downtown without parking, that is usually a cost of 20-30 thousand extra if you need a parking spot down the road. These extras need to be calculated to the purchase price or monthly cost.

3) Find out how much the same unit rents for.

You want to ask your Realtor to find out what the recent comparables are in the building you are considering. The next thing you need to ask yourself is the rent you will receive worth the investment after you pay the expenses and mortgage. Depending on what your down payment is, you should have a few hundred dollars left. If you don’t you could be taking money out of your pocket every month to cover the mortgage. This is not a good situation.

4) Location Location Location.

I’m not the first nor the last to say this. A highly desirable area is best. It might cost more but it will attract renters easier and be easier to sell down the road. If you have problems with your tenant leaving then you can jump right into another lease. This is ideal. You don’t want to get stuck with a mortgage you don’t want.

5) Do you homework.

Make sure you ask for credit checks, references, post dated chqs, and as much as you can get from a potential tenant. Do not just interview a tenant and go on feeling. Sometimes people are serial renters. It is hard to kick out a family at Christmas time when they haven’t paid the rent in three months. Take my word for it.

6) Talk To Residents if older building

The best advice I could give you is go to the building and talk to some people that live there. Go up and down the elevator, and ask some questions. This is the best thing to do to get information. Tenants and owners will tell you everything about the building. Talk to the concierge and the security. Be nice they will tell you everything.

 

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Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

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Liberals Are Going to Tank This Market!

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Problems that can happen when closing a house

Problems that can happen when closing a house

Here are a few Things to consider that can go wrong from the beginning to end of trying to buy a house.

1. Financing:

This is a big one, make sure you get pre-approved and know how long that pre-approval is good for. Just because you have a pre-approval it doesn’t mean the bank will finance the house you are buying. If you purchase a house and it is massively over priced the bank will not take that investment with you. Be careful in over bidding and know your comparables.

2. Inspection:

The home inspection is great but it is not the final word. There are always things that the inspector cannot see, especially if the basement is finished. Look for cracks in the foundation in and outside and in the attic. You may find something during one of your measuring tours of the house pre-closing that everybody missed. Use this time to further inspect the house.

3. Title:

The people selling the house cannot sell the house. The seller is divorced and either party does not know the house is listed for sale. When it comes down to closing you cannot close the house. This occurrence happens more than you think.

4. Not enough money:

There are some liens on the house and the equity is maxed out and the deal cannot close. It happens.

5. Second Guessing:

The sellers realize they undersold the house and want more money and will not give up the house or try to amend the deal. This happens, and you will have to get your lawyer involved. I know you think a deal is a deal. Sometimes you get crazy sellers that think that they should have sold for more and will try to swindle more money out of you and will not co-operate with clauses, or will completely remove appliances or trash the house. This could take some litigation later but for now it sucks because you just want to move into your house that you bought fair and square.

6. Closing date:

You agreed upon a day and they can’t close on that date because their new house is not ready. Usually this could be a deal breaker. Some people will try and change things later on in the deal to suit their needs.

As you can see there could be many problems that can go wrong with closing a house. There are many more. Make sure you have a good lawyer, home inspector and Real Estate agent that will make sure you eliminate as many extra circular activities by sellers as possible for a smooth close.

READ RECENT BLOG & ARTICLE POSTS BELOW

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I read articles all the time written by Real Estate agents who are trying to convince themselves that we are in a good business to be in, and that it is necessary to use an agent for every transaction. In Toronto, put up a sign and your property will be sold by the...

read more

Transit Solutions Would Help Lower GTA Prices

One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...

read more

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Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

read more

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Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...

read more

Liberals Are Going to Tank This Market!

What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market.    The middle & lower class does not like the fact that they cannot afford any real estate at...

read more

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Solar roof panels are the ugliest feature to attach to your house. I tried to sell a house once with solar panels and nobody wanted to even think about it. The panels were bulky and ugly, and the technology to save the power to batteries was messy and confusing.   ...

read more

The Risk of Waiving a Home Inspection

If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause. In the 80's there was no such thing...

read more

The Banks Are To Blame For Our “Housing Bubble”

The banks are to Blame for Our Housing bubble. No Really, there is no one else to blame. You could throw the government in there too but mostly the banks. You can blame Realtors for driving up market price. You can blame Owners for jumping on the band wagon and...

read more

Learning to Love a New House

Learning to Love a New House

There are going to be an abundant of new home owners this February. With all of the mortgage laws changing, there are many people who will not qualify after the changes therefore will buy a new home before the rules change. Moving is said to be a stressful time because of all of the new scenarios people must face when moving and negotiating a property.

Here are a few Items to help you in your move and to get adjusted to your new home.

1. No matter the circumstance, think of a new home as a fresh start. Out with the old and in with the new.

2. Throw a party. Throwing a goodbye party is a great way to get family and friends into your old house one more time. Once you move into your new house you can have the second part of the party.

3. Bring a few items that remind you of home, don’t throw out everything all at once. Bring a few mementos of your old home, if you intend to get rid of everything, do it a step at a time so you can adjust.

4. Paint the rooms the same colour. I know you are trying to start something new, but if you really love your old house, and were forced to sell, use the same paint as the old house. This will keep familiarity in your mind, when coming home at night.

5. Say Goodbye to your old house. Write a journal with pictures of your old house. Write about all of the great times you had in the house. When you get to your new house start a scrap book of the old and new house.

READ RECENT BLOG & ARTICLE POSTS BELOW

Uber is Not Like Real Estate!

I read articles all the time written by Real Estate agents who are trying to convince themselves that we are in a good business to be in, and that it is necessary to use an agent for every transaction. In Toronto, put up a sign and your property will be sold by the...

read more

Transit Solutions Would Help Lower GTA Prices

One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...

read more

Why You Should be Underpricing Your House For Sale?

Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

read more

Would You Go Into a Court Without a Lawyer?

Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...

read more

Liberals Are Going to Tank This Market!

What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market.    The middle & lower class does not like the fact that they cannot afford any real estate at...

read more

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Solar roof panels are the ugliest feature to attach to your house. I tried to sell a house once with solar panels and nobody wanted to even think about it. The panels were bulky and ugly, and the technology to save the power to batteries was messy and confusing.   ...

read more

The Risk of Waiving a Home Inspection

If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause. In the 80's there was no such thing...

read more

The Banks Are To Blame For Our “Housing Bubble”

The banks are to Blame for Our Housing bubble. No Really, there is no one else to blame. You could throw the government in there too but mostly the banks. You can blame Realtors for driving up market price. You can blame Owners for jumping on the band wagon and...

read more

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