Realtor/lawyer missed tenant notification? Recourse?

[afc wimbledon]

Originally Posted by GGG

Do you have the lawyer go over all the terms and conditions for offers or do you have the sellers realtor representing both?

the difference is lawyers actually do something for you where as real estate agents are pretty much pointless beyond putting your house on the MLS or driving you around to look at houses, you need a realtor because they have set a system that requires them, there are many many countries that dont have real estate agents and their houses get sold just fine

[Hemi-Cuda]

Originally Posted by GGG

Do you have the lawyer go over all the terms and conditions for offers or do you have the sellers realtor representing both?

We retained our own lawyer, and it's actually against the law for a single realtor to represent both parties. So the selling realtor had someone else from their firm represent us, though in reality all she did was relay stuff from us to the sellers. Booked my own inspection and pulled up permits for the property to make sure there were no surprises

These days most people do all of their house shopping online, they know what they want and what areas they want to look in. If they do just a little more work beyond that a buying realtor is completely pointless

[topfiverecords]

Originally Posted by Hemi-Cuda

The selling realtor pays them, which means you pay more for the house. We got a significant discount when buying our house since we went through the selling realtor directly

In the past in a buyers market?

You're not getting a significant discount in a multiple offer over ask scenario that most houses here have been selling under.

[blankall]

Strange. I found my real estate agent invaluable. He has helped me buy 2 properties. I wouldn't have found either property without him. In helped me win a bidding war I wouldn't have had any hope of navigating properly. He was able to tell me about entire neighbourhoods, buying trends, zoning outlook, common issues with older homes, etc...

This may be a bit of a different scenario in Vancouver, where you have periods of intense bidding wars and there is a huge amount of garbage on the market.

[afc wimbledon]

Originally Posted by blankall

Strange. I found my real estate agent invaluable. He has helped me buy 2 properties. I wouldn't have found either property without him. In helped me win a bidding war I wouldn't have had any hope of navigating properly. He was able to tell me about entire neighbourhoods, buying trends, zoning outlook, common issues with older homes, etc...

This may be a bit of a different scenario in Vancouver, where you have periods of intense bidding wars and there is a huge amount of garbage on the market.

I'm not saying there arent good agents out there but the system doesnt encourage that, it encourages agents that only care about getting listings as thats the least amount of work for their pay, it then encourages them to set the price on the listing lower so that it sells quickly again with little effort.

Frankly most Real Estate agents in Vancouver wont take you as a buyer unless you have a house to sell, even then they will send you out with their assistant, they dont give a rats ass in hell about picking up buyers

[DoubleF]

Originally Posted by topfiverecords

How is a buying realtor a waste of money when you don’t personally pay them?

Because their commissions is part of the sales prices on the home. Their existence costs you the purchaser negotiation room. For a typical 7% 100K; 3% rest calc, a $500K home has around $19K of total fees. Half of that is owed to the buying realtor, effectively potentially costing you $10K in negotiation room for that half a million dollar house.

I dealt with a realtor recently who took $1K to walk away as the buyer's rep rather than taking $2-3K in commissions instead of full commissions to fill in forms for the buyer on a private deal. We told the buyer to pay the realtor to pound sand and the price would drop $5K (seller and buyer both still ahead). I still don't get what that realtor was thinking. It was basically another hour worth of work and it wasn't worth the extra couple grand? Bizarre stuff.

The lawyers are worth their fee and they're significantly cheaper than realtors. I honestly don't have issues with realtors, but their fees are obscene. They often probably make more per hour than the lawyers do on the real estate deals.


Back on topic, if I'm OP, I'd offer $1K per month the tenant moves out early. Grease the wheels and try and salvage a win/win.

[troutman]

Originally Posted by Hemi-Cuda

We retained our own lawyer, and it's actually against the law for a single realtor to represent both parties. So the selling realtor had someone else from their firm represent us, though in reality all she did was relay stuff from us to the sellers. Booked my own inspection and pulled up permits for the property to make sure there were no surprises

These days most people do all of their house shopping online, they know what they want and what areas they want to look in. If they do just a little more work beyond that a buying realtor is completely pointless

Can a real estate professional represent both the sellers and the buyers?
https://www.reca.ca/consumers/tools-...ellers-buyers/

In transaction brokerage, the real estate professional will provide facilitation services to you and the other party. These services include:

helping the buyer and seller negotiate an agreement
giving the buyer and seller property statistics and information, including comparative information from listing services and local databases
providing and preparing agreements of purchase and sale, and other relevant documents according to the buyer and seller’s instructions
A transaction facilitator has to treat both parties in an even-handed, objective, and impartial manner. They must remain neutral, not advocate for either you or the buyer, and they cannot provide confidential advice.

Before a real estate professional proceeds with transaction brokerage, both the buyer and the seller need to provide their informed consent by signing an Agreement to Represent both Buyer and Seller.