5 Actionable Tips on REAL ESTATE AGENT And Twitter.
This article is not concerning the secrets of buying a rental property for no money down and half the cost of the market value of the house. 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, but not anymore. Some banks and/or lenders were ready to lend you the 5% deposit so that you need not pay a dime from your own pockets to purchase a house. 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 as well. At one point, foreclosures in Canada would allow foreclosed homes to be sold at very cheap prices. The new law, which has been in placed for many years now require the homes be sold at the highest possible price for foreclosed homes if not the lenders could be sued. Hence, sometimes foreclosed homes sell higher because Canadians have the misconception that foreclosed homes certainly are a excellent deal causing it to get a reverse affect. There have been lots of people buying foreclosed homes believing they got much and not doing a thorough check regarding the actual value of the home blossoms by the park.
Now, clearing out the quick money maker myths of shopping for homes, there are still many things you need to be alert to before starting.
If there exist ever a business with an increase of 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. The lenders want a bit. The lawyers want a piece and the sellers want piece. No wonder you can find so many scams in this industry.
The first thing to understand is the Real Estate Agent. A Real Estate 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 Real Estate Agent and a Seller’s Real Estate Agent.
In Canada, each Real Estate Agent gets an average of 2.5% and sometimes 2% for the commission of selling the house. Some Real Estate Agents provide cash return rewards. Canadian Real Estate Agents 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 are the least educated of the parties mixed up in buying home transaction, they appear to be getting the biggest piece of the pie.
Do not listen to their gimmicks on REALTORS are ethical. (http://www.howrealtorshelp.ca) Where do they get the idea any AGENT off the street is ethical. Their claim is founded on these tests they pass to become a Real Estate Agent. Agents passing a test does not meant hey are ethical. It only means they can remember enough to pass the test.
One would believe it must 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 provide them advice and for me, the ethical AGENT should do that. However, the real 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 is not truly dependent on giving you advice. The Real Estate Agent’s job would be to get the buyer to buy a home through them so they can get paid!
. As a result of this, what eventually ends up happening, are two types of REALTORS with variations in between. The initial type may be the honest agent with the belief “If I work hard and treat my buyer right, the customer will come back again to buy more homes from me. The second 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 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 initial type, the Bad Real Estate Agent. We’ll call the second type, the Good AGENT.
So what kind of characteristics does the Good AGENT have that the Good Real Estate Agent does not have?
1. The initial characteristic is Patience. Bad REALTORS will attempt to sell you a home quickly to have the money quickly. Do not purchase a house without spending lots of time looking at several different homes. Be careful of tactics such as Real Estate Agents claiming it is the perfect and acting like a salesman rather than providing you information.