This article is not concerning the secrets of buying accommodations 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’m not in jail.
Belize Property For Sale 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% down payment so that you need not pay a dime out of your own pockets to purchase a house. 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 rock bottom prices. The new law, which has been in placed for many years now require the homes be sold at optimum price for foreclosed homes or else the lenders could 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 possess a reverse affect. There have been many people buying foreclosed homes believing they got a good deal and not doing a thorough check regarding the actual value of the home.
Now, clearing out the quick money maker myths of shopping for homes, there are still a lot of things you need to be aware of before starting.
If there exist ever a business 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 AUCTIONS want a piece. The lenders want a piece. 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. AN AGENT is suppose to act on your behalf to buy or sell the house. Both the buyer of the house and seller of the house 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 typically 2.5% and sometimes 2% for the commission of selling the home. Some Real Estate Agents provide cash back rewards. Canadian REALTORS 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 will be the least educated of the parties involved in the buying home transaction, they seem to be getting the biggest piece of the pie.
Do not listen 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 street is ethical. Their claim is based on these tests that they pass to become a 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 should be the true 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 in my opinion, the ethical Real Estate Agent should do that. However, the true reality is that REALTORS do not earn money unless if the home is bought. The reality is that the true Estate Agent’s salary is not truly dependent on giving you advice. THE TRUE Estate Agent’s job is to get the buyer to buy a home through them to allow them to get paid!
Because of this, what eventually ends up happening, are two types of Real Estate Agents with variations in between. The initial type may be the honest agent with the belief “EASILY 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 get a house quickly in order that I can move on to the next buyer (sucker) so that I could maximize my time for profit.” The bottom line 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 Real Estate Agent.
So what sort of characteristics does the Good AGENT have that the Good Real Estate Agent does not have?
1. The initial characteristic is Patience. Bad Real Estate Agents will try to sell you a home quickly to obtain the money quickly. Do not buy 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 just like a salesman rather than offering you information.