Precisely what Your current Customer’s True Estate Agent Will not likely Show you – Element 1
This informative article is not in regards to the secrets of buying a rental property for no money down and half the buying price of the market value of the house. I’m not Tom Vu or Don Lapre and I’m not in jail.
In Canada, the no money down home did use to exist, however, not anymore. Some banks and/or lenders were willing to lend you the 5% down payment so that you don’t have to pay a cent out of your pockets to get a home. However, given the present financial situation with tighter lending restrictions, you will have no bank or lenders who is able to do that in Canada.
The buying home for half price did use to exist as well. At one time, foreclosures in Canada would allow foreclosed homes to be sold at rock bottom prices. The newest law, which has been in placed for quite some time now require the homes be sold at the highest possible price for foreclosed homes or else the lenders might be sued. Hence, sometimes foreclosed homes sell higher because Canadians have the misconception that foreclosed homes are a great deal causing it to have a reverse affect. There have been many individuals buying foreclosed homes believing they got a great 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, you will find still a lot of things you will need to keep yourself updated of before starting.
If there exist ever an industry with increased sneaky sales tactics and money motivated people, it has got to the Real Estate industry. As a consumer, you can be dishing out $350 000 and everyone wants a piece. The Real Estate Agents want a piece. The lenders want a piece. The lawyers want a bit and the sellers want piece. No surprise you will find so many scams in this industry. estate agents in bow
The first thing to keep yourself updated of is the Real Estate Agent. A Real Estate Agent is suppose to do something in your behalf to buy or sell the home. Both the customer of the property and seller of the property could have their particular Real Estate 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 home. Some Real Estate Agents provide cash back rewards. Canadian Real Estate Agents gets higher commission than anywhere else. In United States, their Real Estate Agents only get 1% of the commission and their homes are now actually much cheaper. Although Real Estate Agents are minimal educated of the parties involved in the buying home transaction, they seem to be getting the biggest bit of the pie.
Do not listen to their gimmicks on Real Estate Agents are ethical. Where do they get the concept any Real Estate Agent off the street is ethical. Their claim is dependant 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 could remember enough to pass the test.
You might believe it should be the Real Estate Agent’s job to greatly help the customer ensure the house is of value. Rightly so, many buyers depend on the Real Estate Agent to guard them and provide them advice and in my opinion, the ethical Real Estate Agent have to do that. However, the actual reality is that Real Estate Agents do not generate income unless if the house is purchased. The stark reality is that the Real Estate Agent’s salary is not truly influenced by providing you advice. The Real Estate Agent’s job is to obtain the customer to buy a property through them to allow them to receives a commission!
As a result of the, what ends up happening, are two types of Real Estate Agents with variations in between. The very first type is the honest agent with the belief “If I work hard and treat my buyer right, the customer will get back to buy more homes from me. The 2nd type is the “I need to get the customer to buy a home quickly in order that I could move on to the next buyer (sucker) in order that I could maximize my time for profit.” The underside line is that you are searching for the first type and you wish to prevent the second type.