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Are you a Part Time Buyer? Well, Of Course NOT!!!

by Claire Franceschetti

Part Time Sellers? Part Time Buyers?

Are you a part time seller or a part time b
uyer? Of course not. When you're looking to sell or find a new home, there is no half way about it.


Let me share a story that will demonstrate the possible liability of using a part time agent. Recently I sold a condo just north of Toronto.

When I received the offer, I was surprised to see that the buyer had excluded all the stainless steel appliances, window coverings, and light fixtures.  Although not common, occasionally buyers want to purchase their own items, and don't want any "used" chattels at all. In this case, this exclusion
totalled about $9000 worth of of washers, dryers, fridges, stoves, dishwashers and light fixures for the entire home. I suspected that the agent made a mistake and excluded all these items in error. Perhaps the agent had intended to include them in the offer?

Acting as the agent for the seller, I explained the offer as it was submitted, and explained that my client was in a position to keep all the appliances for her next home. This was ideal since she was building a new house, and would need to purchase new appliances when the project was completed. We discussed the possibility that this was anerror on the part of the buyer's agent, and that it was likely a major oversight.

My client (such a lovely lady!) decided that rather than accepting the offer as written, she directed me to verify whether the buyers really wanted to exclude all the appliances etc.

Sure enough, the agent had excluded all chattels in error and her clients wanted every inclusion. She suddenly realized that the seller was in a position to accept the offer and keep close to $10,000 in appliances. I am certain that the agent would have been held liable for this mistake, and would have to pay for all the missing items.

 

Now, a $10,000 error can be corrected with some effort, but there many liabilities involved in Real Estate transactions. I have to ask people who are using part-time agents: What part of professional service is not important?

For a list of important questions to ask an agent before hiring them, check out my blog on Interview Questions!

Are You Fit to Sell? Check out the Info Packed Video

by Claire Franceschetti

 

 

Open House Tips: How to Shop Smart

by Claire Franceschetti

The spring season of Open Housing is well upon us. Here are 5 great questions to ask at an open house. You might find out some interesting info:
 
1. How old is the house? And age of high ticket items like windows,a roof (both shingles and plywood), furnace etc. This will give you a quick idea of immediate  areas of concern.

2. Why are the owners selling? Rarely asked by "open housers" but very valuable info in learning about the neighborhood and the motivation of the sellers. If you are new to the area, this will be a good opportunity to get any indication of major transitions that are coming up for the area. I.e. new highway going in behind the subdivision or the flight paths of the nearby airport have recently been rerouted right over the home!
 
3. Is the basement apartment licensed? If it is, 50% of the income that is generated by the rental can be counted towards your annual income in the eyes of many lenders. If it isn't, you may face problems with the local zoning department and bylaw officers. (I suspect that bylaw officers glean the current listings to find tip offs about illegal apartments in houses that are listed for sale.)
 
4. Has the house ever been used as a grow op? Sellers and their agents have the legal obligation to disclose this info as it can negatively impact the value of the home long into the future. Further, this obligation to disclose this fact survives any subsequent changes in ownership, and can never be withheld to potential buyers.
 
5. Has anyone passed away in the home? This may or may not be of significance to you, but if it is, the agent has a duty to disclose any knowledge of this fact to you.

Enjoy looking at Open Houses. When you are ready to "kick it up a notch", I welcome your call!

Official Sales Numbers for November in the GTA

by Claire Franceschetti

Greater Toronto REALTORS® reported 7,642 home sales through the Toronto MLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

"The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011," said Toronto Real Estate Board President Richard Silver. "Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefited from increased supply in the fall."

The average selling price through the Toronto MLS® in October was $478,137 – up eight per cent compared to October 2010.

"Sellers' market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions."

Great Interview Questions to Find a Great Realtor

by Claire Franceschetti

I've listed many properties for sale, and I've been interviewed by many sellers.  I've been asked some great questions--ones I want to share with you, so that you hire a GREAT Realtor.

Interview in alphabet blocks Stock Photo - 11005919

If you are thinking of selling your home, here are some important questions to ask a potential agent:


Is selling real estate your full time career?

Where is your primary neighbourhood of focus?

How many transactions have you handled year-to-date?

How many transactions did you handle in the last calendar year?

What is your success rate (listings taken to listings sold)?

What is your list price to sell price ratio?

What is your average days on market?

What is your advertising strategy? Do you have a marketing plan?

Do you provide feedback from agents?

Are you a listing agent or a buyer's agent?

What is your percentage of listing sales to buyer sales?

Do you have a list of references to call and a list of testimonials?

Do you have a network of other productive agents from other firms which you work with?

Do you attend training and technical update seminars above and beyond the local minimum standards?

What would you say are your strongest attributes as an agent?


If you are looking for a Buyer's Agent to find your next home, here are some important questions:


Where is your primary neighbourhood of focus?

What experience do you have in multiple offer scenarios?

What is your negotiation style? (collaborative or confrontational)

What is your after-sale support program?

Do you have contacts in the mortgage business?

Can you recommend building inspectors who will be critical and prepared to fail a house on inspection?

Tell me about a recent complicated transaction for which you found the solution.

These are some great questions to ask when interviewing for the RIGHT Realtor. I can't wait to answer them for you!

Displaying blog entries 1-5 of 5

Contact Information

Photo of Claire Franceschetti Real Estate
Claire Franceschetti
Right At Home Realty Inc.
190 Marycroft Ave.
Vaughan ON L4L5Y2
Direct: 416-918-6325
Office: 416-391-3232
Fax: Fax: 416-987-8001