ATTENTION: FIRST TIME HOMEBUYERS

For First Time Homebuyers...Top 5 Things to Remember when Purchasing your First Home.
Click on the link below to see what you should know.
http://www.markweisleder.com/pdf/12torontostararticle0615.pdf

Estate Planning...do you have it in writing??

Have you given any thought to Estate Planning? Always make sure your plans
are in writing to avoid future disputes! Click on the link below to see what can
happen when the unexpected happens!
http://www.markweisleder.com/pdf/12torontostararticle0413.pdf

Real Estate Transactions are Time Sensitive!!

Does a minute matter in a Real Estate Transaction?? Click on the link below to find out.

http://www.markweisleder.com/pdf/12torontostararticle0706.pdf

BUYING A HOME --WHO YOU NEED ON YOUR TEAM

Buying a home is one of the biggest decisions you'll ever make. When it comes time to signing on the dotted line, make sure you don't make that decision alone.

To help you put together the right team of professionals, Canada Mortgage and Housing Corporation (CMHC) offers the following who's-who list of experts and what they should bring to the table:


REAL ESTATE AGENT Among other services, your real estate agent will help you find a home, write an Offer of Purchase, negotiate a purchase on your behalf and save you a considerable amount of time. When choosing the agent you want to work with, ask for references and don't be afraid to ask questions or call your local real estate association for advice.

LENDER OR MORTGAGE BROKER Many different institutions lend money for mortgages, including banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. It can be a good idea to shop around and speak with more than one lender before you make a choice. Many Canadians choose to work with a mortgage broker because they don't represent any specific lending institution. They can often help you find a mortgage with terms and rates that will suit your needs.

HOME INSPECTOR When considering purchasing a home, you should consider hiring a knowledgeable and professional home inspector. He or she will be able to tell you if something in the home is not functioning properly, what repairs need to be done and whether there may have been any problems in the past.

LAWYER (or notary in Quebec) You need a lawyer to protect your legal interests by ensuring the property is clear of liens, charges or clean-up orders and will review all contracts before you sign them and your Offer (or Agreement) to Purchase. Make sure your lawyer or notary is a licensed, full-time professional who understands the local laws and regulations, has reasonable fees and can explain things to you in plain language.
 
INSURANCE BROKER An insurance broker can help you purchase property and mortgage life insurance. Your lender can also help you with mortgage life insurance.

APPRAISER An appraiser will assess your property's worth and help protect you from paying too much.

LAND SURVEYOR You may need the services of a land surveyor if the seller does not have a current Survey or Certificate of Location.

BUILDER/CONTRACTOR If you are buying a newly constructed home, you will have to hire a builder or contractor. If the house you are buying needs renovations, you may also require a builder or contractor.

For more information on putting together your home buying team and on other factors associated with buying a home, visit www.cmhc.ca, and search Homebuying Step by Step. For more than 60 years, CMHC has been Canada's national housing agency and a source of objective, reliable housing expertise.

SIX FACTORS IN GETTING YOUR HOUSE SOLD

There are only six factors that affect the sale of a home.

It is important for you, as the seller, to understand who or what has control over them and how they impact on each other.

·                   YOU control 3 of the 6

·                   THE MARKET controls 2 of the 6

·                   YOUR REALTOR control 1 of the 6

YOU CONTROL…

1.                 PRICE - You determine list price for your home. However, a list price above the market for homes similar to yours will impact negatively on buyer interest in making an offer. Your Realtor will review price history with you to assist you in making a list price determination.

2.                 TERMS - Buyers have requirements just as sellers do. Your willingness to respect them and be willing to negotiate which terms will be acceptable to both parties can have a very positive impact. Price and terms will usually be negotiated at the same time.

3.                 CONDITION – how well you have maintained the home will influence both your price and length of time to sell. The pool of buyers who are willing to make major repairs is much smaller than the pool of buyers who want a home that has been well maintained.

THE MARKET CONTROLS…

4.                 TIMING – Economic conditions operate independently of price, terms and property condition. Similarly, seasons and weather factors can affect the time it takes to sell a home.

5.                 COMPETITION – The number of homes on the market most certainly bears heavily on your ability to sell you home on a timely basis.

YOUR REALTOR CONTROLS…

6.       PROMOTION – From entry into the Multiple Listing System, to internet marketing and any other programs, your agent will have an impact on your home sale.

In conclusion, no one of the six factors alone controls the timely sale of your home. Your Agent should provide you with

·                   Feedback from prospects who have visited your home

·                   Changes in market conditions

Your willingness or ability to make adjustments in price, terms or condition based on the information provided, will be the final determinant as to how quickly your home will sell.

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