Ask a Realtor anything

[davepratt]

With all the misconceptions many people have about the real estate industry, the slimy tactics that I'm seeing increasingly, and the absolute baloney that some agents are spreading, I thought it was time to set the record straight.
I will answer any question you have with absolute honesty so fire away.
Please do not use any individual company or agent names to keep me out of jail.

[Ignatius Reilly]

Re: Ask a Realtor anything

With all the misconceptions many people have about the real estate industry, the slimy tactics that I'm seeing increasingly, and the absolute baloney that some agents are spreading, I thought it was time to set the record straight.
I will answer any question you have with absolute honesty so fire away.
Please do not use any individual company or agent names to keep me out of jail.

Two questions, neither about your sliminess. I'll have to get back to you on that!

1) Taxes. There are many assertions that Toronto tax rates are unfairly low compared to the surrounding areas. My uninformed guess is that they're not. So my question is: For houses of similar properties (lot size, bedrooms, bathrooms etc.) are they really lower? By how much?

2) Crazy. Have you ever seen a crazier listing than this one? A big, uh, ugly house in a field with no landscaping way way up in Ft. St. John, northern BC for $6 million.

http://www.itshot.ca/

As a bonus, I've never seen pics in a listing with a model in a gown before either. Extra bonus: There are Swarovski crystals and Gen-U-Ine diamonds embedded in the fireplace.

The caption on the 2nd picture is "Fine Dining". Indeed.

Discuss....

[golfinseb]

Re: Ask a Realtor anything

I've got a couple.

Do agents give the inside line on properties to preferred (or friends, etc)? Can an agent sell a property without it ever hitting mls or being listed for a set period of time?

[dmcdam]

Re: Ask a Realtor anything

I've got a couple.

Do agents give the inside line on properties to preferred (or friends, etc)? Can an agent sell a property without it ever hitting mls or being listed for a set period of time?

I bought my home in Port Perry before it hit mls. The agent I had enlisted to find us a home happened to have a listing coming up that was of interest to us. We offered the seller exactly what they were going to list it for and it was done.

[golfinseb]

Re: Ask a Realtor anything

I bought my home in Port Perry before it hit mls. The agent I had enlisted to find us a home happened to have a listing coming up that was of interest to us. We offered the seller exactly what they were going to list it for and it was done.

I assumed that's how it works as we never see what we consider ideal properties on the market but someone's see a sold sign pop up out of nowhere.

[dmcdam]

Re: Ask a Realtor anything

I assumed that's how it works as we never see what we consider ideal properties on the market but someone's see a sold sign pop up out of nowhere.

That's one big benefit to hiring a top agent who is well connected. Our seller probably left some money on the table by not hitting the open market but he didn't have to go through the hassle of staging and showings. Plus we told him he didn't have to fix a thing and we'd take it in as-is condition. Much less work for the agent as well so she discounted her commission. That effectively meant our offer was a bit higher than it was if it was a different buying agent.

[davepratt]

Re: Ask a Realtor anything

Two questions, neither about your sliminess. I'll have to get back to you on that!

1) Taxes. There are many assertions that Toronto tax rates are unfairly low compared to the surrounding areas. My uninformed guess is that they're not. So my question is: For houses of similar properties (lot size, bedrooms, bathrooms etc.) are they really lower? By how much?

2) Crazy. Have you ever seen a crazier listing than this one? A big, uh, ugly house in a field with no landscaping way way up in Ft. St. John, northern BC for $6 million.

http://www.itshot.ca/

As a bonus, I've never seen pics in a listing with a model in a gown before either. Extra bonus: There are Swarovski crystals and Gen-U-Ine diamonds embedded in the fireplace.

The caption on the 2nd picture is "Fine Dining". Indeed.

Discuss....

1. 1. Yes Toronto taxes are ridiculously low. At least 50% lower than surrounding areas. I spent about the same amount on my new home in Durham as I got for my Toronto home and my property tax went from $3300 to $8800 and I'm not even on sewers. I've always said ( even when I lived in Toronto ) that the solution to their financial woes is a small increase.

2. That listing is whacked!

[davepratt]

Re: Ask a Realtor anything

I've got a couple.

Do agents give the inside line on properties to preferred (or friends, etc)? Can an agent sell a property without it ever hitting mls or being listed for a set period of time?

Yes they are called exclusive listings and sometimes agents have the inside line from their contacts but in this market, you'd be crazy to go exclusive due to the bidding wars on virtually every listing. Agents will do this sometimes to double up on their commissions.

[davepratt]

Re: Ask a Realtor anything

That's one big benefit to hiring a top agent who is well connected. Our seller probably left some money on the table by not hitting the open market but he didn't have to go through the hassle of staging and showings. Plus we told him he didn't have to fix a thing and we'd take it in as-is condition. Much less work for the agent as well so she discounted her commission. That effectively meant our offer was a bit higher than it was if it was a different buying agent.

How can you know she discounted her commission? The contract was with the seller.

[Pingeye2_fan]

Re: Ask a Realtor anything

Two questions, neither about your sliminess. I'll have to get back to you on that!

1) Taxes. There are many assertions that Toronto tax rates are unfairly low compared to the surrounding areas. My uninformed guess is that they're not. So my question is: For houses of similar properties (lot size, bedrooms, bathrooms etc.) are they really lower? By how much?

2) Crazy. Have you ever seen a crazier listing than this one? A big, uh, ugly house in a field with no landscaping way way up in Ft. St. John, northern BC for $6 million.

http://www.itshot.ca/

As a bonus, I've never seen pics in a listing with a model in a gown before either. Extra bonus: There are Swarovski crystals and Gen-U-Ine diamonds embedded in the fireplace.

The caption on the 2nd picture is "Fine Dining". Indeed.

Discuss....

Do you think she comes with the house?

[Jeffc]

Re: Ask a Realtor anything

Two questions, neither about your sliminess. I'll have to get back to you on that!

1) Taxes. There are many assertions that Toronto tax rates are unfairly low compared to the surrounding areas. My uninformed guess is that they're not. So my question is: For houses of similar properties (lot size, bedrooms, bathrooms etc.) are they really lower? By how much?

2) Crazy. Have you ever seen a crazier listing than this one? A big, uh, ugly house in a field with no landscaping way way up in Ft. St. John, northern BC for $6 million.

http://www.itshot.ca/

As a bonus, I've never seen pics in a listing with a model in a gown before either. Extra bonus: There are Swarovski crystals and Gen-U-Ine diamonds embedded in the fireplace.

The caption on the 2nd picture is "Fine Dining". Indeed.

Discuss....

I'd put money that was an oil and gas executives house

[davepratt]

Re: Ask a Realtor anything

Do you think she comes with the house?

The picture of her at the bar looks like she's half in the bag.

[veryold]

Re: Ask a Realtor anything

due to the bidding wars on virtually every listing. Agents will do this sometimes to double up on their commissions.

No kidding on "bidding wars": our neighbors sold their house last fall: asking was $460K, sold in 1 week for $530K, and the house was not in a greatest of shapes, either. New owners, young couple, ripped and replaced all internals, after taking possession. We witnessed an endless procession and streaming of cars on our street all day long.

A quick question: the customary commission is total of 5%, yes ? Is that amount open to negotiations ?

Many thanks and cheers !

[dmcdam]

Re: Ask a Realtor anything

How can you know she discounted her commission? The contract was with the seller.

Yes but it's what she told us anyway.

[Pingeye2_fan]

Re: Ask a Realtor anything

The picture of her at the bar looks like she's half in the bag.

I know, I like that look too.
Looks like she's ready to make a poor decision, that's my wheel house.