How To Find The Best Hidden Real Estate Deals

Technological advancement has brought numerous changes in the life of a modern man but one thing, which is still similar, is the opportunities in the real estate market. It is very lucrative, and with the right measures, it can be the best. A person sometimes has many emotional values attached to a house. It is the most amazing place on earth, and the best part is houses can be extremely lucrative for a person who knows how to deal with the real estate market. There is also an increasing trend of people trying to choose the job of the real estate agent as their main career.

Real estate agents spend a lot of time in hunting for the best real estate deals. Given below are some of the tips, which can help a person to find the best investments, buying property for their business or buying a dream house for them to live in with their family members.

1. Properties On Foreclosure List

There are many houses for sale in the market, but a wise person who is looking for the better investment opportunities can look at the properties on the foreclosure list. Foreclosure in itself is not favorable as a person is losing a house. However, banks do not have emotions, and they prefer to keep their books clear by dealing with this kind of properties. Usually, a person who has purchased a certain house is not able to afford the mortgage payments for any reason, and the banks seize their properties after a certain period. The bank also removes the occupants of the house, and once the house is vacant, the bank lists it for sale. A local real estate can help the bank with the process of listing the house for sale.

Banks sometimes sell these houses at a good price, which can be extremely favorable for the buyer. So, a person who knows about buying the foreclosure rights can get a great deal out of these houses. Usually, the overall process of foreclosure is time-consuming and in some cases, the house needs a repair for the damages, so the banks sometimes offer a huge discount to the buyer as the bank does not prefer to manage the house but rather deal with it once and for all.
The local real estate agents in the area can give a lot of information on the foreclosures. Who knows one can get a great deal out of it.

2. First Come, First Serve

The following tips are useful when a new property hits the market:

  • Get the notifications by asking the real estate agent. The email notifications can assist in getting hands on the house.
  • Since priority is on the first come, first serve basis, it is a good idea to have the pre-approval ready from the bank.
  • It is also wise to keep an eye on the properties that are in the market for a long time. The owners might sell the property with a huge discount, as they might be tired of that property since they have been holding it for too long.

3. Contacting Owners Directly

In some cases, instead of taking help from an outsider, it is beneficial to contact the owners directly. There is a possibility of finding an owner who is going to list their house on the market, and contacting them early can be lucrative. The real estate agents also have some benefit in the houses but contacting the owner directly might save them from the real estate agent fee, which can be favourable for them as well.
Given below are some of the tips to find this kind of owners:

  • The absentee owners are usually living abroad, and they want to sell their property. It is possible to get a great deal from this kind of owners.
  • There are property owners who do not like their tenants and want to get rid of their house.
  • Some owners have the property in inheritance, and they do not know what to do with. These types of owners can be very beneficial as it is possible to strike a deal with them.

However, there is also a catch to it as the owner might not trust the person contacting him or her directly. The owner might prefer to sell the house through a real estate agent to avoid any kind of hassles, but there is no harm in trying as there is always a possibility of striking a great deal with the owners directly.

4. Improving The Different Aspects Of Funnels

To strike the best deal when it comes to the real estate market, it is important to improve the funnels. There are some tips on improving the different aspects of the funnel:

  • Raw leads, which are from the Real Estate Agent
  • An ideal location
  • Quick analysis depicting a promise
  • Deeper analysis and still depicts a promise
  • Deals on which an offer is made
  • Offers, which are accepted

So, seeing the list above it is obvious that in the beginning there are 200 offers, however, in the end, only one is accepted. It is more like a game of numbers. Therefore, the different aspects of the funnel give an idea of the quantity, which is necessary to get the offers accepted.

The era of modernization and information technology has brought numerous challenges in the life of a modern person looking to buy the property. A person can purchase property for a variety of reason, but an important thing to consider is that it is a good investment, which can help in the end specifically when there are great real estate deals available at the time of the economic crisis. It is a blessing finding the best deal in the market. It is a game of numbers and depends on keeping a close eye on the market. It is possible to not solely rely on the real estate agents but rather contact the owners directly.

 

My Experiences With One Percent Realty In Pitt Meadows

I recently sold my house in Pitt Meadows, and the realtors who helped me do it were the One Percent Realtors, Save With John and Dave (realtor Maple Ridge). The experience was unique, and I see it fit to share with you.

To start off, let me make one thing clear, I’m not a huge fan of realtors. The reason behind this is many of them in Vancouver are making a lot of money, doing so little work, and to worsen the matter, some of them have a poor educational background.

Take this example, a realtor in Vancouver typically charges 7% on the first $100,000 and 2.5% on the balance. For sure they are making a killing.

But that said and done, not all realtors are bad. You will enjoy working with some of them as I did with Save With John and Dave. Here is my review of this firm.

Who are Save With John and Dave

Save With John and Dave are a fully licensed, full-service agents with One Percent Realty. These agents are located in Maple Ridge, BC. If you are looking for realtors, I would highly recommend them as they have a combined 32 years experience with more than 1,000 successfully closed transactions in Greater Vancouver and the Fraser Valley.

I was highly impressed by the fact that even though there have been significant changes to the real estate industry, these realtors do not fight the changes, but they embrace them. For this reason, they can easily come up with new commission models that fit your needs.

The whole experience dealing with these realtors was good. This is also because they offer a unique combination of a full-service approach, an efficient business model, and a comprehensive marketing strategy. This way, they made sure that I enjoyed great results and also saved money. They also did not cut any corners or promise me the world. The realtors acted with integrity and honesty, which made the whole experience one worth remembering.

When I hired them for the job, some of the initial services they offered me were free, no obligation, market evaluation, they gave me preparation and staging advice, and also pricing and market introduction strategies.

Key to Save With John and Dave’s success in quickly closing transactions is their marketing strategies. I am going to list some of them here:

  • They use professional photos and virtual tours with image editing
  • Full exposure of your property on the MLS® multiple listing services
  • Signage
  • Use of brochures and feature sheets that are professional and of magazine quality
  • Newsprint advertising
  • Open house
  • They advertise your property on thousands of websites such as rew.ca, Realty link.org, and thousands of MLS® reciprocity-linked sites
    Social media marketing on platforms such as Instagram, Twitter, and Facebook

Why I chose Save With John and Dave

I am a frugal person, and I do not like wasting money paying for something that I do not see any value in. At first, I interviewed many realtors to see who I should give the job to. After the interviews, I settled for Save With John and Dave, and this is the reason why. I was impressed by reviews I read online about this company. Most of them commended them for their transparency and relatively low charges. Apart from that, this company also deals with a lot of volume. The high volumes mean that the “quality of their services is trusted and that they have a lot of satisfied customers.” according to the realtors at cardasmugridge.com.

Verdict

If I have another opportunity to sell a house, I will use Save With John and Dave again. Their charges are low, they have a good marketing strategy, they are transparent and honest, they have years of experience closing transactions in Vancouver, and their customer service skills are excellent.

I highly recommend you message Save With John & Dave if you’re thinking of selling your house:

How Commercial Mortgages Function in Canada

In Canada, commercial mortgages are very popular among investors, which can be a shock to a lot of people, as this type of mortgage tends to have higher interest rates than residential mortgages. There is a clear explanation for this. Commercial tenancies last a longer period than residential options. Not only that, they are easier to handle. Residential leases tend to be signed annually, whereas commercial leases can go up to 10 years.

“Commercial mortgages may be the riskiest loan to take out, but it can wreak the best benefits” -Jared Bartos mortgage expert in Vancouver.

Commercial Mortgage Options

In Canada, a small commercial mortgages typically ranges between half a million to $2 million. When it comes to this type of mortgage, one of the key elements that play a role in obtaining it is the amount of income that is generated by the property, as well as one’s ability to pay back.

When the commercial loan is meaningful in amount, it comes accompanied by a lower interest rate than if it were to be a small mortgage, especially if the property is situated in a commercial area that is highly desired. Large loans tend to be made to owners of plazas, shopping malls, vacant lots, industrial land, and high-rise apartment buildings. Commercial mortgages can take weeks or several months to finalize, as environmental reports are required, and numerous conditions must be met. This process can be much quicker if there is a private lender involved, but rates tend to be higher.

The Process of Commercial Mortgage

It has been noted that having the aid of a professional mortgage broker can be extremely valuable when preparing to apply for a commercial mortgage. A licensed brokerage firm, would be more than happy to work with you in getting all your legal work in order. This type of firm can explain everything, from A to Z. To speed up the application, a licensed brokerage firm can present your income and financial statement to potential lenders.

A good broker can save you a meaningful amount of money on your interest rate. It’s important to mention that a broker doesn’t earn a commission for this type of loan, and thus, he or she will charge the borrower for services.

If you don’t have experience in handling a commercial property, you should hire somebody who does, because lenders like to be certain that the property is going to be taken care of and will operate smoothly. Mortgages that are insured by the Canada Mortgage and Housing Corporation (CMHC) have a low-interest rate when there is sufficient income to support the loan. Even so, it is important that you know that demand and supply also plays an important role in the rate.

Investors in Real Estate

If the property is being categorized as an investment, an investor should know that residential real estate might be financed with commercial mortgages. The amount of money that you will be able to borrow will depend on the property.

Most lenders expect a down payment that consists of at least 35%. They tend to look at the current status of the business, as well as one’s credit history. For those businesses that are operating, lenders expect them to be profitable and steady. If you are not operating a business, business plan and financial projections will be requested. If it’s just for commercial use, CMHC won’t place insurance on the property but may ensure a venture that is of mixed nature (commercial and residential).

 

Real Estate Lawyers or Realtors?

When a realtor makes a sale they get a high commission. The seller usually pays the commission, but the cost may be passed onto the buyer indirectly. Real estate lawyers charge their customers by the hour. Do you need to work with a real estate agent or a lawyer to purchase a home?

Advise of the Law

Real estate laws will vary by state. The assistance of a real estate agent is not legally required but they can help with the preparing a purchase contract. In some states only the lawyer is allowed to prepare the documents for home purchase, do the title search, and agree to close the deal.

Why Hire an Agent

Buying a home is a complex process and many people find this easier with the assistance of a real estate agent. There is a lot of paperwork to fill out and having advice from someone inside the industry can help. Other parts of the home buyer process need to happen in a short period of time. Inspectors need to be hired, negotiation over repairs and price, and keeping relations with the sellers via their agent, along with other topics. This is all routine for the agents. Experience agents can recommend good inspectors, mortgage brokers, and make can the experience easier. They know what appropriate behavior for agents and clients are in their region.

Seller Agent

One of the biggest reasons to hire your own agent is that you will have representation and the seller’s agent will not take over the entire process. The seller’s agents may pressure you to allow them to represent you and the buyer. This is known as a duel agency relationship. This often benefits just the seller. Sellers’ agents may not always make it clear that they are working for both parties. If there is one agent involve it can be taken that they are working for the seller. It is better to work with your own agents , an expert assert, or no agent at all then to work with a duel agent.

Stay in Control

You are the only person that knows what you want in a home. An agent can scout out homes for you and scan the listings, but they do not understand your exact needs. They may not take you to “for sale by owner” listings. There are ways that you can find your dream home on your own.

Become Educated

Even if you work with a lawyer or an agent it you should educate yourself on the home buying process. Maple Ridge Realtors on Facebook believes that you should learn about the market value of homes that are selling in the same area you can protect yourself against an agent that would want you to put in a high bid for a home. This will reduce the stress when you are asked to sign several documents in the home buying process.

Reasons to work with an Attorney

Except in states where a lawyer is required the average real estate transaction does not require a lawyer. Many transaction are standard and many people will say exactly what they are looking for in the purchase and all that is needed is a couple of signatures.
If legal issues happen and the real estate agent and the real estate agent is not able to answer the questions or the issue the lawyer may be needed for help. An agent can help with negotiation issues but they cannot answer all legal questions. For example if the new home has an illegal in-law unit that has a tenant living there is the buyer able to evict the person in order to rent it to someone else. Only a lawyer can answer this question. If you would like to rent the home for an extended time period before purchasing it are you able to do so? This will require an additional cause in the lease. If there is unusual language in your contract or you are concerned about some of the terms let the attorney look over the documents.

How the Real Estate Agent Gets Paid

Real estate agents are paid on commission and not a salary. They get paid only after the home buying transaction is complete. They do not get paid if the buyer loses interest or cannot get a mortgage to close the deal. The seller usually pays the commission to both agents which is around five percent of the sale price that is then split between these two agents. This percentage may vary. For example a seller may get a lesser percentage if the home is very expense. In probate court costs need to be paid as well. Some buyer’s agents have been known to offer the buyer a percentage at the time of closing.

There are some variations on these commission arrangements. A buyer may hire an agent and pay their commission. Less common an agent may offer to work for an hourly fee rather than a full commission. You may then ask the seller to bring down the price of the home. Discount and rebate brokers are work but they may provided limited service or make work over the internet. Their commission may be as low as one percent.

Agents Working on Commission have a Conflict of Interest

Even an agent that only works for the buyer and not the seller has their own financial interest in the closing. While an experienced agent will not push you into anything and will not push you into making a bid on a home that you do not love. They may recommend that you an inspector that may overlook some issues. When looking to find a reliable agent see Choosing Your Real Estate Agent.

How Attorneys are Paid

Lawyers often charge by the hour. Their fees can range from $150 to $350 per hour. Attorneys may charge a flat fee for a specific task such as preparing the closing documents. Although they like to start with a blank check and bill based on the hours spent on the task you should call the shots. If you hire a lawyer for a limited number of hours or a specific task you can negotiate the price. You need to get this agreement in writing.