Just talk to Brad J. Lamb.

Last edited by VERTiG0 on Sep-24-2005 at 07:52

use a realtor, even if it's a new build.

there are lots of units available that fit your criteria...just search on the MLS.

Going through an agent would probably be a good idea.
They have access to a lot listings that aren't on the MLS or don't make it to the MLS because they're sold before they get on.
Give them your criteria and let them do the work.
It's very time consuming and frustrating; did I mention I'm going through the same thing right now?

We'll be buying next year so I'm only starting but I've been looking off and on for the past couple of years to get an idea of prices and the area we want to be in...

Good luck

___________________
"...End? No, the journey doesn't end here. Death is just another path...one that we all must take.
The grey rain-curtain of this world rolls back, and all change to silver glass...and then you see it...
...white shores...and beyond...the far green country under a swift sunrise."

it is definately much easier with an agent. As was said before, they will have way better info than you could ever find on your own

You can find all residential properties listed in the MLS.

www.mls.ca


Im not a real estate agent but have done allot of investment in it.

Heres my advice.

Dont trust anything your agent says.

DO NOT go to a lawyer to close the deal referred by an agent. Chances are, the lawyer he'll send u to is prob his golf buddy and wont do anything to jeopordize his sale. I almost got caught in this situation when i had no contacts in a city i bought investment property.

Same goes for inspectors.

Dont sit back and let them search for you. They will show you places where they will make more commission or have some back room deals with the listing agents. Use the MLS.ca to find what you like.

Do not sign any contract with them that will bind you to buying a house through him. Its a bunch of bull shit. The only thing you should sign is your offer. Nothing before.

Call the listing agent directly and tell him you are only interested in that particular listing. If the listing agent sells the property solo, he will make 6% commission to himself instead of splitting it with another agent. That will make him work his ass off to secure that deal and maybe even persuade the owners to sell.

To get bottom dollar, what i usually do is have 2 or 3 friends go in and make offers which would be below mine. Put conditions in the offer that will allow them to break the contract. I.E. financing. Finally you go in and put an offer higher than your friends but considerably lower than the listing price. This is just part of the game. Becarefull its not a hot listing cuz you might lose.

Get a preapproved mortgage, this way the lender will honour that rate for 3 months. Interest rates are going up so this might help (depending when you do it). Look at historical interest rate trends/frequencies/maximum increases.

Go variable on mortgage -> bi-weekly. I would caution the variable term length though.


Good Luck

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^^^ not all properties are immediately listed on the MLS though...agents will have some access to some ahead of time and may have contacts for private listings.

re: pre-approvals...they mean *jack shit* other than to get a rate guanrantee (4 months is typical for purchases) and to give you an idea of what you could afford. They are NOT guarantees that you WILL be approved for a mortgage of that amount.

Banks do NOT underwrite a pre-approval...ie. they issue the approval based solely upon your credit rating and the info you provide them on your application.

So ALWAYS make your offer conditional upon obtaining financing...even if the vendor will only give you a couple of days (a week is standard, at minimum), most banks can operate within that timeline...unless you know 100% that you won't have a problem getting a mortgage (i.e. you're filthy rich with impeccable credit).

variable is the way to go too, IMHO...just don't accept anything worse than 0.85% below Prime. Otherwise, if you can't deal with the fluctuating rate, go long-term fixed. 7 years can be had for 4.60-4.70% and 10 years at 5.00% are easy to find. Anything below a 5 year fixed is flat out stupid for most people.

*MOST IMPORTANT OF ALL* is to PM me when you need that mortgage