Tag Archives: Real Estate

For Sale By Owner – How Does This Change The Home Buying Process?

The DIY guide for selling and buying a for sale by owner property

When it comes to selling your home, a growing number of people are opting for the do it yourself approach.

The private sale of homes is becoming relatively common thanks to advances in Internet technology and an increase in For Sale By Owner (FSBO) companies.

If you are successful in making the sale, you could save yourself a real estate commissions of 3-5 percent.

How For Sale By Owner Works

Generally, private sellers will make use of one of the various For Sale By Owner network websites. These companies will provide different service plans to assist you in selling your home. Standard plans consist of exposure through their website, lawn signs, and a personalized consultation with sales representation. The premium plans provide additional advertising support (i.e. in local papers, or real estate magazines), and they perform a competitive market analysis.

According to research studies, 45 % of Canadians would consider bypassing real estate agents to sell privately with the guidance of a real estate lawyer. A good lawyer can make all the difference for a private seller.

This system also weighs heavily on the communication between the seller and their lawyer. A lawyer is best equipped to manage situations of legal concerns.

Considering Selling Your Home Privately?

When it comes to deciding whether to try and sell your home without the services of a real estate professional, consider the following:

The Pros

Pros and Cons

Pros and Cons

  • You could possibly save thousands of dollars in commission fees.
  • You’ll be able to maintain control over all aspects of the sale.
  • You’ll have the flexibility to show the house at your own convenience.
  • You have the opportunity to highlight, from your experience, everything your home has to offer to prospective best mortgage rate home buyers.
  • More buyers are internet savvy and are familiar with private sales sites, as well as online auctions and complimentary classified websites.
  • If you pass some of the savings onto the buyer you open up your reach to buyers at lower price points.

The Cons

  • Prospective buyers might not find your home.
  • Real estate agents understand the market and what price points will sell.
  • Upfront advertising costs, without any guarantee of visibility.
  • Potential low mortgage rate buyers have to call you.
  • No one to prepare agreements or advise you on negotiating.
  • You might have to negotiate a commission for the real estate agent of a potential buyer.

The Safety of an Agent
For many, a real estate agent is the most comfortable choice when making such a substantial transaction. They can guide you through the process and negotiate the sale on your behalf.

Essentially, only you can make the decision if the service of an agent is worth the fee.

Hot Real Estate Market: Tips For Buyers

Don’t get burned by a hot market

Know Your Budget

Budget

Budget

It’s a risk for any buyer to get in over their head with too high of a best mortgage rate investment. Remember to consider all costs related to buying a home and owning a home. You will need to make the mortgage payments, pay the utilities, do household repairs, etc.

Know Your Budget for the Future

Interest rates are at a low; inevitably, they will rise. Before you sign a deal, calculate the amount you would be paying a month for your Canadian mortgage rate if rates rose by 2 or 3 percent.

Separate from the Pack

A number of houses attract a large group of buyers and provoke a bidding war. Search for a house that is a 15-minute walk to transit, needs some renovation work, has a shared driveway, or another feature that most buyers might avoid.

Know Your Needs

Make a list of what you truly need. Also, make a separate list for wants. Remember: you can only make a house bigger if you have enough land (and money). While you can always renovate, you can’t fundamentally change a home’s layout or its location.

Stay Cool

Choose an agent who can help you navigate bidding wars and the best low mortgage rate. Make a pact with your partner to keep your price range and must-have items in mind at all times.

Be patient and wait for the right house or the right offer to come your way!

Making an Offer

Improve the chances of having your offer accepted.

For Sale

Making an Offer

When you and your real estate agent locate what you think is the perfect home and Canadian mortgage rate, there’s no time to waste – it’s time to make an offer to purchase!

The Deposit

When you put an offer in to purchase a house, you are also expected to provide a deposit. The deposit assures the seller that you will actually go through with the sale when closing day arrives. Please note that the deposit and the down payment are not the same thing. A deposit may be as little as a few hundred dollars. It is important to note that, if your deal falls through, you may lose your deposit. Speak with your mortgage broker to get more information.

Chattels and Fixtures

Some sellers will entice buyers by offering them chattels or fixtures. Since it is not always clear what chattels and fixtures will stay, be sure to specifically list items that you’re unsure of. The last thing you want is an unpleasant surprise on closing day.

Closing Day

At this point, if your offer has been accepted, it’s time to close the deal. At closing, both parties must agree that all legal and financial obligations have been met. This includes any and all conditions that were written into the offer. If everyone agrees, ownership and possession will be transferred to you.

Compare Mortgage Rates

Before you make an offer, make certain you have the best mortgage rate locked down. Get pre-approved for a low mortgage rate online now. Not sure which mortgage product is right for you? Ask a mortgage broker to provide you with more information on fixed, variable, open, and closed rates for the best low mortgage rate.

For Sale By Owner – How Does This Change The Home Buying Process?

The DIY guide for selling and buying a for sale by owner property

female teen girls holding notepad with pros consWhen it comes to selling your home, a growing number of people are opting for the do it yourself approach.

The private sale of homes is becoming relatively common thanks to advances in Internet technology and an increase in For Sale By Owner (FSBO) companies.

If you are successful in making the sale, you could save yourself a real estate commissions of 3-5 percent.

How For Sale By Owner Works

Generally, private sellers will make use of one of the various For Sale By Owner network websites. These companies will provide different service plans to assist you in selling your home. Standard plans consist of exposure through their website, lawn signs, and a personalized consultation with sales representation. The premium plans provide additional advertising support (i.e. in local papers, or real estate magazines), and they perform a competitive market analysis.

According to research studies, 45 % of Canadians would consider bypassing real estate agents to sell privately with the guidance of a real estate lawyer. A good lawyer can make all the difference for a private seller.

This system also weighs heavily on the communication between the seller and their lawyer. A lawyer is best equipped to manage situations of legal concerns.

Considering Selling Your Home Privately?

When it comes to deciding whether to try and sell your home without the services of a real estate professional, consider the following:

The Pros

  • You could possibly save thousands of dollars in commission fees.
  • You’ll be able to maintain control over all aspects of the sale.
  • You’ll have the flexibility to show the house at your own convenience.
  • You have the opportunity to highlight, from your experience, everything your home has to offer to prospective best mortgage rate home buyers.
  • More buyers are internet savvy and are familiar with private sales sites, as well as online auctions and complimentary classified websites.
  • If you pass some of the savings onto the buyer you open up your reach to buyers at lower price points.

The Cons

  • Prospective buyers might not find your home.
  • Real estate agents understand the market and what price points will sell.
  • Upfront advertising costs, without any guarantee of visibility.
  • Potential low mortgage rate buyers have to call you.
  • No one to prepare agreements or advise you on negotiating.
  • You might have to negotiate a commission for the real estate agent of a potential buyer.

·        The Safety of an Agent

For many, a real estate agent is the most comfortable choice when making such a substantial transaction. They can guide you through the process and negotiate the sale on your behalf.

Essentially, only you can make the decision if the service of an agent is worth the fee.

Ottawa’s Mortgage Rules: One Year Later

It was roughly one year ago that Finance Minister Flaherty announced his fourth round of mortgage restrictions in as many years. The reason for these changes was simple: cool down an out-of-control housing market. By tightening lending rules, Flaherty hoped to lower the risk to taxpayers and curb excessive rates of household debt.  Continue reading →