It depends on what hat you’re wearing. Last time we looked at what’s involved from a Seller’s point of view; now let’s explore it from the other and perhaps more contentious perspective, that of the Buyer.
As a Buyer in today’s active and inventory-starved market, it’s entirely possible you will find your offer is one of several, even if yours was written first. Keep in mind the Realtor working in the Seller’s interest is duty bound to alert any and all prospective Buyers that an offer is forthcoming. It’s part of the Listing Realtor’s obligation to his or her principal.
So what can a Buyer do to help improve his/her chances? Consider making your first offer your best one, holding little or nothing in reserve. It should carry your best price as you likely won’t get another chance to improve it. Remember, other offerers will know they are competing as well. And make your offer as clean as possible. The fewer the terms and conditions you include, the more attractive it will be to the Seller.
Continue Reading April 13th, 2007
There are certain things you can do to make your home more appealing to potential purchasers. These minor expenditures take only a small amount of time and effort, and will pay you dividends when you sell in today’s highly competitive market. If you are considering readying your home for sale, here are a few tips:
Curb Appeal
Most motivated buyers will make a decision quickly. If your home doesn’t look good from the street, they may not even stop. Your trees, shrubs and lawn should always be in tip-top shape. Good landscaping is expected in this town, and will set the mood for purchasers before they get out of their car.
Overall Outside Appearance
Take a critical look at the exterior of your home - the purchasers certainly will. If it looks weathered or needs repair, take care of it. Don’t let the buyers be turned off by the outside before they can be turned on by the inside.
Paint the Front Door
Then brighten up the interior with a new coat of flat latex paint. Use an enamel for places that get a lot of wear such as the entry, bathroom and kitchen. These rooms warrant special attention and your efforts here will be rewarded.
Fix the Drips
Little things like a dripping tap can cause a buyer to worry about more serious problems. The concern is likely groundless, but once the impression is made the damage is done. Fix the little problems before they cost you a sale - squeaking doors, curling wallpaper, cracked glass and the like. You want the buyer to say: “Looks like an easy place to take care of - there’s nothing we have to do!”
Hide things that look like work
Put away - or at least neatly arrange - lawnmowers, hoses, vacuum cleaners, etc. and accent everything that looks like fun.
Harmonize the Elements
Dining room table set, music playing softly, drapes open, lights on. Lay the fireplace. An aroma of cinnamon or freshly baked bread adds ambiance - or try a drop of vanilla on a cold light bulb. If you smoke, an application of baking soda left on your carpets overnight and then vacuumed up is helpful. Remove anything of a political or religious nature that is in any way extreme.
De-clutter and clean
Remove unneeded items - they make your home look small. Sell, store or give them away. And clean..clean..clean! Put sparkle in; take silver out.
“Out, damned spot! Out, I say!”
Never stay in your home when buyers are passing judgment on it - please! Nothing personal, mind you - but they feel uncomfortable when you are around, and may not stay long enough for the mood to take. Like Dr. Seuss’ Marvin K. Mooney, Go, Go, Go - and take Rover with you. You’ll both enjoy the outing, and it’s much more likely I’ll be able to elicit a “Gee, it feels good here - like home!” kind of feeling from potential purchasers of your home. Remember, you never get a second chance to make a first impression. If you would like the benefit of a short video with further thoughts on how your home can make a good impression, just call or write and I’ll be happy to oblige without obligation.
December 30th, 2006
Victoria, British Columbia, is situated on the southern tip of Vancouver Island and is located in one of Canada’s most temperate climates. This seaside city is the vacation capital of Canada and one of the most sought after destinations for tourists worldwide. It is recognized internationally as one of the world’s most ‘visitor friendly’ cities. It’s a Pacific island paradise, and a great place to live and work as well — just ask anyone who lives here!
Known as the ‘City of Gardens’, Victoria is also the provincial capital and offers all the amenities that a capital should – grand hotels, fine dining, shopping galore, top-notch sporting and cultural events, plus world famous attractions such as Butchart Gardens, the Empress Hotel, Royal BC Museum and Craigdarroch Castle. Whale watching and sightseeing are popular, and golf, tennis and sailing are year round pastimes!
Victoria Real Estate has proven to be an excellent investment over the years. Your choices range from affordable family housing and pastoral acreages, to condominiums and townhouses or stunning waterfront estates. It’s all here, and your dreams are limited only by your imagination and budget.
If you are considering a move to the Victoria area – or if you are lucky enough to reside here already – you will find this site will provide you with all the information you require. It has real estate listings and 360 degree tours for some properties. It features other resources as well, such as a currency converter, a mortgage calculator and the ability to paint a picture of your dream home. You’ll find helpful links to getting here, accommodation, education and local attractions. There’s even a little poetry for the lyrical. But if you don’t see what you are looking for, please contact me and I’ll work diligently for you – free of charge, of course – to help you find what’s right for you.
December 30th, 2006
Record low interest rates are adding extra impetus to an already active real estate market. It’s been a bonanza for Sellers, but less so for Buyers as they’ve often found themselves in ‘multiple offer’ situations where they’ve had to compete for the limited number of properties available.
The whole question of multiple offers isn’t well understood, and consequently the public has lodged a significant number of complaints against Realtors of late as to the manner in which they have been handled. Let’s take a look at the issue from both sides — what happens when, as a Seller, you receive more than one offer on your property, or as a Buyer when you are on the other and less envious end of the stick and having to compete.
When representing you as a Seller, your Realtor’s job is to bring you not just an offer, but the best offer. Consequently, upon learning an offer is forthcoming on your property, he/she should contact everyone who has ever expressed an interest in it and invite them to compete. This might seem unfair to the first offeror, but a Realtor’s legal duty of loyalty to the principal — in this instance, the Seller — obliges him/her to do so as it is in the Seller’s best interest.
The offers will be presented to you by the Realtors acting for the potential Buyers in the order in which they were received. After each presentation the Realtor will be asked to wait outside until all offers have been put before you. After reviewing them with your Realtor you can decide whether you wish to accept any, or counter any. It’s important to know you are under no obligation to accept or counter any of them — although if one is full price or better and caries no conditions, it would be difficult not to.
If you find two offers appealing, you may wish to accept one and notify the second choice Realtor you would be prepared to accept a ‘back-up’ offer in the event the first collapses for any reason. It then becomes the standing offer should the first one fail.
It’s a double-edged sword however, and next time we’ll look at the same issue from the Buyer’s perspective.
December 30th, 2006
Your Realtor may not be working for you. Surprised? It’s understandable if so, for it is an issue that has often been misunderstood. But the time for clarification has arrived, and ‘Agency Disclosure’ is now a fact of real estate life in Victoria.
Just what is Agency Disclosure and what are its implication for you as a Buyer or Seller of property?
In essence, it is a clarification of the different relationships between Buyers, Sellers and Realtors. It will eliminate the misconception that the Realtor you work with during the purchase of a property is ‘yours’, and looking after your best interest.
It will make clear just which party the Realtor is working for, followed by a written disclosure of that relationship. The Realtor’s role and responsibilities to all parties will now be set out and agreed to in advance of any transaction.
Why is it being done? Are Realtors being legislated into it?
No, it’s not law, but is being implemented as part of the Canadian Real Estate Association’s concern that the public doesn’t fully understand the Realtor’s relationship with Buyers and Sellers, and that it will be in the best interest of all to have a system of acknowledged disclosure in place which spells out the different relationship the Realtor has with all parties to a transaction.
In order that we better understand where things are going, let us briefly look at where they have been. Under the traditional ’sub agency’ system, when a Realtor lists a house for sale he/she becomes the agent of the Seller. Then, through the Multiple Listing System®, all other Realtors become the agent - actually sub agent - of the Seller. And under agency law they owe certain fiduciary duties to that Seller such as loyalty, disclosure and confidentiality. Note that as a Buyer, this puts ‘your Realtor’ on the Seller’s side of the fence. As such, you would not want to tell your real estate agent - or sub agent - anything that you would not tell the Seller - your motivations for buying, for example, or the maximum price you are willing to pay. If you do, the Realtor has a duty to relay that information to the Seller as he/she is legally obliged to represent the Seller’s best interests. Buyers have often misunderstood this agency relationship. They have often assumed they have had representation in a transaction and - understandably - were less than happy when they later discovered they did not.
Agency Disclosure brings things more closely in line with what the public has always supposed to be the case, for as a ‘Buyer’s Agent’ it is now possible for a Realtor to represent the Buyer’s interests exclusively. The ‘Buyer’s Agent’ is able to provide the Buyer with services that under traditional sub agency were not possible - advice and counsel on your bargaining position, pricing and competitive market information, for example - and generally work with the Buyer’s best interests in mind rather than those of the Seller.
Does this create an adversarial arrangement?
Not at all. It simply clarifies which side of the fence the Realtor is on, and to whom his/her fiduciary duties are owed. And either way, the obligation still exists to treat all parties professionally and honestly.
And does it mean the Realtor can no longer represent both Buyer and Seller in the same transaction?
Again, not at all - if both parties give consent. This is called ‘Limited Dual Agency’ and under this relationship the Realtor is ‘limited’ in several respects, such as not divulging the price the Seller is willing to accept or the Buyer is willing to pay, the motivation of either party to buy or sell, or personal information about the other - unless, of course, authorized to do so by the other party. Under Limited Dual Agency the Realtor is essentially a conduit between the two parties. As with Buyer Agency, you will be asked to consent in writing to this new arrangement prior to entering into any transaction.
Will it work?
It has so far. It has been practiced in Alberta for some time, with good reception from the public and little change in practice.
It was also tested in a pilot project in Maple Ridge, BC consisting of some 470 real estate transactions. At its conclusion both public and Realtors were almost unanimous in their preference for this new system.
If you would like the benefit of a short video further explaining Agency Disclosure, just call or write and I’ll be happy to oblige without obligation.
December 30th, 2006
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