This article is not concerning the secrets of buying accommodations property for no money down and half the price of the market value of the home. I’m not Tom Vu or Don Lapre and I am not in jail.
In Canada, the no money down home did use to exist, however, not anymore. Some banks and/or lenders were ready to lend you the 5% deposit so that you don’t have to pay a dime from your own pockets to purchase a home. However, given the current finances with tighter lending restrictions, there will be no bank or lenders who can do that in Canada.
The buying home for half price did use to exist aswell. At one point, foreclosures in Canada would allow foreclosed homes to be sold at rock bottom prices. The new law, which includes been in placed for many years now require the homes be sold at optimum price for foreclosed homes or else the lenders could possibly be sued. Hence, sometimes foreclosed homes sell higher because Canadians have the misconception that foreclosed homes certainly are a really good deal causing it to have a reverse affect. There were lots of people buying foreclosed homes believing they got much and not performing a thorough check as to the actual value of the house.
Now, clearing out the quick money maker myths of buying homes, there are still many things you need to be aware of before starting.
If there exist ever an industry with more sneaky sales tactics and money motivated people, it has got to the true Estate industry. As a buyer, you could be dishing out $350 000 and everyone wants a piece. The Real Estate Agents want a piece. Lenders want a piece. The lawyers want a bit and the sellers want piece. No wonder there are so many scams in this industry.
The first thing to understand is the AGENT. AN AGENT is suppose to act on your behalf to buy or sell the house. Both the buyer of the home and seller of the home will have their own AGENT called a Buyer’s AGENT and a Seller’s Real Estate Agent.
Belize Property For Sale In Canada, each AGENT gets an average of 2.5% and sometimes 2% for the commission of selling the house. Some Real Estate Agents provide cash back rewards. Canadian REALTORS gets higher commission than somewhere else. In United States, their REALTORS only get 1% of the commission and their homes are actually much cheaper. Even though Real Estate Agents will be the least educated of the parties mixed up in buying home transaction, they appear to be getting the biggest little bit of the pie.
Do not pay attention to their gimmicks on Real Estate Agents are ethical. (http://www.howrealtorshelp.ca) Where do they get the idea any Real Estate Agent off the road is ethical. Their claim is founded on these tests that they pass to become a AGENT. Agents passing a test will not meant hey are ethical. It only means they can remember enough to pass the test.
One would believe it should be the true Estate Agent’s job to help the buyer ensure the home is of value. Rightly so, many buyers depend on the Real Estate Agent to protect them and offer them advice and for me, the ethical AGENT should do that. However, the real reality is that REALTORS do not make money unless if the home is purchased. The reality is that the Real Estate Agent’s salary is not truly dependent on providing you advice. THE TRUE Estate Agent’s job would be to get the buyer to buy a home through them so they can get paid!
Because of this, what eventually ends up happening, are two forms of REALTORS with variations in between. The first type may be the honest agent with the belief “If I work hard and treat my buyer right, the buyer will come back again to buy more homes from me. The second type is the “I have to get the buyer to buy a house quickly in order that I can move on to another buyer (sucker) so that I can maximize my time for profit.” The end result is that you are searching for the first type and you want to avoid the second type.
We’ll call the first type, the Bad Real Estate Agent. We’ll call the next type, the Good Real Estate Agent.
So what kind of characteristics does the Good Real Estate Agent have that the Good AGENT does not have?
1. The initial characteristic is Patience. Bad REALTORS will try to sell you a house quickly to find the money quickly. Do not purchase a house without spending lots of time looking at a number of different homes. Be cautious of tactics such as Real Estate Agents claiming it is the perfect and acting just like a salesman rather than providing you information.