This article is not about the secrets of buying a rental property for no money down and half the price of industry value of the house. I am not Tom Vu or Don Lapre and I am not in jail.
In Canada, the no money down home did use to exist, however, not anymore. Some banks and/or lenders were prepared to lend you the 5% down payment so that you don’t have to cover a penny out of your personal pockets to get a home. However, given the existing financial situation with tighter lending restrictions, you will see no bank or lenders who are able to do this 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 newest law, which has been around placed for several years now require the homes be sold at the highest possible 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 are a great deal causing it to have a reverse affect. There were many people buying foreclosed homes believing they got much and not carrying out a thorough check regarding 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 keep yourself updated of before starting.
If there exist ever an industry with an increase of sneaky sales tactics and money motivated people, it has to the Real Estate industry. As a customer, 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 piece and the sellers want piece. No surprise there are so many scams in this industry.
The first thing to keep yourself updated of may be the Real Estate Agent. A Real Estate Agent is suppose to do something on your own behalf to buy or sell the home. Both the customer of the house and seller of the house could have their very own Real Estate Agent called a Buyer’s Real Estate Agent and a Seller’s Real Estate Agent.
In Canada, each Real Estate Agent gets on average 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 actually much cheaper. Even though Real Estate Agents are the smallest amount of educated of the parties involved in the buying home transaction, they seem to be getting the greatest little bit of the pie.
Don’t listen with their gimmicks on Real Estate Agents are ethical. Where do they get the theory any Real Estate Agent off the road is ethical. East London for sale Their claim is dependant on these tests they pass becoming a Real Estate Agent. Agents passing an examination doesn’t meant hey are ethical. It only means they can remember enough to pass the test.
You might believe it must be the Real Estate Agent’s job to simply help the customer ensure the house is of value. Rightly so, many buyers rely on the Real Estate Agent to protect them and provide them advice and i think, the ethical Real Estate Agent must do that. However, the actual the reality is that Real Estate Agents don’t make money unless if the house is purchased. The truth is that the Real Estate Agent’s salary is not truly dependent on providing you advice. The Real Estate Agent’s job is to have the customer to buy a property through them for them to receive money!
As a result of the, what ultimately 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 “If I work hard and treat my buyer right, the customer will get back to buy more homes from me. The next type may be the “I want to get the customer to buy a house quickly in order that I could move ahead to another buyer (sucker) in order that I could maximize my time for profit.” The underside line is that you’re looking for the first type and you wish to avoid the second type.