This article is not concerning the secrets of buying a rental property for no money down and half the price of the market value of the house. Best Properties for Rent and Sale in Boston 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, 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 home. However, given the current finances 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 aswell. At one point, foreclosures in Canada would allow foreclosed homes to be sold at rock bottom prices. The new law, which includes 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 excellent deal causing it to have a reverse affect. There were many people buying foreclosed homes believing they got much and not doing a thorough check regarding the actual value of the house.
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 a business with an increase of sneaky sales tactics and money motivated people, it’s got to the Real Estate industry. As a buyer, you could be dishing out $350 000 and everyone wants a piece. The Real AUCTIONS want a piece. Lenders want a bit. The lawyers want a piece and the sellers want piece. No wonder there are so many scams in this industry.
The first thing to be aware of is the 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 Real Estate Agent called a Buyer’s Real Estate Agent and a Seller’s AGENT.
In Canada, each Real Estate Agent gets an average of 2.5% and sometimes 2% for the commission of selling the house. Some REALTORS 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 in fact much cheaper. Even though REALTORS will be the least educated of the parties involved in the 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 obtain the idea any Real Estate Agent off the street is ethical. Their claim is founded on these tests that they pass to become a Real Estate Agent. Agents passing a test will 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 depend on the Real Estate Agent to safeguard them and provide them advice and for me, the ethical Real Estate Agent should do that. However, the true reality is that Real Estate Agents do not make money unless if the home is purchased. The reality is that the true Estate Agent’s salary is not truly dependent on providing you advice. THE TRUE Estate Agent’s job would be to get the buyer to get a home through them to allow them to get paid!
Because of this, what 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 to buy more homes from me. The second type is the “I have to get the buyer to buy 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 looking for the first type and you want to steer clear of the second type.
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