What Can Marg’s Buyer Clients Expect?
What is a Buyer Client?
REALTORS® are governed by the legal concept of “agency.” An agent is legally obligated to look after the best interests of the person he or she represents, namely, their client. This relationship is established by a written representation agreement that explains the services the REALTOR® will provide, spells out who will pay and specifies what obligations a buyer may have. We will provide you with complete information about Agency Relationships when we meet.
I’m interested in buying real estate. Where do we begin?
First, we’ll get together and listen to your plans and interests. The more articulate you can be about what you want, the better we can help you find it. We’ll talk about whether you want to be in a town, out in the country or on the slopes. We’ll help you consider the various options: home, condominium or building site.
OK, I’m ready to look. What happens next?
After our initial meeting, we’ll visit some properties. We won’t waste your time with properties that just don’t suit you. Then, using the criteria you provide, Chris and I will continue to search all possible listings and properties on a daily basis and will work patiently with you over whatever period of time is necessary for you to find the right property. We’ll search our own database of clients and property owners to see what might work and we’ll even prospect a particular neighbourhood for you if that’s important. In the meantime, if you see an ad or a sign for a property that looks interesting, call us, and we’ll secure further information and photos. A good source of local property information can be found here.
Will you show me properties that are listed with other offices?
Yes of course! We can arrange a showing of anything on the market, thanks to the multiple listing service® (MLS®) of the Georgian Triangle Real Estate Board. We make sure you see all appropriate properties, no matter who has them listed.
How can I make sure I get the property I want at the best price?
- Seek diamonds in the rough: Many buyers can’t visualize “potential”… if you can, that’s an opportunity.
- Make offers as clean as possible.
- Get pre-qualified with a local lender and submit the lender’s approval with your offer.
- Compose a letter to the sellers telling them about you and your family, explaining why you love their property. We’ll submit it along with the offer to purchase. Making yourself real to the sellers can have enormous impact.
- We will point out to you all of the negatives as well as the positives of every property and neighbourhood we visit and will view with you as many homes as is necessary for you to get a feel for the market and find the right home. We give you the truth about a property’s value, not its perceived value in the eyes of the seller or listing agent and provide honest and complete financial information about neighbourhood properties and how this can affect your future. And don’t worry. We’re not going to jam you into anything that’s not right for you. Our objective always is to direct you to property you’ll fall in love with and enjoy for years to come.
Is there much flexibility in the asking price?
Sellers presently have a fair amount of leverage due to market conditions that are in their favour. The reasons: low inventory, major growth and continued strong demand. A word about prices: in this area, they are often firm, with most properties selling within 4% to 5% of their list price. While there are always exceptions, it’s unrealistic to expect to find a “steal” and, it’s not uncommon to see multiple offers coming in at the same time on property, nor is it unusual to see full-price offers.
OK, I’ve found a property I love. What next?
Marg will discuss a negotiating strategy with you and will review comparable sales, seller’s motivation for selling, repairs that may need to be made to establish an initial offer price and a maximum purchase price. We’ll discuss the terms you wish to include and will then prepare an offer using a standard, Ontario Real Estate Association form with added clauses and addenda specific to your needs. For example, many offers include conditions that allow you time to arrange financing and to have a property inspection completed. After you have reviewed and signed the offer, Marg will make arrangements to present it to the Seller and/or their Listing agent.
How much do I put down?
Immediately upon acceptance of an Offer, a deposit of normally about 5% of the purchase price is presented although, it is not unusual to see deposits in this area as low as $1,000.00. This “earnest money” is held in trust by the Listing Broker. It is a sign of your good faith to the Seller and forms part of your final purchase price on closing.
How soon can we close?
This is always a negotiable part of the Offer; however, it is traditional to expect a closing to take place within 30-60 days of the acceptance date of the offer.
What if the seller rejects my offer?
Don’t be discouraged. This is a time when Marg’s experience can be a tremendous benefit. She has negotiated hundreds of agreements to successful conclusions. Marg will help you figure out the next step to take—whether to pursue the original property or to move on.
What happens once my offer is accepted?
We will forward copies of your offer to your lender and lawyer as needed and will follow through with getting everything ready for closing including being in communication with your lender, with the listing agent, and with your lawyer as needed, to make sure that everything is running according to schedule. We do our utmost to anticipate any problems or concerns before they arise and make every effort to make sure that your purchase is an enjoyable experience.
What about financing?
The majority of our buyers secure their financing through locally based banks, trust companies or mortgage brokers. This can have a distinct advantage in that they know the area. As a former mortgage specialist herself, Marg’s assistant Chris is a really great person to help you sort through your options in this area and can potentially save you thousands of dollars with her sage advice. Together, we will offer to review your financing options and make sure that you are getting the best mortgage given your situation, including reviewing your current mortgage pre-approval to ensure that you are getting a fair deal. We can also refer you to the local lenders that, in our opinion, offer the best service, interest rates and closing costs. (Just a caution: Some REALTORS® accept finder’s fee from mortgage lenders. Marg does not accept them at any time.)
Are there other costs associated with closing?
We will review closing costs with you including estimates so you won’t have any big surprises on the closing day. These may include legal fees, land transfer tax, adjustments, surveys, title insurance, taxes, mortgage insurance premiums and so on. Visit the Typical Closing Costs page for more information.
What else should I know?
We think you should know that, when you deal with Marg, you are getting the benefit of her many years of award-winning experience, her extensive training, her in-depth knowledge of the local issues and the added benefit of having her full-time licensed assistant and salesperson, Chris McCormick, on your team as well. Marg is a Broker with RE/MAX, she is a Market Value Appraiser- Residential and continuously upgrades her education in matters such as mortgage financing, environmental awareness, real property law, property management and much more. She participates in numerous local committees and organizations as a volunteer and has extensive contacts that can be helpful to you in your purchase.
We try to be easily available to assist you. With voice mail, email, mobile or office phone and fax, we can always be reached when you need us. Our direct line is (705)446-1762. We do try to save time for family on Sundays but this can be flexible if you are only available on that day.
We have special tools for you such as our buyer’s guides, brochures about the area, moving checklists and handy phone numbers. Whatever you need to ensure a smooth move, we’ll get it for you if we don’t already have it!
Over 90% of our business comes from repeat business or kind referrals generated by our clients. It is our goal to give you the one-of-a-kind real estate experience that will make you want to refer us to your family and friends. In short, we make every effort to make your home purchase an enjoyable one.