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Old 06-10-2010, 02:36 PM   #1001
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ohhhhhhhh I see. So they weren't writing scrip or something then?

"Hey yo, let's have a scrip party"

wait a sec........
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Old 06-10-2010, 06:52 PM   #1002
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Originally Posted by Frank MetaMusil View Post
I would think she makes quite a few more sales if a strip-show is part of the home viewings.
Is she brunette with big guns? Are her employers CIR and Dreamgirls?
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Old 06-10-2010, 11:35 PM   #1003
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^Sounds like the same Realripper. Scripltor?
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Old 06-11-2010, 04:59 AM   #1004
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Boy has this thread derailed
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Old 06-11-2010, 07:47 AM   #1005
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^Sounds like the same Realripper. Scripltor?
I'm friends with one of her best friends. She slept with one of her clients after they went out for drinks to celebrate his new purchase. Lol
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Old 06-11-2010, 08:39 AM   #1006
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I'm friends with one of her best friends. She slept with one of her clients after they went out for drinks to celebrate his new purchase. Lol
Nice!

(I'm sure she was pretty happy with her commission fee too!)
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Old 06-11-2010, 10:55 AM   #1007
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Boy has this thread derailed
Hearing about hot realtors "closing deals" is way better than hearing about how our rental properties are going to be worthless pretty soon
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Old 06-12-2010, 01:21 PM   #1008
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Hehe sidebar to the derailment of the thread but wow, did we blow past the 6000 SFH listings mark. 80 higher inventory added yesterday to reach 6047.

Probably just an abberation for such a high number in a day but the trend is certainly for increasing inventory levels.
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Old 06-12-2010, 02:50 PM   #1009
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Inventory is very high. Alot of fellow realtors I talk to have listings that have gone stale.
Not any viewings in weeks.

I have had many listings appointments with families that bought in 2007 and 2008 and are desperate to sell. However, they have negative equity in their homes now that prices have dropped off since the boom.

Many don't have a clue as to what their home is worth and feel their property is 'different' and can sell for what they purchased it at in 2007.

It is quite frustrating and saddening at the same time.

I am glad I didnt get licensed till well after 2007, or else I would have some unhappy clients!
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Old 06-12-2010, 03:07 PM   #1010
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I'm one of those unhappy people right now...have had our former residence (condo) on the market since Feb...then spent thousands revamping and improving it, staged it, took it off the market then relisted...dropped the price 20%, finally got an offer, quick close date and such, then got refusal for CMHC insurance. (It's a post tension building)
Not sure what we are going to do next, because we were positioning it as a cheaper 1st home close to down town (in Bankview just off of 17th), but if a buyer can't get CMHC approval that pretty much wipes out any 1st time home buyer...ARRG! Any thoughts?
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Old 06-13-2010, 01:25 AM   #1011
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CMHC refused to insure it specifically due to the usage of post tension/condition of it?

(I'm a bit of a noob and haven't personally encountered a situation where the CMHC actually balked.)
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Old 06-13-2010, 08:26 AM   #1012
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I've actually had some good success with most of my listings in this market. A house that is right priced and shows well does have good potential to sell. But there's really no room for error in this type of market:

a) Your house needs to show perfectly in every aspect. You can't expect someone to walk through your house and love it if you're not willing to put the work and discipline in to make it perfect. Furthermore, you see a lot of listings out there with bad photo's and bad descriptions on the listings. I can only imagine how badly they show as well. Actually, I know, because I've walked through a bunch of them.

b) Your price needs to be competitive vs. what else is in your trading area. It's really important to get a grasp on the other houses that your potential buyers are walking through, and price accordingly. In this type of market, if my sellers are willing, I make it a regular practise to actually physically visit with them the 4 or 5 closest comparables in the trading area to get a first hand look. In addition to really analyzing on paper all the comparables in the area, this exercise can be a bit of a wake-up call and add extra motivation in terms of getting what needs to be done to prepare a house for selling.
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Old 06-13-2010, 03:54 PM   #1013
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Originally Posted by 1stLand View Post
I have had many listings appointments with families that bought in 2007 and 2008 and are desperate to sell. However, they have negative equity in their homes now that prices have dropped off since the boom.

Many don't have a clue as to what their home is worth and feel their property is 'different' and can sell for what they purchased it at in 2007.

It is quite frustrating and saddening at the same time.
Are some selling purely because they have negative equity and they somehow view that as a "bad" thing?
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Old 06-13-2010, 04:06 PM   #1014
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Are some selling purely because they have negative equity and they somehow view that as a "bad" thing?
Yeah, if anything negative equity in a house would likely be reason to hold onto it. I can understand someone who maybe bought a place with $50,000 down and only has $35,000 left in the place maybe wanting to sell, go rent something ,than try to get higher returns out of the money they still have.

But if you only put 5% down and all that money is lost to the point where you would need to pay out the difference. Than I would not understand why those people would be so desparate to sell.
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Old 06-13-2010, 04:19 PM   #1015
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Originally Posted by newts View Post
I've actually had some good success with most of my listings in this market. A house that is right priced and shows well does have good potential to sell. But there's really no room for error in this type of market:

a) Your house needs to show perfectly in every aspect. You can't expect someone to walk through your house and love it if you're not willing to put the work and discipline in to make it perfect. Furthermore, you see a lot of listings out there with bad photo's and bad descriptions on the listings. I can only imagine how badly they show as well. Actually, I know, because I've walked through a bunch of them.

b) Your price needs to be competitive vs. what else is in your trading area. It's really important to get a grasp on the other houses that your potential buyers are walking through, and price accordingly. In this type of market, if my sellers are willing, I make it a regular practise to actually physically visit with them the 4 or 5 closest comparables in the trading area to get a first hand look. In addition to really analyzing on paper all the comparables in the area, this exercise can be a bit of a wake-up call and add extra motivation in terms of getting what needs to be done to prepare a house for selling.
Newts:

These are great points, and ones that I thought we had learnt. We weren't the prototypical 'just throw it on the marketplace' people, but didn't do a lot to dress the place up...we were wrong.

So, we spent thousands on carpet upstairs, refreshed where the paint upstairs was not great, staged the pace with furniture and pictures, bought window coverings...and lowered the price, after not just looking at local listing online, but going and seeing them,and realizing that for some people an amenity such as granite counters in more important than and extra couple hundred square feet.

We also went and had different pictures taken of the place as we didn't like the ones the Realtor did, for that internet curb appeal.

Where I'm frustrated is that we did all that,have had a couple dozen people come through in the past few weeks, and finally got an offer, which we accepted, and got hooped by CMHC's refusal on the post tension cable issue.
We are far from 'underwater' on this, but the whole two mortgages and condo fees/taxes/Enmax thing is really starting to get to me. As I said, thanks for the insights on what you are seeing as what makes things move in this market. Any other insights from any of the learned minds on this fine board are more than welcome. (And of course if you want to see what I'm talking about feel free to PM me...you might find it a heck of a good property at a bit of a deal!)
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Old 06-13-2010, 04:21 PM   #1016
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Originally Posted by 1stLand View Post
Inventory is very high. Alot of fellow realtors I talk to have listings that have gone stale.
Not any viewings in weeks.

I have had many listings appointments with families that bought in 2007 and 2008 and are desperate to sell. However, they have negative equity in their homes now that prices have dropped off since the boom.

Many don't have a clue as to what their home is worth and feel their property is 'different' and can sell for what they purchased it at in 2007.

It is quite frustrating and saddening at the same time.

I am glad I didnt get licensed till well after 2007, or else I would have some unhappy clients!
I know a few of these people 1st Land...they are really frightened...I have had one lady in our building come out and actually yell @ my g'friend because we lowered the price of our place because she feels it invalidated how much she paid for her similar unit @ the top of the boom.
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Old 06-13-2010, 04:23 PM   #1017
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CMHC refused to insure it specifically due to the usage of post tension/condition of it?

(I'm a bit of a noob and haven't personally encountered a situation where the CMHC actually balked.)
We're getting the exact reasoning from CMHC on Monday, but basically from what I've heard/learnt on the net they don't like that style of building because they feel it raises the costs to the unit holders and that it can shorten the lifespan of a building...something important when you have a 25 year lien on a property. Doesn't mean I like it though!
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Old 06-13-2010, 04:29 PM   #1018
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The post-tension thing seems strange to me. There's a lot of places built like that; it seems there must be more to their reasoning, of the buyer hasn't told you everything about their lack of mortgage approval.

Also, why is there a 25 year lien on the property?
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Old 06-13-2010, 04:58 PM   #1019
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Originally Posted by newts View Post
I've actually had some good success with most of my listings in this market. A house that is right priced and shows well does have good potential to sell. But there's really no room for error in this type of market:

a) Your house needs to show perfectly in every aspect. You can't expect someone to walk through your house and love it if you're not willing to put the work and discipline in to make it perfect. Furthermore, you see a lot of listings out there with bad photo's and bad descriptions on the listings. I can only imagine how badly they show as well. Actually, I know, because I've walked through a bunch of them.

b) Your price needs to be competitive vs. what else is in your trading area. It's really important to get a grasp on the other houses that your potential buyers are walking through, and price accordingly. In this type of market, if my sellers are willing, I make it a regular practise to actually physically visit with them the 4 or 5 closest comparables in the trading area to get a first hand look. In addition to really analyzing on paper all the comparables in the area, this exercise can be a bit of a wake-up call and add extra motivation in terms of getting what needs to be done to prepare a house for selling.
Totally logical and sounds like you really do your homework for your clients. 1stLand is right, I need to deal with better realtors.

I've had experiences when I tried to set up times to check out homes in person and had nobody show up or were crazy late. For one listing in particular the realtor didn't even bother to call back when I expressed interest in a listing - it's still on the market months later. Nevermind the crazy listings on mls that have a single grainy picture and a description written by a 3 year old.
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Old 06-13-2010, 05:04 PM   #1020
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The post-tension thing seems strange to me. There's a lot of places built like that; it seems there must be more to their reasoning, of the buyer hasn't told you everything about their lack of mortgage approval.

Also, why is there a 25 year lien on the property?

Sorry WP...I meant that that is the length of the mortgage a lot of people take out, so that's the time frame that CMHC looks at the building still being around.

As far as the reasoning, that was it...financing was in place, the guy even wanted to buy some of our staging furniture. He just didn't have the 25% down in order to not have to deal with CMHC or another mortgage insurance company.
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