What Your Buyer's Real Estate Agent Won't Tell You

 Buying a home - Using a practical approach

You don't need any money down and just pay half the market value of the home to acquire a rental property here. Unlike Tom Vu or Don Lapre, I am not in prison and I am not a suspect.

No money down house was once a reality in Canada, but that is no longer the case. A few lenders and/or banks were ready to give you the 5% down payment, so that you wouldn't have to spend a penny out of your own pocket to buy a house. There will be no banks or lenders in Canada that can accomplish that because of the present financial crisis.

There was a time when you could purchase a house for half price. If a residence was foreclosed on in Canada, it may be sold at a discount. Since the new legislation has been in existence for many years, lenders might be sued if they don't sell foreclosed houses at the highest feasible price. Foreclosed properties, on the other hand, are often sold at a higher price because Canadians believe that they are a great bargain. Many individuals have bought foreclosed properties assuming they were getting a good bargain and without completing a comprehensive evaluation of the property's true worth.

Now that we've dispelled the idea that purchasing a property is a rapid money creator, there are still many things you need to know before you get started.

Real estate has to be the industry with the most devious sales practices and the most money-hungry employees of any other one ever. Everyone wants a piece of the $350,000 you're willing to spend. There's a lot of interest from Real Estate Agents. The lenders want a piece of the action, too. Lawyers and sellers both want a piece of the action. It's no surprise there are so many frauds in this field.

Real estate agents are the first thing to be aware of. To purchase or sell a house, a real estate agent is supposed to represent you. There will be a Buyer's and a Seller's Real Estate Agent assigned to each of the parties involved in the transaction.

In Canada, Real Estate Agents are paid an average of 2% to 3% of the selling price of a house. In certain cases, Real Estate Agents reward their clients with cash back. Canadian real estate agents earn more money than their counterparts in other countries. United States Real Estate Agents are paid only 1% of commissions, and their residences are far less expensive than those in other countries. When it comes to purchasing a property, Real Estate Agents seem to be receiving more money than any of the other parties involved.

Do not fall for their tricks on the ethics of real estate agents. (http://www.howrealtorshelp.ca) There is no evidence to support the belief that any real estate agent can be considered ethical. In order to become a Real Estate Agent, one must pass these exams. Not all agents that pass tests are morally upright. It just indicates that they have retained enough information to pass the examination.

An agent is supposed to assist a buyer determine whether or not a property is worth their money. Ethical Real Estate Agents, in my view, should safeguard and advise their clients in the best interests of the buyer. But the truth is that Real Estate Agents only earn money if the house they're selling is actually bought by the buyer. It's true that a Real Estate Agent's pay isn't entirely reliant on advising you. If a buyer goes via a real estate agent, they'll earn their commission!

As a consequence, there are now two distinct sorts of real estate agents, with varying degrees of specialization in between them. "If I work hard and serve my customer well, the buyer will return back to purchase additional properties from me," believes an honest realtor. You may also see this sort of "I need to get the buyer (sucker) into the home fast so that I can move on to the next buyer (sucker) and maximize my time for profit." The basic line is that you want to find the first category and avoid the second.

The first sort of real estate agent we'll designate the "Bad Real Estate Agent" The second kind of real estate agent we'll term "Good Real Estate Agent."

So, what distinguishes the Good Real Estate Agent from the Good Real Estate Agent in terms of their skills?

1. Patience is the first attribute. They will try to sell you a house rapidly so that they can obtain the money fast. Spend a lot of time looking at many properties before deciding on a property. Take caution when dealing with Real Estate Agents that try to sell you something rather than provide you with facts.

Secondly, information has a role. For an effective Real Estate Agent, they must present all of your options and not just their opinion.... It doesn't matter what Real Estate thinks. A real estate agent has access to information such as the history of the house being sold at, nearby properties, and the sort of property being sold. An agent should be able to give you with a compilation of official papers that provides you this sort of information so that you can make an educated choice.."

Carefulness is the third trait of a good person. As soon as you have agreed on a price for the house, you will be notified. To acquire a property, draft a contract if you are interested in the property and want to buy it for a price you establish. A security deposit and at least three conditions that will void the sale of the property are included in the contract.

The buyer must be able to secure financing, the house must pass inspection, and the appraised value of the property must be above the buying price. In most cases, you'll want the lenders to do an appraisal of the property so that you can determine the fair market value of the property, and lenders will only lend to you if you're purchasing the property at that price.

As a buyer, you are required to put a security deposit in place in order to keep the property from being sold while you carry out your due diligence. Your security deposit should be returned if these requirements are not satisfied.

If you're working with a shady real estate agent, you'll be asked to put up a large security deposit and just a few requirements. As a result, it is more probable that the house will be sold.