Houses

#THECLOSERSDAILY : EPISODE 281: HOW MUCH IS THAT PLACE WORTH

So, the market's getting crazy again. We covered that in yesterday's episode. The multiple offers are back, limited inventory is driving buyers to be a little bit emotional. We we're gonna give you guys a tip on how to navigate a seller's market. And the first tip we're gonna give you guys this week is gonna be, don't get caught up on the list price. So list price is put there by the listing agent to generate interest. Sometimes they're listing at market value, sometimes above, sometimes under. A lot of times in the seller's market they are doing it under market on purpose to generate as much interest as possible. The more offers they get, the more likelihood that they're gonna get above-market value with no conditions. Which is a dream for any seller out there. So say a property is worth 300 and they price it at 280, some of the people going in and writing offers on that property are gonna get stuck mentally on the 280, when the smart agents that are out there are gonna look at the property value and see where it's actually gonna sell. So just be aware of what the property is worth and don't necessarily get caught up on the listing price.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 280: HOW IS THE MARKET?

So the question on everybody's mind right now is how is the market? We got another viewer request, and this is something that's coming up in day to day conversations because people didn't know where the market was gonna head. Well, if you really wanna know, you're gonna wanna watch out full blown Market Update. They're typically anywhere from 20 minutes to 45. Guest questions and everything else this week, so make sure you jump over to our Facebook page. But short and sweet, it's getting crazy out there again. So last year, if you were paying attention January 'til about June-ish, the market went bananas in London and surrounding area. And whether you're in London specifically or you're within that range, you're gonna wanna pay attention to what's happening over the next two to three weeks. Now that the weather's cracked, we're starting to see everything going multiple offers, inventory shrinking, so pay attention 'cause I think things are about to get even crazier.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 278: PANICKED SELLER

So what do you do if you have a house to sell but you found the perfect place that you wanna move to and you don't wanna risk not being able to sell your house? Well, what you do in real estate typically is include what's called a condition of home sale clause. This clause gives you the ability to firm up on a deal but still have an out where if your house doesn't sell, you can escape the contract and walk away from the deal. What the seller's likely gonna include is what's called a 48 hour waiver clause meaning that they can continue to market the property, and if they accept another offer, you have 24 or 48 hours, whatever you negotiate to firm up on your original deal. Now, we had a question from an audience member is if I locked up a property for let's say 400 and then somebody comes in and pays 500, doesn't that mean that I'll have to pay more? No, your escape clause is for you. So if you waive that clause, deal goes firm, you get it at 400, and you'll have a super upset seller knowing that they coulda got more money. Now, you have to determine is it worth risking waiving that clause, and is your property still gonna sell? Part two coming tomorrow.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 274: AGENT GETS SUED

So a real estate agent is getting sued. Do I have your attention? A riveting topic, and it does happen in real estate, and what happens when a real estate agent's gettin' sued, this one's really important for brokers and agent out there because you always wanna notify RECO of any claim made against you. There's a court case I read about where a lady was gettin' sued by her clients because there wasn't an adequate water supply when they closed on the house, and she was in the right. She actually had proof that they had documented, had the well inspected, and the buyers knew about it and said they were gonna drill their own well. And they made a false claim against her. She actually won the court case. But then when she went to recover her legal fees, she found out her broker of record hadn't actually reported it to RECO. So RECO wasn't gonna cover her legal fees. RECO said you're always supposed to report any claim against you, whether you're right, wrong or otherwise, and the broker misinformed his agent. So she actually ended up suing him. It got really hairy, really sticky. She got her money back, but the lesson is if there's any claim being made against any real estate agent, always report it, and that's it.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 177: JUST TEASING YOU

So real estate conferences can feel like an absolute waste of time in our industry, but over the next couple episodes, we're gonna cover the Commercial Emerge Conference that was held to day at the London and St. Thomas Board of Realtors because there was a ton of value that I want to let you guys know kind of what was discussed and what the major takeaways were. So the conference itself actually had a panel of developers, local London developers. Tricar was represented. EllisDon was represented. Dancor was there, and then Shmuel Farhi was on the panel. They had an open, frank discussion about what they've seen happen in the past, what's going on today and where they see the future was going. They also had a panel of large commercial lenders. So a lot of these guys are coming out of Toronto and different areas with their opinions of whatever the marketplace is and where it's going. And then lastly, they had a panel of commercial real estate agents discussing their opinions on the marketplace. Quite a lot of interesting takeaways, and we're gonna be covering them in the next couple days' series, so stay tuned.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 144: BULLY OFFERS PT2

So you're a buyer, and in the last episode, you found out that the seller didn't sign Form 244, if you don't know what that is, go back one episode and listen to that before we continue. And you want to put a Bully Offer on the property. Now you gotta keep in mind that you don't know what's happening on the seller's end. What do I mean by that? I mean you don't know if they've had a ton of activity, if there's people that are expressing interest in submitting an offer, if they have any Form 801s, which we'll cover in the next episode. So you gotta put in your best offer, expecting the seller to wanna take it and not look at anything else. If you're a seller, you gotta be very, very wary of what's going on, 'cause that buyer that's coming in with a Bully Offer may be paying way more than they normally would have, and if you don't have any other interests on the property, you may be in the very best situation you could possibly be to capitalize on that. The tricky part is, you don't know as a buyer, what's going on on the back end with the seller. And the tricky part as the seller is, you don't know what's gonna happen on offer date, until you wait 'til offer date. How do we solve that problem? Wait 'til tomorrow's episode.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”