Buying a home in Toronto is an exciting and complex adventure.
It can also be a very time consuming and costly one if you or your agent is not familiar with all aspects of the process, and missing important information and resources. Our diverse landscape and dramatic varying styles of homes makes it important to have a complete understanding of the Toronto real estate market.
Over 80% of my business is from referral. From people who have experienced first hand, the benefits of working with a seasoned professional. One of my specialties is representing the best interests of Toronto real estate buyers throughout the home buying process. My comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.
If you're like most people, buying a home is the biggest investment you will ever make. So whether you're buying a starter home, your dream home or an investment property, take advantage of my experience as the local marketing expert for Toronto real estate to make the most informed decisions you can, every step of the way.
Let's begin with an overview of the buying process:
Step 1: Initial Consultation During our initial consultation, I'll gain a sense of your values, interests and priorities. It's of utmost importance that I understand exactly what your needs are so I can help you accomplish your goals. Together, we'll identify the features you are looking for in a home, and we'll work to narrow down the neighborhoods that best suit your lifestyle. I will also discuss the steps in the homebuying process and give you an update on the current real estate market.
Step 2: Obtaining Financing It's important to understand your financing options. Working with an experienced mortgage consultant, we will be able to determine the amount of financing you can obtain. There are various loan options, and we can discuss which option works best for your situation:
Fixed Rate Mortgage
Adjustable Rate Mortgage
Government-assisted financing (CMHC)
Seller-assisted financing
Financing will carry through the rest of the steps, culminating with the completion of escrow.
Step 3: Finding the Right Home As we begin to search for your dream home, we'll take into consideration your time frame and select homes that meet your needs, including your financial parameters. You can use my site to search all listings for Toronto & Ontario at your leisure. For even more powerful searching capabilities, I will set up a customized search for more property details, sold data, and automatic email alerts. Meanwhile, we'll begin visiting homes and critiquing them according to your objectives.
Step 4: Preparing an Offer Once we find the right home and you've made your decision, we'll make an offer. As we prepare the offer, we will take into consideration your financial situation and determine an offer price. I will then submit your offer to the seller's agent.
Step 5: Reaching an Agreement with the Seller Once we reach an agreement with the seller, you and I will work together to ensure that all the terms of the agreement are met.
Step 6: Protecting Your Interests To ensure a trouble-free home purchase, I will obtain a written property disclosure statement from the seller. I'll also recommend that you obtain a professional inspection of the home. You and I will determine if a home warranty that covers major home operating systems and appliances is necessary. A preliminary title report will be ordered as well. Then you and I will do one final walk-through before closing.
Step 7: Completing the Escrow Process The escrow process can be a complicated one, so I'll explain all the steps to you and answer any questions you might have. I'll work with the seller's broker to make sure they fulfill their responsibilities under the purchase agreement. I'll also help escrow move forward by staying in touch with the escrow officer, title officer, lender and others. All the while, I'll communicate with you on a regular basis so there are no surprises.
It may seem a little intimidating, but don't worry; you'll be in good hands. I will help you every step of the way. So let's get started!
Saturday, January 29, 2011
Thursday, January 27, 2011
Buying or selling this spring? Start here
Buying or selling a property is a major transaction that involves planning and preparation.
The Toronto Real Estate Board has a wealth of information including examples of standard forms such as Representation Agreements and Agreements of Purchase and Sale.
There are also links to closing cost calculators as well as links to various programs for first time buyers.
During the buying and selling process, I assist my clients by keeping them informed every step of the way, but these links are a great resource as well.
http://www.torontorealestateboard.com/consumer_info/buying_selling/index.htm
The Toronto Real Estate Board has a wealth of information including examples of standard forms such as Representation Agreements and Agreements of Purchase and Sale.
There are also links to closing cost calculators as well as links to various programs for first time buyers.
During the buying and selling process, I assist my clients by keeping them informed every step of the way, but these links are a great resource as well.
http://www.torontorealestateboard.com/consumer_info/buying_selling/index.htm
Wednesday, January 12, 2011
Former pot houses growing problem for homeowners
Megan O'Toole January 10, 2011 – 7:14 am
It is a caveat homebuyers in Greater Toronto have become increasingly aware of in recent years. Nestled in among modifiers like “builder’s dream” and “prime location,” a short phrase informs potential buyers that the property used to house a marijuana grow-op.
Legally, real-estate agents must include this information, but as the number of raided grow-ops in the city has climbed, so too has the number of listings with the unfortunate caveat that can dramatically affect the selling price.
“I don’t think anyone in their right mind would pay the same price for a house that had been a grow-up as one that hadn’t been,” noted Tsur Somerville, director of the University of British Columbia’s Centre for Urban Economics and Real Estate.
In fact, the grow-up designation can decrease the selling price of a home by 20% to 25%, noted Cathy Innamorato, a real-estate broker with Remax whose business is focused in the Markham area.
Former grow-ops are increasingly coming onto the market, Ms. Innamorato said, while still more likely “slip through the cracks” — homes that bear clear signs of having housed grow-ops, but that were never raided, and consequently, were not officially designated.
“It’s a huge problem for the buyers and it’s a huge problem for the sellers,” Ms. Innamorato said.
The stigma of a former grow-up tends to outstrip even that of a home where a murder has occurred, experts say, because there are major structural issues to take into account. The high levels of humidity needed can cause mould, while electrical shortcuts used to generate the high levels of power required can make a mess of the home’s wiring. While some sellers attempt to fix these problems, others list the property in “as-is” condition.
“The difference with grow-ops is you actually worry about there being some damage to the house rather than sort of bad energy or bad vibes,” Mr. Somerville said. “There’s actually a risk of actual physical damage that could be costly to repair.”
It can also be difficult to insure a former grow-op. State Farm spokesman John Bordignon says when his firm is presented with an opportunity to insure a former grow-op, a stringent set of tests is required, including a thorough interior and exterior inspection of the home, an electrical safety certification and testing to ensure mould has been remediated.
“We’d require [those] criteria be met prior to considering coverage,” Mr. Bordingnon said.
Constable Tony Vella of the Toronto Police Service notes grow-ups are highly susceptible to fires, which is the main way authorities become aware of their existence. Once that happens, police can seize the property as proceeds of crime.
The number of grow-ups — which can comprise anything from a teenager growing a couple of plants in his bedroom to a full-scale, high-yield operation — was “slightly up” in Toronto last year, Const. Vella said, though he could not immediately provide specific numbers.
Ms. Innamorato said former grow-ops tend to be much harder to sell, typically remaining on the market for longer than an average home. She pointed to one former grow-op on McCowan Road that had been listed since 2008.
“They do stick around for a long time, most of them,” she said.
Potential buyers have also raised concerns about the criminal element involved in grow-ops, Ms. Innamorato said — the fear that owners may come back and try to claim appliances in the home, or that drug dealers may stop by to collect money owed by previous tenants.
“You wouldn’t want to be moving into a house where you’d think somebody’s going to be banging on the door looking for something,” Ms. Innamorato said. “That’s scary, especially if you have a young family.”
Const. Vella urged residents to contact police if they notice any signs of a potential grow-op; for instance, when people are only seen popping by on the odd occasion to move something from the property. In the wintertime, since grow-ops generate a great deal of heat, there is an added indicator, he said: “Everybody’s house has snow on it and this house does not.”
.
Read more: http://news.nationalpost.com/2011/01/10/former-pot-houses-growing-problem-for-homeowners/#ixzz1AodwuVEo
It is a caveat homebuyers in Greater Toronto have become increasingly aware of in recent years. Nestled in among modifiers like “builder’s dream” and “prime location,” a short phrase informs potential buyers that the property used to house a marijuana grow-op.
Legally, real-estate agents must include this information, but as the number of raided grow-ops in the city has climbed, so too has the number of listings with the unfortunate caveat that can dramatically affect the selling price.
“I don’t think anyone in their right mind would pay the same price for a house that had been a grow-up as one that hadn’t been,” noted Tsur Somerville, director of the University of British Columbia’s Centre for Urban Economics and Real Estate.
In fact, the grow-up designation can decrease the selling price of a home by 20% to 25%, noted Cathy Innamorato, a real-estate broker with Remax whose business is focused in the Markham area.
Former grow-ops are increasingly coming onto the market, Ms. Innamorato said, while still more likely “slip through the cracks” — homes that bear clear signs of having housed grow-ops, but that were never raided, and consequently, were not officially designated.
“It’s a huge problem for the buyers and it’s a huge problem for the sellers,” Ms. Innamorato said.
The stigma of a former grow-up tends to outstrip even that of a home where a murder has occurred, experts say, because there are major structural issues to take into account. The high levels of humidity needed can cause mould, while electrical shortcuts used to generate the high levels of power required can make a mess of the home’s wiring. While some sellers attempt to fix these problems, others list the property in “as-is” condition.
“The difference with grow-ops is you actually worry about there being some damage to the house rather than sort of bad energy or bad vibes,” Mr. Somerville said. “There’s actually a risk of actual physical damage that could be costly to repair.”
It can also be difficult to insure a former grow-op. State Farm spokesman John Bordignon says when his firm is presented with an opportunity to insure a former grow-op, a stringent set of tests is required, including a thorough interior and exterior inspection of the home, an electrical safety certification and testing to ensure mould has been remediated.
“We’d require [those] criteria be met prior to considering coverage,” Mr. Bordingnon said.
Constable Tony Vella of the Toronto Police Service notes grow-ups are highly susceptible to fires, which is the main way authorities become aware of their existence. Once that happens, police can seize the property as proceeds of crime.
The number of grow-ups — which can comprise anything from a teenager growing a couple of plants in his bedroom to a full-scale, high-yield operation — was “slightly up” in Toronto last year, Const. Vella said, though he could not immediately provide specific numbers.
Ms. Innamorato said former grow-ops tend to be much harder to sell, typically remaining on the market for longer than an average home. She pointed to one former grow-op on McCowan Road that had been listed since 2008.
“They do stick around for a long time, most of them,” she said.
Potential buyers have also raised concerns about the criminal element involved in grow-ops, Ms. Innamorato said — the fear that owners may come back and try to claim appliances in the home, or that drug dealers may stop by to collect money owed by previous tenants.
“You wouldn’t want to be moving into a house where you’d think somebody’s going to be banging on the door looking for something,” Ms. Innamorato said. “That’s scary, especially if you have a young family.”
Const. Vella urged residents to contact police if they notice any signs of a potential grow-op; for instance, when people are only seen popping by on the odd occasion to move something from the property. In the wintertime, since grow-ops generate a great deal of heat, there is an added indicator, he said: “Everybody’s house has snow on it and this house does not.”
.
Read more: http://news.nationalpost.com/2011/01/10/former-pot-houses-growing-problem-for-homeowners/#ixzz1AodwuVEo
Tuesday, January 11, 2011
Zero Down Mortgages? It IS possible
If you have good income and high credit score, most banks and other lenders will approve you mortgage application. The rate will be higher though.
Recent article in The Star, by real estate lawyer Mark Weisleder:
http://www.moneyville.ca/article/917296--you-can-buy-a-house-with-no-money-down
Recent article in The Star, by real estate lawyer Mark Weisleder:
http://www.moneyville.ca/article/917296--you-can-buy-a-house-with-no-money-down
Subscribe to:
Posts (Atom)