What can you realistically expect from a buying RE agent
Feb 22nd 2015, 4:47 pm
#31
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: What can you realistically expect from a buying RE agent
And finally, for the OP, don't assume that the house buying process is the same in Canada as it is in the UK. An offer becomes a firm and binding contract very quickly. It can be instantaneously. In Canada your realtor will help you draft your offer to give you some protection. It is not rocket science and the next time you buy a house you may feel you can handle this yourself, but it is far too risky to DIY first time round.
Feb 22nd 2015, 5:10 pm
#32
slanderer of the innocent
Joined: Dec 2008
Location: Vancouver, BC
Posts: 6,695
Re: What can you realistically expect from a buying RE agent
There is quite a lot you can find out for yourself.
Google the address and include key works like Permit, Grow-op or Fire. You will get a lot of junk results, but you may reveal some 'nasties'.
For recent sales of a property, put the address in to the BC Assessment website (covers the previous 3 years). It can also give you some idea that there may be issues or over-optimistic sellers if the advertised price is way below or way above (say more than 15%) the 2014 Assessed Value, or if there any significant changes (e.g. if it has fallen considerably since the previous Valuation).
This website will also tell you what value there is in the house and what there is in the land. If the house itself (for a 2500-3000 sq ft SFH) is less than about $125,000, the house is probably nearing the end of its life, particularly if the value of the land is disproportionately high. Newer houses on standard 4000-6000 sq ft plots in Maple Ridge are typically 40/60, 50/50 or 60/40 in terms of Land/House value from what I can see.
If the house has a finished basement and there is no figure on this website for Basement area, then the basement was probably 'finished' without a Permit and you could be in for a Property Tax shock and issues over getting the basement Permitted.
BC Assessment: e-ValueBC
Google Maps and Bing Maps are useful for aerial photos and Streetview and can give you a few clues about a property and the surrounding area before you view.
One 12 year old house we looked at in Maple Ridge looked 'too new' inside and had different windows and a different interior style (from Google photos) to the rest of the street and had cleaner-looking roof tiles (this particular subdivision has 'proper' concrete roof tiles).
It had obviously had a major fire or been a big grow-op (or both) or something in 2008 and we found this out ourselves by doing a bit of searching online. The Bing aerial photographs showed the house in 2008 with the roof off and 100% new trusses installed. Sure enough, a quick Google found that a Building Permit had been taken in 2008 for a $140,000 'Repair'. That value in 2008 pretty much equates to a full internal re-build. I'm guessing it was a grow-op and not a fire as the exterior seems to be the original and as it included vinyl, that would have melted to some extent in a fire.
Google the address and include key works like Permit, Grow-op or Fire. You will get a lot of junk results, but you may reveal some 'nasties'.
For recent sales of a property, put the address in to the BC Assessment website (covers the previous 3 years). It can also give you some idea that there may be issues or over-optimistic sellers if the advertised price is way below or way above (say more than 15%) the 2014 Assessed Value, or if there any significant changes (e.g. if it has fallen considerably since the previous Valuation).
This website will also tell you what value there is in the house and what there is in the land. If the house itself (for a 2500-3000 sq ft SFH) is less than about $125,000, the house is probably nearing the end of its life, particularly if the value of the land is disproportionately high. Newer houses on standard 4000-6000 sq ft plots in Maple Ridge are typically 40/60, 50/50 or 60/40 in terms of Land/House value from what I can see.
If the house has a finished basement and there is no figure on this website for Basement area, then the basement was probably 'finished' without a Permit and you could be in for a Property Tax shock and issues over getting the basement Permitted.
BC Assessment: e-ValueBC
Google Maps and Bing Maps are useful for aerial photos and Streetview and can give you a few clues about a property and the surrounding area before you view.
One 12 year old house we looked at in Maple Ridge looked 'too new' inside and had different windows and a different interior style (from Google photos) to the rest of the street and had cleaner-looking roof tiles (this particular subdivision has 'proper' concrete roof tiles).
It had obviously had a major fire or been a big grow-op (or both) or something in 2008 and we found this out ourselves by doing a bit of searching online. The Bing aerial photographs showed the house in 2008 with the roof off and 100% new trusses installed. Sure enough, a quick Google found that a Building Permit had been taken in 2008 for a $140,000 'Repair'. That value in 2008 pretty much equates to a full internal re-build. I'm guessing it was a grow-op and not a fire as the exterior seems to be the original and as it included vinyl, that would have melted to some extent in a fire.
as far as unpermitted basements go, no one cares UNLESS you have have problem tenants and a neighbour calls it in. there are shitloads of illegal suites out there.
as regards to land/house valuation, land values are much higher closer in.
Feb 22nd 2015, 6:07 pm
#33
BE Forum Addict
Joined: Jan 2011
Location: Orton, Ontario
Posts: 2,031
Re: What can you realistically expect from a buying RE agent
BC assessed value, unfortunately, has very little to do with market value. ours has always lagged way behind. I don't find it useful for that at all..it's really just so they know how much to tax you.
as far as unpermitted basements go, no one cares UNLESS you have have problem tenants and a neighbour calls it in. there are shitloads of illegal suites out there.
as regards to land/house valuation, land values are much higher closer in.
as far as unpermitted basements go, no one cares UNLESS you have have problem tenants and a neighbour calls it in. there are shitloads of illegal suites out there.
as regards to land/house valuation, land values are much higher closer in.
Feb 23rd 2015, 1:32 am
#34
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: What can you realistically expect from a buying RE agent
You are projecting again. The agent's only interest is not just you buying something, anything. The agent's primary interest is in making you happy. So happy that you will recommend them to anyone who asks. You start to make money as a realtor when you stop having to search for customers and they start searching for you.
I accept that referrals would be an asset to an estate agent but, having asked around, I don't know anyone (except a poster here who was well pleased with Ms. Gerchikov and I don't know the poster to be an actual customer) who would recommend the agent they dealt with. People are more satisfied with divorce lawyers; if it went badly at least they speak highly of the other one. Generally people feel a bit clipped, "fair enough, they have to make a living and they're not going to see me again" is as kind a comment as one hears. Maybe it's different in small towns where the same agent sold to your Grandad.
I'd be very interested in any statistics supporting the idea that agents deal with the same people twice or that anyone was pleased enough to suggest the agent they used to someone else. I very much doubt that either are common (we're exceptional in that regard in that, when we buy a property we gift the buyer's commision to the same uninvolved person, statisically we love Agent Ken).
Feb 23rd 2015, 1:49 am
#35
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: What can you realistically expect from a buying RE agent
That was the case decades ago but the system was overhauled (at least where I live) some years ago. Is it the MPAC I'm thinking of? You're the expert.
But I'd be reasonably happy to flog this place for its assessed value this spring.
I'd of course prefer more but I don't like greedy.
Feb 23rd 2015, 2:03 am
#36
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Joined: Jan 2011
Location: Orton, Ontario
Posts: 2,031
Re: What can you realistically expect from a buying RE agent
I certainly hope that you're right.
That was the case decades ago but the system was overhauled (at least where I live) some years ago. Is it the MPAC I'm thinking of? You're the expert.
But I'd be reasonably happy to flog this place for its assessed value this spring.
I'd of course prefer more but I don't like greedy.
That was the case decades ago but the system was overhauled (at least where I live) some years ago. Is it the MPAC I'm thinking of? You're the expert.
But I'd be reasonably happy to flog this place for its assessed value this spring.
I'd of course prefer more but I don't like greedy.
Feb 23rd 2015, 2:11 am
#37
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: What can you realistically expect from a buying RE agent
In most cases, certainly in this area that is absolutely the case. The exceptions are older homes where the value is mostly in the land, which is the case with my home. If we were to sell ours then I think we would get just about the assessed value, but most of the properties I deal with sell well above their MPAC assessments.
I suspect, like your place, that most of the value here is in the land. There's quite a lot of it.
Feb 23rd 2015, 2:15 am
#38
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Location: Orton, Ontario
Posts: 2,031
Re: What can you realistically expect from a buying RE agent
I'm not projecting in that we sell multi-decade contracts that are renewable each year, continuing service is critical to us. It's a very different business from meeting someone off the boat, befriending them because you both speak some odd dialect and sticking them with the house your agency hasn't been able to shift for months.
I accept that referrals would be an asset to an estate agent but, having asked around, I don't know anyone (except a poster here who was well pleased with Ms. Gerchikov and I don't know the poster to be an actual customer) who would recommend the agent they dealt with. People are more satisfied with divorce lawyers; if it went badly at least they speak highly of the other one. Generally people feel a bit clipped, "fair enough, they have to make a living and they're not going to see me again" is as kind a comment as one hears. Maybe it's different in small towns where the same agent sold to your Grandad.
I'd be very interested in any statistics supporting the idea that agents deal with the same people twice or that anyone was pleased enough to suggest the agent they used to someone else. I very much doubt that either are common (we're exceptional in that regard in that, when we buy a property we gift the buyer's commision to the same uninvolved person, statisically we love Agent Ken).
I accept that referrals would be an asset to an estate agent but, having asked around, I don't know anyone (except a poster here who was well pleased with Ms. Gerchikov and I don't know the poster to be an actual customer) who would recommend the agent they dealt with. People are more satisfied with divorce lawyers; if it went badly at least they speak highly of the other one. Generally people feel a bit clipped, "fair enough, they have to make a living and they're not going to see me again" is as kind a comment as one hears. Maybe it's different in small towns where the same agent sold to your Grandad.
I'd be very interested in any statistics supporting the idea that agents deal with the same people twice or that anyone was pleased enough to suggest the agent they used to someone else. I very much doubt that either are common (we're exceptional in that regard in that, when we buy a property we gift the buyer's commision to the same uninvolved person, statisically we love Agent Ken).
Your comment about 'sticking someone with a house that the agency hasn't been able to shift' suggests that you have no clue how it works here. It doesn't matter to the individual salesperson whose listing a property is, we get no credit for selling properties that are listed with our brokerage and we get paid the same regardless (unless it's our own individual listing).
My colleague who has been in the business a lot longer than me, regularly sells houses to people whose parents bought with her years ago. It is most definitely a long term relationship.
Feb 23rd 2015, 2:19 am
#39
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Location: Orton, Ontario
Posts: 2,031
Re: What can you realistically expect from a buying RE agent
If you live in a neighbourhood like ours, where any older property that sells gets pulled down and a mega mansion put in its place then yes, it is likely to be land value if you have a decent size lot and an older house, which I think from our discussion at the last meetup that you do.
Feb 23rd 2015, 2:31 am
#40
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Location: BC, Canada
Posts: 3,874
Re: What can you realistically expect from a buying RE agent
living here in Vancouver .............. the assessed value of our house is minimal, the value of the land is astronomical.
The assessed value of the house has absolutely nothing to with what we would receive if we put it on the market tomorrow ..................... the value is all in the land
The house would be knocked down, a new one built to the limits allowed by the city, and then sold for probably over $2.5 million
We live in an older neighbourhood, our house dates back to ca 1944 and is on the standard 33' by 122' lot.
A house across the street has just sold, after 2 weeks on the market .............. it is on a 44' by 120' lot, built in 1918, and sold for well over $2 million. The assessed value in January was not that high!
We're now all waiting to see whether it will be kept or demolished.
We bought our house in 1972 ............. and will get a hefty profit when we do eventually sell. We were lucky, the house was large enough for a couple, then for 3 when our daughter arrived, and is now ideal for an older couple. Plus, it is in a nice area, with access to transit within 2 blocks, with shopping within a 5 minute car drive (10 minute walk when we were younger
).
The problem of course is ................... if we sell and wish to stay in the city, where and what can we buy?
The problem of expensive housing is so bad here that last month several financial advisors suggested that it was much better for seniors who wanted to downsize to sell their house and downsize to a rented condo or apartment, investing the majority of the money received, rather than the previous advice to always buy a place.
The assessed value of the house has absolutely nothing to with what we would receive if we put it on the market tomorrow ..................... the value is all in the land
The house would be knocked down, a new one built to the limits allowed by the city, and then sold for probably over $2.5 million
We live in an older neighbourhood, our house dates back to ca 1944 and is on the standard 33' by 122' lot.
A house across the street has just sold, after 2 weeks on the market .............. it is on a 44' by 120' lot, built in 1918, and sold for well over $2 million. The assessed value in January was not that high!
We're now all waiting to see whether it will be kept or demolished.
We bought our house in 1972 ............. and will get a hefty profit when we do eventually sell. We were lucky, the house was large enough for a couple, then for 3 when our daughter arrived, and is now ideal for an older couple. Plus, it is in a nice area, with access to transit within 2 blocks, with shopping within a 5 minute car drive (10 minute walk when we were younger
).The problem of course is ................... if we sell and wish to stay in the city, where and what can we buy?
The problem of expensive housing is so bad here that last month several financial advisors suggested that it was much better for seniors who wanted to downsize to sell their house and downsize to a rented condo or apartment, investing the majority of the money received, rather than the previous advice to always buy a place.
Feb 23rd 2015, 12:05 pm
#41
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Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: What can you realistically expect from a buying RE agent
Of course, all salespeople want happy customers and referrals, that's the same whether you're selling houses, cars or woolly socks. What I object to on these threads is the idea that people selling houses are somehow constrained by ethics and should be trusted to a greater degree than car or sock salespeople. If it was any other transaction than a house purchase one would only think someone involved was acting for the purchaser if the purchaser paid that person (for example to inspect a car); if the person was to be paid a commission on the amount the purchaser paid we would look askance.
It may be that HGerchikov enjoys to providing a service to newcomers and hopes to build a longterm clientelle. I don't think anyone would say that of OnTheBoatOut. I think there are more OnTheBoatOuts and that new immigrants want to be well careful.
Feb 23rd 2015, 1:25 pm
#42
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Joined: Jan 2011
Location: Orton, Ontario
Posts: 2,031
Re: What can you realistically expect from a buying RE agent
I think I have a good knowledge of how one real estate office here works. The broker spends most of his life in court dealing with disputes, the agents are better compensated for selling properties listed with the agency than ones that are not, the agents sell other goods and services as well as property (indeed I was introduced to the agency when buying a Volkswagen "you want a house with that?").
Feb 23rd 2015, 2:00 pm
#43
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Joined: Nov 2006
Location: Toronto
Posts: 8,648
Re: What can you realistically expect from a buying RE agent
Feb 23rd 2015, 2:07 pm
#44
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Location: Toronto
Posts: 8,648
Re: What can you realistically expect from a buying RE agent
Unfortunately it was hard to get rid of the first one. He was the brother in law of the friend we were living with when we first arrived. It was difficult to say the least. When we didn't use him the second time he said we were taking the food out of his mouth. But yes you are right explain why and move on if needed.
Ask around and get a referral. Then lay out what you want from the onset. When the person fails to meet their obligation it's a no brainer when you stop taking their calls.
Feb 23rd 2015, 2:49 pm
#45
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Joined: Aug 2014
Location: Edmonton AB
Posts: 685
Re: What can you realistically expect from a buying RE agent
I used a Realtor in Winnipeg when i lived there, he had a background in construction and i'm so glad he did. I house came on the market on the same street i was renting on so i called him to come and view it with me, To cut a long story short his past experience paid dividends, what was an outstanding newly flipped house turned out had in my realtors opinion major foundation issues. They had tried to hide it but being from that industry he saw passed that and in the end told me to leave and walk away. The workmanship seemed amazing but he found a false wall in the basement, thats when he knew they where hiding something, he found turf laid at the side of the house meaning it had be excavated. He was quite concerned that i was interested in it even though the realtor selling it was the same company as him. Glad i had him there or likely i would have bought a real lemon.
I think using a realtor is down to each individual, some prefer not but some like myself didn't have a lot of spare time so this guy met me at Timmies and we talked for ages so he could get an idea of what i wanted, he delivered very well and in the end found me the perfect/ideal place, even he knew he had when we walked in. ( he picked me up and took me around properties so i didn't have to drive)
Someone gazumped me though lol But just as that happened i got the request to transfer to Edmonton so as he said sometimes things happen for a reason.
If anyone in Winnipeg needs a great Realtor pvt me and i'll send you his number.
I think using a realtor is down to each individual, some prefer not but some like myself didn't have a lot of spare time so this guy met me at Timmies and we talked for ages so he could get an idea of what i wanted, he delivered very well and in the end found me the perfect/ideal place, even he knew he had when we walked in. ( he picked me up and took me around properties so i didn't have to drive)
Someone gazumped me though lol But just as that happened i got the request to transfer to Edmonton so as he said sometimes things happen for a reason.
If anyone in Winnipeg needs a great Realtor pvt me and i'll send you his number.