First Time in the Market (so far, a terrible experience)

[FlamesAddiction]

Looking for some advice, here is my situation.

My wife and I have been renters for a long time, but over the past year, we have been browsing domestic real estate with the plan of buying eventually. We have a pretty good idea of what things sell for. We were however, just notified by our landlord that he is selling our condo and we need to be out by February 1st. Moving is expensive, so we figured that this might be the kick in the butt we needed to finally buy a home (since if we went back to renting, then decided to buy in a couple of months, we would have to move twice).

There was one house that we have been coveting for a while, so we contacted the seller's agent to set something up. She set up a viewing for this weekend, but then tells me that the seller is taking it off the market until spring after Saturday so we need to make an offer that day. First of all, I am not foolish enough to make an offer on the very first house I look at... I kind of felt that this listing is there just for baiting purposes, but maybe it is just the conspiracy theorist in me. Do agents do that?

She then told me that anything in my price range would be a "fixer upper". The thing is, I can look at the MLS listings and find many houses in my range that are nice. Some cheaper ones are actually in brand new subdivisions and haven't even been lived in. She also emailed me some listings, all of which were really sharty houses that have been listed a long time, when like I said, I can find better ones myself that are new listings right on MLS. I think she was like that because I told her how much we were pre-approved for, but that we are not going to be spending up to that amount.


So I guess what I want to know is, does it sound like I am being scammed or not getting great service? I have not signed anything with her, so I am thinking I should just cut and run. Also, one of the people recommended to me works in the same office as this girl, but would it cause internal problems if I switched?

I also had another agent randomly call me because someone at CIBC gave them my info, and she wants to represent me. Not to mention that every person I know is trying to set me up with someone they know. It's getting kind of annoying. I also had another one cold call me and I have no idea how they got my info.

All in all, I am finding the whole experience so far to be annoying and very draining. Should I expect this?

[Dan02]

Firstly look into your rights as a tenant, your landlord can't just kick you out because he wants to sell the premises, now I'm not suggesting your be a dick tenant but you could probably get him to waive the last months rent in agreement for leaving earlier then you have to.

When can a landlord end my periodic tenancy?

the landlord has entered into an agreement to sell the premises and all the conditions of the sale have been satisfied or waived, or the agreement is to sell one detached or semi-detached dwelling unit and/or condominium unit, and the purchaser requests in writing that the landlord give the tenant a notice to terminate the tenancy,

I believe at the point the conditions have been waived you get 90 days.

There are other reasons to terminate the tenancy as well but it doesn't appear as if any other those would apply.

[Travis Munroe]

Your first problem was contacting the list agent to set up a showing. That agent has been hired by the seller to sell the house and has no duties to you at this point in time. You basically walked into a car dealership and said I have this much cash...what can I get.
Second, it is unfortunate but some banks/lawyers/etc will give out information to realtor friends they have to further build a relationship.

Find a realtor you like and all your problems are solved...they will be 100% committed to you, calls from other realtors will stop and you will have someone you can ask all your questions too!

[FlamesAddiction]

Originally Posted by Realtor 1

Your first problem was contacting the list agent to set up a showing. That agent has been hired by the seller to sell the house and has no duties to you at this point in time. You basically walked into a car dealership and said I have this much cash...what can I get.
Second, it is unfortunate but some banks/lawyers/etc will give out information to realtor friends they have to further build a relationship.

Find a realtor you like and all your problems are solved...they will be 100% committed to you, calls from other realtors will stop and you will have someone you can ask all your questions too!

Isn't that why the selling agent has a sign with their number on it in front of the house (for you to call them to set up a viewing)?

[FlamesAddiction]

Originally Posted by Dan02

Firstly look into your rights as a tenant, your landlord can't just kick you out because he wants to sell the premises, now I'm not suggesting your be a dick tenant but you could probably get him to waive the last months rent in agreement for leaving earlier then you have to.




I believe at the point the conditions have been waived you get 90 days.

There are other reasons to terminate the tenancy as well but it doesn't appear as if any other those would apply.

In Ontario, it is 60 days from when your next rent is due (apparently).

[bizaro86]

Originally Posted by FlamesAddiction

Isn't that why the selling agent has a sign with their number on it in front of the house (for you to call them to set up a viewing)?

Yes, they want you to do that so they get both sides of the commission. You're almost always better off getting your own realtor who will negotiate on your behalf only. It doesn't cost you anything extra, since the seller will pay their realtor a full commission anyway, and that realtor will split it with your realtor.

Also, it sounds like that realtor is terrible, I'd get someone different ASAP. If someone isn't listening to what you want, why would you pay them thousands in commissions to find it for you. As with professionals in general, you should find someone who has actually used the person recently, not take recommendations about a friend/family member "who is really, really good."

Basically, get a couple of recommendations from people you trust, and interview a couple of realtors. Go with whoever seems to understand what you want the best. If I was looking for a new realtor I'd put Travis on the list to interview, since he seems pretty responsive to his clients.

You should find someone good and have them set you up with a search for properties in the neighbourhoods/price range you want. If a realtor doesn't offer direct emails of this, they're doing a bad job, imo.

[bizaro86]

Originally Posted by FlamesAddiction

In Ontario, it is 60 days from when your next rent is due (apparently).

Rules in Ontario are different than rules in Alberta. Basically, they can only make you move out if the owner or a relative is moving in, or they're doing substantial renos. And if its for renos, you have the right to move back in after.

Might want to show your landlord this: http://www.landlordselfhelp.com/educ...b_name=Selling

They can serve you a 60 day notice to vacate once its sold, and only then if the buyer is actually planning to move in.

[Winsor_Pilates]

Originally Posted by FlamesAddiction

Isn't that why the selling agent has a sign with their number on it in front of the house (for you to call them to set up a viewing)?

Most showings are set up through buyers agents.
When you call the listing agent directly, the first 2 things that she thinks are "can I double end this sale?" and "can I pick up a new client?".

If it's an honest agent, they will take the time to try and understand your criteria and make you a new client by earning your trust. Doesn't sound like this agent has done that, so you're better to find someone who can and let them get to work for you.

You have to understand that agent may have had a relationship with that seller for decades, and you are just a new phone call. Who do you think her priority is at this point?

[ranchlandsselling]

Contact Travis, you want a realtor who you can trust and works for you - give him a try. Assuming you're in Calgary!

Contact a mortgage broker, there's at least two on this site, fundmark19 or mikeoxlong I believe or pm me.

[Tolwyn]

I second the action to use Travis (Realtor1). He's sold two of my properties and helped us purchase another. He'll go to the nth degree to help and work with you.

[Tron_fdc]

This is what you do as a buyer, based on my experience the last year selling 3 properties.

- Find a house you can't afford that has been on the market a long time that has a high cash to mortgage (in other words a home owner selling a house with a lot of equity in it)
- make an offer somewhere int he range of 10% below list, subject to inspections and finance
- once the home inspector sends you a list of garbage that needs to be fixed, add it all up using cost assumptions you pull out of thin air
- re-negotiate the price a further 10% or so

Some buyers will walk, but if it's been on the market long enough chances are at some point you'll find a motivated seller that will drop his pants to move the property.

I just saved you 10-20%.

Oh, and if a realtor said to me I have to make an offer before the house is off the market I would tell them I'm coming back in a week when their listing contract expires, and buying it without an agent.

[FlamesAddiction]

I didn't want to start a new thread, but are there any risks to buying a brand new house from a developer, or is this a fairly safe way to buy a home? There is a development company in my community (I am in the GTA by the way), and typically they are the types of houses that you buy and need to wait a year to move into. They happen to have a few that are ready to move into right away though, and well within the price I was hoping to pay.

Personally, I wanted something more unique than the cookie-cutting, white trim and picket fence house in these developments, but my wife likes the idea of having something brand new.

Other than the aesthetic, I can see some benefits for sure... but has anyone ever heard bad stories that would make this riskier than it sounds?

[1stLand]

Use Travis as your Realtor.

If you get Cold Calls from Agents, ask how they got your number in the first place, and let them know you don't appreciate their under-handed tactics.

It is also important that the Realtor you hire is accessible and has alot of time for you.

I've had clients that I have shown close to 100 houses to before they decided on one.
Representing Buyers can be a huge task, but a fun task as well.

Alot of the times if better to use a Realtor who is young and motivated and isn't bogged down with time with Family Commitments.

[ranchlandsselling]

Originally Posted by 1stLand

Use Travis as your Realtor.

If you get Cold Calls from Agents, ask how they got your number in the first place, and let them know you don't appreciate their under-handed tactics.

It is also important that the Realtor you hire is accessible and has alot of time for you.

I've had clients that I have shown close to 100 houses to before they decided on one.
Representing Buyers can be a huge task, but a fun task as well.

Alot of the times if better to use a Realtor who is young and motivated and isn't bogged down with time with Family Commitments.

He's not in Alberta.

At this point I'd note that you haven't done a single thing suggested, the first of which would be find a realtor you're comfortable with. After giving that some time, if things are confusing and you're unclear or the realtor hasn't helped then come here for suggestions.

Also go to another bank and a mortgage broker for advice.

[FlamesAddiction]

Ok, so after the last week or so, everything is starting to sort itself out. I think my problem is that I am too nice and people around me could smell blood.

To answer my own question about buying a new home from a developer and what cons there would be, I am surprised that no realtor jumped on it. While the prices look OK for new, you get charged HST. That is a huge additional cost. Not to mention the upgrades (many of which are pretty much necessary, like sod and asphalt), that cost extra.

[Travis Munroe]

A realtor should negotiate some of those throw ins for you. There going to be in the area next spring laying sod to hundreds of houses so while retail is $X it costs them pennies on the dollar and they may be willing to toss it in to close the deal.
Also, there are tax breaks, first time buyer credits, etc to help with the GST/HST (well I dont know about the HST as we dont have it)