Category Archives: SELLING

Selling property

Repairs after closing – who is liable?

Repairs after closing - who is liable?

Repairs after closing – who is liable?

Home sellers and home buyers who make purchase agreements with each other are generally bound by their contracts’ terms. Many real estate purchase agreements contain language detailing just what repairs home sellers are responsible for completing before home sales close. Also, homebuyers sometimes have home inspectors or contractors check out the homes they’re buying to ensure completeness of any agreed-upon repairs. As for repairs after closing, the seller’s liability is complicated. It may or may not exist.

Many buyers insert repair clauses into the real estate purchase agreements they and their home sellers sign. Home sellers are generally liable for completing repairs they’ve agreed to make listed in the real estate purchase contracts they’ve executed with buyers. However, home buyers sometimes waive home repair inspection requirements after seller repairs are made, thus possibly ending seller liability for such repairs. But legal action could be possible if a home seller falsely assures a homebuyer that agreed-upon repairs have been completed.

Home sellers are required to give truthful information about home defects they know or should have known about. Home sellers can never deliberately withhold from potential buyers knowledge about their homes’ condition that could later pose problems, such as lead paint or termites.

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How to sell your vacant home

To sell an empty home has challenges: buyers need visual aids to help them imagine using the space themselves

To sell an empty home has challenges: buyers need visual aids to help them imagine using the space themselves

Selling an empty home has some benefits: you don’t have to negotiate move out versus move in dates, for example. But there are also challenges.
When prospective home buyers view photographs of vacant homes in their internet search, it’s hard for them to get a sense of room sizes, how the room is used, and the actual layout of the home.

The buyer also may have questions about why you are selling an empty home. For example, is there something wrong with the home that it is not selling?
Is the home overpriced? These questions and others mean many vacant properties are passed over by buyers. You may have a perfectly valid reason for moving that has nothing to do with your on-the-market house—for example, a job change—but buyers don’t know that.

Even if an empty home snags a few visitors, buyers often make higher offers on properties that are furnished and occupied. Buyers entering an unfurnished home struggle to imagine their own furnishings within the space of the rooms.

They also will assume if a property is vacant, the seller is desperate.

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Do I really need a Moving Company?

Hiring a moving company that makes the process as smooth as possible

Hiring a moving company that makes the process as smooth as possible

Moving from one place to another can be very stressful. This is usually the case when you are planning and doing the moving on your own. There are simply too many things that need to be taken into consideration and too many things that need to be organized and people who don’t have professional experience in this field will definitely miss something or do something wrong. It is therefore highly recommended to use professional moving services.

Moving companies are companies offering services that include moving. These companies handle all the things related to the moving process from packing and loading to transporting and unloading of your things. These are some standard services that professional moving companies offer but of course depending on the company they can offer some extra services or they can be focused only on certain aspects of the moving process.Top moving companies are offering high quality services that allow users to finish this process without worries.

Many people can confirm that hiring a moving company is the best option when it comes to relocation. No matter if you are moving to a place that is close to your current location or some place that is far away you will still have to go through the same procedure – packing, loading, transportation, unloading. Professional moving companies have experience in this field and they can plan and proceed with the moving process in the right way. With their help you can be sure that some fragile items will be safe during transportation and on top of that they will pack everything quickly.

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The disadvantages of downsizing

sam marji

Most homeowners, at some point or another, will have to face the question: to downsize or to stay in the family home? Whether you live on your own or simply sick of a lot of upkeep, downsizing can be a great option for homeowners who want a change. Here are questions you need to ask yourself to decide if you’re ready to downsize.

1. Who is going to live in the new home?
Before you jump at the prospect of a one bedroom, make sure you take guests into consideration. Do your kids come home from university frequently? Do you often host holiday get-togethers? Your family situation is not going to change, so plan accordingly. You might need a guest bedroom or a pull-out sofa to make your new smaller space work for you.

2. Where are you going to move?
This can play a huge role in the success of your downsizing. Remember, smaller isn’t always cheaper. Moving into a small condo can be a viable option, but it doesn’t necessarily mean you’ll be saving a lot of money. Prime real estate usually comes with a price tag, and people who aren’t used to condo living don’t always take maintenance fees and parking into consideration when making projections about their new housing costs.

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How to Choose the Right Real Estate Agent

How to research a real estate agent to decide if they are qualified enough to do a great job

How to research a real estate agent to decide if they are qualified enough to do a great job

Selling or renting a property can at times, be really stressful. Finding the right real estate agent that knows the market inside-out is the thing to do, but how will you know if he or she is good at this job? Here is some advice on how to go about finding a real estate agent.

Referrals
It’s always easier to go with an agent that has been recommended to you by someone you know, but if this isn’t possible and you go with someone you know nothing about, the first thing you want to do is check for referrals. Make sure the agent has closed many properties and has worked for at least a few years, so he has enough experience on the market. It would be a point in the agent’s favor if he belonged to the National Association of Realtors, although in past years, many have joined the association.

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What You Need to Know About Pocket Listings

The pros and cons of pocket listings: your agent handling all the marketing without MLS

The pros and cons of pocket listings: your agent handling all the marketing without MLS

Pocket listings or whisper listings (sometimes called inside listings) exist outside the MLS system. They are basically what we commonly see advertised as “exclusive” listings. What you need to know about pocket listings is your Realtor will be marketing your home without posting it to the MLS and all prospective buyers will inquire directly through him.

This means your home won’t really be on the open market. It will not be available to other realtors through the local real estate board (the back end of the MLS) or to the general public through Realtor.ca. The good thing about this is that your realtor will have more control over who will visit your home. The bad thing is the most powerful marketing tool normally used to sell homes has been taken out of the mix.

Why List your Home Exclusively?

1. To save money. Instead of splitting a 5% commission with a cooperating brokerage, your agent will keep the entire commission. An exclusive listing usually comes at a reduced commission rate of 3.5-4%.

2. If you have a stigmatized property. Maybe something really horrendously horrible happened in your house (use your imagination) and you don’t want the neighbours and the general public to turn your home into a gawking tour.

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How Foreclosure Works in Ontario

How obligations the bank has when they foreclose on a home in Ontario

How obligations the bank has when they foreclose on a home in Ontario

Foreclosure is the legal right of a mortgage lender or other third-party lien holder to gain ownership or the right to sell the property and use the proceeds to pay off the mortgage, legal fees, commissions, court costs, utilities, etc., when the mortgage or lien is in default. The process is different in Canada because the laws in Canada are different.

The way a mortgage or lien holder gains ownership after default varies from state to state in the U.S. as well as province to province in Canada. How foreclosure works in Ontario involves two main methods. Without getting too far into the technical details, the first involves the lender taking title to the property and then selling it. The other allows the lender to control the sale of the property through a court order without having title.

Generally speaking, U.S. and Canadian banks want their “non-performing mortgages” off their books so that they can lend out their money again and collect interest from performing loans. They are not interested in becoming landlords or flipping property.

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Selling a Home When You Have a Pet

How to get your pets out of the way of prospective home buyers

How to get your pets out of the way of prospective home buyers

Some potential buyers who view your property may love pets as much as you do. However, others may be turned off by the tell-tale signs of pet ownership – such as kitty litter, dander, and smells.

So be sure to make a plan for selling a home when you have a pet.

It’s a good idea to keep pets out of the house during viewings. Even if your dog or cat is friendly, some buyers will be uncomfortable around them. So, you’ll need to decide where your pets will go when buyers view your property. Consider a local kennel or “pet day camp”.

“Can’t I just take my dog out for a walk?” you might be asking. You could; however, you may not always be available to do that during a viewing. So have alternate plans available.

You should also consider how you will deal with pet dander and everyday pet odours. You’re probably used to them. Unfortunately, some buyers will be turned off or even be allergic. So, in addition to cleaning your home before a viewing – especially in those areas where pets spend time like a favourite cushion or scratching post – consider using specialty air sprays available on the market that will neutralize pet odours.

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Major Pricing Mistakes and How to Avoid Them

List of major pricing mistakes when selling your home

List of major pricing mistakes when selling your home

The home is the biggest source of money saving in one’s life with most people. So when selling a home, they not only expect to get the full money back, but also to get as much as possible. However, they often make very simple mistakes when pricing a home and because of these mistakes, they end up in selling their home with a lower price than its current market value. Here are the major pricing mistakes and how to avoid them.

Setting the sale price based on the money invested in the property:
It is not always the case where sellers can get back the full money that they have invested in their home. Some renovations will increase the value of the house and the money put in will be automatically returned when the house is sold, but some renovations only serve the owner’s needs and do not contribute to the value of the house. Normally kitchen and bathroom renovations add in value of a house. Renovations like hot bathtub or swimming pool are costly but do not add in the value of the house in general.

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The Pitfalls of Selling a Home Yourself

Some common problems you may encounter if you try to sell a home yourself

Some common problems you may encounter if you try to sell a home yourself

Lately we have seen many For Sale By Owner Online Services coming up in the market, which generally charge you a lesser commissions to list your property privately as compared to a Licensed Real Estate Agent. Consumer gets attracted towards these services, as they want to save. Mark Weisleder (lawyer, author and speaker to the real estate industry) discussed a experience of one of the Ontario Consumers, in his column for the Toronto Star News recently.

This story tells about how this consumer started with a flying start and then fell all flat. She was able to list her home for $419,000 using one Private sale service and even create a bidding war after an open house. Eventually, she received an offer for $10,000 more than she was asking and accepted it: $429,000.

But then, the buyers were able to terminate the contract without a scratch, as Seller not being a professional in the field was not able to secure her interest and left some conditions in the contract, which were not in her favour. Later on, another buyer came along with their own licensed real estate buyer’s agent, who was able to negotiate her down to $405,000 and it sold. As the seller, she also paid the agent a commission of $8,000, bringing her money earned down to $397,000.

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