Montreal Newspapers
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1ère Édition, 450-455-7955, www.journalpremiereedition.com Hi I’m Jennifer Walker, the author and Real Estate Broker. For more info call me (514) 402-8444 or EMAIL ME! MONTREAL REAL ESTATE INVESTORS GROUP
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Saving the Deal
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About 70% of all deals will run into a snag. These all could be deal breakers if not handled properly. The solution to these “situations” is dedication, research and a lot of plea bargaining and negotiating. These “situations” could be anything from declined financing, irregularities on the certificate of location, timelines not being met, fighting among buyers and sellers, municipal assessments not done properly, building inspections gone bad and many more. For example: My client bought an apartment building that came with a house as part of the title. He renovated the house, legally divided the two properties and now wanted to list the house to sell. Between the two properties was a shared driveway to their garages. Because this is now a new division, the city hadn’t assessed the house for the taxes. Now we have an accepted promise to purchase in which one of the conditions is to accept the taxes. After many phone calls to the city, we were told that the driveway is called a “indivise horizontal”, like a duplex gone co-coop (indivise vertical), similar to a condo building that is shared which comes with rules and regulations and owner percentages. We asked the city how this should be done. They didn’t have the answers even though this was a policy that they put into place. They had to call a specialised city notary who had to research it. The land surveyor and the city were consulted and it took over two weeks to get the right directions for the seller’s notary to prepare the supporting documents. Once that was done, a city appraiser would have to assess the property to calculate the new tax bill. However, there was a 3 month backlog. What saved the deal was that the city appraiser gave us some clues on how to find comparables and do an average to find out an approximate cost of the taxes. I was online looking at all the buildings and land that I could find in the allotted area and came up with an approximate average of tax prices that I could present to the buyer. Luckily the buyer accepted. Our deadline to sign was in 3 days. We made our signing deadline and everyone was happy. Without the persistence of my vendor, the helpfulness of his notary and my research this deal may have been lost. Another great reason to be surrounded with dedicated professionals. Hi I’m Jennifer Walker, the author and Real Estate Broker. For more info call me (514) 402-8444 or EMAIL ME! MONTREAL REAL ESTATE INVESTORS GROUP
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Montreal Farmers Markets
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Atwater Market, Jean Talon Market, Lachine Market, St Anne de Bellvue Market, Marché Maisonneuve, Hi I’m Jennifer Walker, the author and Real Estate Broker. For more info call me (514) 402-8444 or EMAIL ME! MONTREAL REAL ESTATE INVESTORS GROUP
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Multiple Offers and BUYERS
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Multiple offers can be complicated for a Real Estate Broker. Pretty simple if all the offers are from other Real Estate Brokers, however can become difficult if some of the offers are from buyers without representation. This story has a simple message; work with a Real Estate Broker. I’ll tell you why:
I’ve listed a house and I receive an offer from a real estate Broker. I can see the full offer, however legally cannot disclose the details to anyone. Then I get a phone call from a buyer who has visited during an open house and would like to put in an offer. I explain to them that it’s best if they find their own Real Estate Broker to write it up for them, however they are quite insistent that I do it. I need their offer by that night when I present the first offer. I explain to them that I will have a hard time representing them to the fullest of my capabilities. The reason is that naturally I am an aggressive negotiator and like to council my clients 110% of what they are getting into. Knowing what the other offer is, creates a situation for me to really watch what I say and how I council. The buyer then will not get the best of me. I am not alone. I have talked to many Real Estate Brokers who feel the same way. If I co-list, we will each represent the buyer and seller so they have someone negotiating on their behalf at full force. In a multiple offer situation I often get asked by one of the agents who lost the deal if the buyers had their own representation or if I represented them. I would gain by double ending the deal. You can see how that could be awkward and some eyebrows raised if I represented the winner and all the others were represented by Brokers. Here are some tips for the BUYER: |
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I added this article because I love real estate and educating people on the matter. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!