Personal Finance

I'm a Real Estate Agent - - Ask Me Anything

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  • Apr 27th, 2015 8:57 pm
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Penalty Box
User avatar
Aug 19, 2008
1924 posts
497 upvotes

I'm a Real Estate Agent - - Ask Me Anything

I'm a realtor with Re Max and would be happy to answer any of your questions related to buying/selling real estate. Note that I deal mostly with residential property, so if you've got a commercial question I may not know the immediate answer off the top of my head - - but I'll do some research into it and get you a response.
464 replies
Newbie
Feb 4, 2009
10 posts
1 upvote
canada
i want to ask question about buying a new condo with existiing condo... i currenlty own a condo $230k market value, however i have a $160k line of credit on the condo..i have $120k balance..and $40k credits avaialble..i have used 80% of my equity.. now..i m thinking to buy a new condo worth about $389k...is there anyway to buy this new condo without selling my exisiting condo?? cuz i plan to keep it and rent it out....what are the options i have?... thx if anyone can give me any suggestions..i am in canada ontartio thank you!
Deal Addict
Dec 18, 2007
1258 posts
26 upvotes
Where can I find a list of open houses? Are they on MLS?
Deal Guru
User avatar
Jun 28, 2004
10349 posts
8 upvotes
Is now a good time to buy?
More specifically, are there any specific areas and/or types of buildings (2 bedroom condos, townhouses, bungalows etc.) which would be a poor choice wrt property value in the current economic climate? (ie. as interest rates climb, and the market "balances", these properties will not retain their value as well as most)
So long. I'm outta here.
Deal Addict
User avatar
Nov 4, 2005
2058 posts
69 upvotes
How do you go about looking for a new home(to be built) in GTA/Durham? Is there a particular website to look at?

Thanks.
Jr. Member
User avatar
Jan 5, 2009
168 posts
17 upvotes
Ottawa
Do you consider yourself a professional or a salesman?
Deal Expert
User avatar
Dec 19, 2001
30047 posts
1333 upvotes
Fernando Po
How long is it going to take for the govt to take apart the MLS monopoly?
Deal Addict
Dec 15, 2009
1265 posts
438 upvotes
Ontario
how do you justify 5% commission?

that's $10,000 on a $200,000 home. $20,000 on a $400,000 home. $50,000 on a million dollar home.

you put an ad up on MLS, plant a sign, hold an open house, negotiate and do less than a full days work of paperwork.

the upcoming changes to how real estate services are provided hopefully will bring this robbery to an end.
Sr. Member
User avatar
Oct 2, 2005
609 posts
26 upvotes
riffr aff wrote:
Apr 3rd, 2010 7:57 pm
how do you justify 5% commission?

that's $10,000 on a $200,000 home. $20,000 on a $400,000 home. $50,000 on a million dollar home.

you put an ad up on MLS, plant a sign, hold an open house, negotiate and do less than a full days work of paperwork.

the upcoming changes to how real estate services are provided hopefully will bring this robbery to an end.
easy there, what commission do car sales people charge? i bet if a car sales person sold 1 million worth of car, he would've make way more than 50,000
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Deal Addict
May 1, 2006
3803 posts
304 upvotes
Toronto
riffr aff wrote:
Apr 3rd, 2010 7:57 pm
how do you justify 5% commission?

that's $10,000 on a $200,000 home. $20,000 on a $400,000 home. $50,000 on a million dollar home.

you put an ad up on MLS, plant a sign, hold an open house, negotiate and do less than a full days work of paperwork.

the upcoming changes to how real estate services are provided hopefully will bring this robbery to an end.
curious what upcoming changes are you talking about? looking for a condo but not really interested in having to basically pay for agent fees.
Deal Addict
Dec 15, 2009
1265 posts
438 upvotes
Ontario
stevelam wrote:
Apr 3rd, 2010 8:09 pm
curious what upcoming changes are you talking about? looking for a condo but not really interested in having to basically pay for agent fees.
the feds are looking to free up things like MLS. right now you need to pay 5% or so when you sell. If you want to sell privately, the MLS is not available. The idea here is that for a fee you could pay to use MLS, and hopefully, real estate agents will eventually move to a service based fee system - you pay for what you want, not just a blanket 5%.

in your case, this may not help you much as a buyer. and as a buyer, you don't pay your buying agent. the buying agent gets a slice of the selling agents profit.
Deal Addict
Oct 30, 2008
2120 posts
58 upvotes
Toronto
Donnie740 wrote:
Apr 3rd, 2010 2:30 pm
I'm a realtor with Re Max and would be happy to answer any of your questions related to buying/selling real estate. Note that I deal mostly with residential property, so if you've got a commercial question I may not know the immediate answer off the top of my head - - but I'll do some research into it and get you a response.
Kudos! I wish you much success in your endeavors. To ensure you don't waste your time, start by adding a few people to your ignore list. Beyond that if you'd like to discuss any referral opportunities, feel free to get in touch (contact info is in my profile).
Lior Hershkovitz
Broker at Mortgage Edge, specializes in construction financing and private lending
Construction rates start p+2.5%, 2nd mortgage start 5.99%, private financing start 7% max. 95% LTV
Deal Addict
User avatar
Apr 30, 2009
2422 posts
785 upvotes
Why do some Realtor advertise properties as having a "second dwelling" to rent out...and forget to tell the buyer that it is illegal and unregistered?
Deal Addict
Dec 15, 2009
1265 posts
438 upvotes
Ontario
jiepie wrote:
Apr 3rd, 2010 8:07 pm
easy there, what commission do car sales people charge? i bet if a car sales person sold 1 million worth of car, he would've make way more than 50,000
car salepeople often make 3%, especially if the buyer is informed and knows the invoice price of the vehicle.
Deal Addict
May 1, 2006
3803 posts
304 upvotes
Toronto
riffr aff wrote:
Apr 3rd, 2010 8:17 pm
in your case, this may not help you much as a buyer. and as a buyer, you don't pay your buying agent. the buying agent gets a slice of the selling agents profit.
from what i understand though, its the buyer that basically ends up paying the commission because the sellers fee is typically part of the sale price?

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