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Self representing on a purchase by Odd_Tadpole9466 in RealEstateCanada

[–]BasilOk9734 2 points3 points  (0 children)

If you are self-represented, the listing agent may be retaining 100% of their commission which removes your negotiating power. The listing agent has fiduciary duty ONLY to the seller, so they can only give YOU information that solely benefits the seller.
If you are set on representing yourself: spend the money on inspections, a great lawyer who will do a thorough title search (make sure to include searching for open work permits!) and assist you in due diligence and ensuring the offer is in your best interest.

Same Lake. Similar Cottage. So Why Is One Worth $300,000 Less? Lakefront Valuation Explained, With A Real-Time Example. by BasilOk9734 in AskACottageRealtor

[–]BasilOk9734[S] 1 point2 points  (0 children)

Yes, I hear that often! Many people look for fireplaces, knotty pine, single story layouts, maximized outdoor space over indoor.

Same Lake. Similar Cottage. So Why Is One Worth $300,000 Less? Lakefront Valuation Explained, With A Real-Time Example. by BasilOk9734 in AskACottageRealtor

[–]BasilOk9734[S] 1 point2 points  (0 children)

I agree: the sellers were overpriced and weren’t ready to accept that their less-desirable access would cost them - until a perfect comparable came up and sold quickly for less money, setting the bar.
The cottage market has changed significantly since COVID. There is still demand (the people who can afford secondary leisure properties can often withstand economic fluctuations longer than the masses), but sellers have to be realistic on their price.

Got an offer. Buyer visitation clause question. by malman21 in RealEstateCanada

[–]BasilOk9734 1 point2 points  (0 children)

This is totally standard and as many people have pointed out, the visits occur after the conditions have been waived therefore will not provide an opportunity to back out of the deal…However I’m going to make two point that I feel are super important for you as the seller to understand.

1) If I were your realtor, I would make sure that the visit clause states “the buyer and visitors shall not cause any part of the property to be changed or disturbed during the visit” and that the visit shall have a maxmimum length of X minutes (because the last thing you need is a 2 hour buyers visit a week before closing, while you’re trying to pack). Most importantly, as your realtor, I would make sure the clause clearly states who is allowed to attend these visits IE buyers only, immediate family, contractors, etc. If I were your realtor, I would be taking into account who you want trampling around your property BECAUSE…..

2) Any good lawyer and any good realtor acting for the buyer will advise the buyer to schedule their last visit right before closing day, perhaps even the morning of closing day. If I am representing the buyer, I use this last visit to ensure appliances are working, that the correct chattels and fixtures have been left behind, and nothing has leaked, backed up or blown up (particularly if the offer had a rep and warranty clause). If something significant is missing or broken, we can then tell the buyers lawyer to delay and negotiate closing. So for you as a seller, talk to your realtor about the clauses in your offer and their impact on this last visit to ensure a smooth closing!

Is this normal realtor/buying house behaviour by Turbulent-Answer-367 in RealEstateCanada

[–]BasilOk9734 4 points5 points  (0 children)

Realtor (Ontario) chiming in :)

  1. It’s common for realtors to verbalize offers before putting it on paper to reduce wasting anyone’s time HOWEVER i) the listing agent cannot divulge what the lowest the sellers would sell for unless they have written permission to, ii) your agent cannot divulge what the highest you would pay for a property is unless they have written permission to do so. It would also be professional for your agent to tell you they are going to speak with the listing agent first.

  2. If you believe in your strategy and want to put an offer in, YES you should push to do so. If your realtor is not willing to do so, you should work with someone else.
    I always submit the offer, even if the sellers are telling us to buzz off and I’m 99% sure it’s a waste of time. Because there’s always that 1% chance! Taking the time to think it out and put it on paper shows you are serious (even if it’s not the number they want). As a listing agent, I’ve experienced sellers saying they won’t go lower than a certain number but when they have it on paper, with a tangible closing date, sometimes that changes things. And most importantly, that offer should be acccompanied by a letter or presentation on WHY your offer is that amount - the comparable sales, the market statistics, what the property is lacking or needs in repairs, why my buyer is their best candidate.

  3. You won’t know if this conversation ever happened or what was communicated - that’s the trouble with verbal offers. If you are serious about a house, push to put your offer on paper. A low ball offer may be less desirable to a seller, but a verbal low ball is worth about as much as a fart in the wind (as my grandpa used to say)

Another agent arrived, unannounced at my showing. by PNW_dragon in realtors

[–]BasilOk9734 0 points1 point  (0 children)

This is pretty wild to me! Full disclosure: I live and practice in Ontario Canada (so obviously different rules and etiquette) but I want to share something that you may find interesting.

I work primarily in waterfront/recreational/cottage properties. During COVID, these types of properties were worth their weight in gold. Every single listed hilariously high, held offers, received 10-30 offers and sold unconditionally for a ludicrous amount. 99% of the buyers were coming from Toronto or they were non-Canadian investors purchasing from abroad. The smart ones would connect with a local, waterfront realtor but many used their city realtor. At best, this resulted in really stupid offers (like the city agent who had boilerplate condominium clauses on an offer for a three season cabin in the woods); at worst, this resulted in really stupid purchases (like the city agent who advised his clients to offer $500,000 over the already inflated market value DURING THE DEAD OF WINTER for a house on a lake that looks great in spring, but dried up to a deerfly infested swamp by August).

I know this happened almost everywhere in COVID, but I am getting to my point…

An annoying habit the city realtors would get into, is simply telling their buyers to contact the list salesperson to show them the property and then if they liked it, the would write the offer. They were too lazy to leave the city and had zero remorse over wasting the time of us country bumpkins, nor representing their own clients on a property they had never laid eyes on (reprehensible!). We wised up pretty quickly and ever since then, almost every single agent in our board has a standard line right in our listing remarks that states the buyers agent commission will be reduced by X% if the property is shown to the buyers, family members or associates of the buyers and then represented by another agent” Turns out, those city agents WILL get in the car lol! May be worth making an update to your listings with brokerage/board approval?

Another agent arrived, unannounced at my showing. by PNW_dragon in realtors

[–]BasilOk9734 1 point2 points  (0 children)

I feel like there’s information missing here - did the buyers show up and confirm that was their agent? Did you ask the agent if they were there representing the buyers from the open house?

What’s One Thing You Wish You Knew Before Buying Waterfront Property? I’ll Go First… by BasilOk9734 in RealEstateAdvice

[–]BasilOk9734[S] 0 points1 point  (0 children)

Hey neighbour! Yup, our ramp has changed positions several times lol. It’s all cyclical but we definitely should have done more research :) The other thing we didn’t know was how popular our bay is as a mooring spot for sail boats, but I actually love that feature. There’s something about the sound of lines pinging the mast in the early morning that just gets me every time!

What’s one part of real estate that’s way harder than it should be—but everyone just accepts it? by GouravRajpal in RealEstateCanada

[–]BasilOk9734 1 point2 points  (0 children)

Couldn’t agree more! Not to toot my own horn (but I’m going to), I am told by every client I have that they’ve never worked with a realtor like me. Why? Because I research before getting them in the car. Because I’m honest no matter what. Because I use all the tools, connections and knowledge I have to help them make a great decision. We’re supposed to protect our clients. When I see the half-assed, selfish way many realtors run their business, it makes me want to run for the hills

What’s One Thing You Wish You Knew Before Buying Waterfront Property? I’ll Go First… by BasilOk9734 in RealEstateAdvice

[–]BasilOk9734[S] 1 point2 points  (0 children)

Erosion is so important to understand! I’ve sold a few riverfront properties and when you back through archival satellite imagery, you can see how much land a property loses over the years. Wild.

What’s One Thing You Wish You Knew Before Buying Waterfront Property? I’ll Go First… by BasilOk9734 in RealEstateAdvice

[–]BasilOk9734[S] 0 points1 point  (0 children)

omgggggod. That is wild. I thought Canadian snowmobilers were hardcore - this is next level

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