What Everyone Ought To Know About REAL ESTATE AGENT
This article is not about the secrets of buying a rental property for no money down and half the cost of the market value of the home. I am not Tom Vu or Don Lapre and I’m not in jail.
In Canada, the no money down home did use to exist, but not anymore. Some banks and/or lenders were ready to lend you the 5% down payment so that you need not pay a dime out of your own pockets to purchase a home. However, given the current financial situation with tighter lending restrictions, you will have no bank or lenders who can do that in Canada.
The buying home for half price did use to exist as well. At one point, foreclosures in Canada allows foreclosed homes to be sold at very cheap prices. The new law, which includes been in placed for several 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 are a really good deal causing it to get a reverse affect. There were lots of people buying foreclosed homes believing they got a good deal and not doing a thorough check as to the actual value of the home.
Now, clearing out the quick money maker myths of buying homes, there are still a lot of things you need to be alert to before starting.
If there exist ever an industry with more sneaky sales tactics and money motivated people, it’s 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 you can find so many scams in this industry.
The first thing to understand is the AGENT. A Real Estate Agent is suppose to act in your stead to buy or sell the house. Both the buyer of the home and seller of the house will have their own Real Estate Agent called a Buyer’s AGENT and a Seller’s Real Estate Agent.
In Canada, each AGENT gets an average of 2.5% and sometimes 2% for the commission of selling the home. Some Real Estate Agents provide cash back rewards. Canadian Real Estate Agents gets higher commission than anywhere else. In United States, their REALTORS only get 1% of the commission and their homes are actually much cheaper. Even though Real Estate Agents are 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 obtain the idea any Real Estate Agent off the road is ethical. Their claim is based on these tests that they pass to become a Real Estate Agent. Agents passing a test does not meant hey are ethical. It only means they are able to remember enough to pass the test.
One would believe it ought to be the Real Estate Agent’s job to greatly help the buyer ensure the home is of value. Rightly so, many buyers be determined by the Real Estate Agent to safeguard them and offer them advice and for me, the ethical Real Estate Agent should do that. However, the true reality is that Real Estate Agents do not earn money unless if the home is purchased. The reality is that the true Estate Agent’s salary isn’t truly dependent on giving you advice. THE TRUE Estate Agent’s job is to get the buyer to get a home through them to allow them to get paid!
As a result of this, what ends up happening, are two forms of REALTORS with variations in between. The initial type is the honest agent with the belief “EASILY work hard and treat my buyer right, the buyer will come back to buy more homes from me. The next type is the “I need to get the buyer to get a house quickly in order that I can move on to another buyer (sucker) so that I could maximize my time for profit.” The end result is that you are searching for the first type and you also want to avoid the second type.
crowdfunding platform provider ‘ll call the first type, the Bad AGENT. We’ll call the second type, the Good Real Estate Agent.
So what sort of characteristics does the Good 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 considerable time looking at a number of different homes. Be careful of tactics such as REALTORS claiming it’s the perfect and acting like a salesman rather than offering you information.