First Time Home Buyer - Immigrant living in Canada

[Xplorer]

Hi there,

I don't know where to start so many questions in my mind.

I'm looking a house aggressively right now, there is a house that I'm really interested in cheap and I really like the location as it is walkable to work but not the best looking house. My only problem is my realtor that I just really found online who showed me a few houses already even on holiday is slow on giving me info about the house it sounds like he always have to ask the listing agent. Can I call and talk to the listing agent directly and tell him that I'm interested but I have my own realtor? I don't know how this works when it comes to their commission. Is that ok?

I just feel I'm obliged to stick with the realtor now as he showed me a few houses already and even in short notices and even pick me up and drive me over as I don't drive myself. (been in a bad accident).

I just have this feeling that I can't really trust the realtor, or anybody but myself. He's agenda is to sell even if I think he's looking at my best interest but I can't really trust that I know I need to research.

My only problem is I really don't know a lot. I lived in a tropical island back home and we don't have heater, drywall, basement and such so I don't really know what to look for. I have a friend who just started helping me who helped out my other friend to renovate my friends basement. We have an appointment to see a house today.

I have enough money for the downpayment at least 20%. And the mortgage is a sure thing already. I have 0 debt and in the high 5 digits is what I make. So there I have no issues with.

This house that I'm interested in is still under renovations. The price quoted in the market is the price after the basement is done and the lawn in spring time? Is that a common practice here? But the house is an old house.

I told my realtor Im interested to place an offer but I'm concern that once its sold they will just do a half hass job. So I said I will do the renovations myself. I don't know how its gonna work with applying a mortg and such to a place that still under renovations.

Also is it ok to call the listing agent and just deal with them directly? or better that I have my own realtor?

Can someone explain how they work commission wise just want to be fair with these people.

Another question, is that ok to ask my realtor what prev owner paid for? and the history of the house?

[CrazyQT]

I'm not educated in real estate but I will say if you are not happy with your Realtor and you don't trust him then drop him fast. Why waste your time and money on someone you don't trust?

There are a lot of real estate agents out there that work in YOUR best interest. No need to rush into something with someone you don't trust.

[dougboswell]

If you have signed a buyers representative agreement with that agent you cannot go directly to the listing agent to ask questions. If you have you need to ask for it to be cancelled. The problem is the owner of the real estate brokerage is the only one that can agree to do this.

If you have not signed one you can find another one

That being said as a first time buyer do you really want to buy a house that is being renovated as you don't really know what is wrong with it. It could end up being a moneypit.

Yes your realtor can look up the previous sale price for you.

The fact that they are saying the price is after renovations is not normal. You also have no control over the renovations.

I personally would stay away from this one and start looking for another

[Xplorer]

Thanks a lot! no I have not signed of any buyes representative. Never singned anything from him. I just really liked the location of this place. I found a new house that is around the same radius and better area just cost 60K more.

Does anybody know how much realtor makes?

My realtor say that if I like the house I have to put in $5000 and make an offer subject to home inspection and finances.

When does the lawyer come in? anybody in the real estate industry here? thanks!

[MortgageQueen]

Hi Xplorer,

Unless you really, really love the house under renovations, you're likely better off with the more expensive one.

A couple of things. First, get a really good home inspector for "any" house you plan on buying. That can be made part of the conditions. DO your homework in finding a good one. Ask friends, co-workers, check real estate forums maybe for recommendations.

Secondly, you can get a mortgage for the sale of the home plus improvements. It's set up a bit differently and the value of the home and the quote for the improvements have to be approved by Lender. They will also likely inspect the improvements to make sure it was done properly.

If you decided on the first home you mentioned (but I would be wary) You can make an offer minus the renos, but conditioned upon a full professional inspection and approved financing.

A realtor generally makes around 5%, but it's often split between the Seller's RE agent and the Buyer's RE agent.

Your lawyer generally comes into the picture near closing, unless you have a specific need for one sooner. As an example, I had a client that was putting in an offer on a new build home from a builder. I looked up the builder and there wasn't a whole lot of info on him. I advised my client to have her lawyer look at the contract before she got very far into the process and it was a good thing. He pointed out several unacceptable negatives. She did not end up making that purchase.

In that regard, you should be getting a "reputable" realtor too. . .because they are the ones representing you in a very major purchase. One big area is they should be negotiating the best price they can for you. It would probably be a good idea to get a mortgage broker as well. Their service should be free for you and they can add a lot of valuable advice.

[mandolinatou]

I am an immigrant and I bought 4.5 years ago. You are doing everything right and the mortgage queen had some good suggestions especially making sure the right contingencies are in the contracts and using your own legal counsel. Be sure your home inspector is well respected and reviewed. Our contractor made us use his notary for our condo and in hindsight that was a mistake.

Make sure you have the 20% to put down and you get enough insurance. Be sure you feel comfortable with the mortgage bank. I am very opposed to using laurientienne bank for a mortgage or anything really because they lie purposely as apparently apart of their practice, which I only found out when I complained about being purposely mislead. Consider using a mortgage broker.

Aside from those recommendations don't feel time pressure. Make the best decision for you and take your time making that decision. When the right house comes along you'll probably know it and jump on it.

[tjthemanto]

If you have signed a buyers representative agreement with that agent you cannot go directly to the listing agent to ask questions. If you have you need to ask for it to be cancelled. The problem is the owner of the real estate brokerage is the only one that can agree to do this.

If you have not signed one you can find another one

That being said as a first time buyer do you really want to buy a house that is being renovated as you don't really know what is wrong with it. It could end up being a moneypit.

Yes your realtor can look up the previous sale price for you.

The fact that they are saying the price is after renovations is not normal. You also have no control over the renovations.

I personally would stay away from this one and start looking for another

You can go directly , but the buyers agent is still entitled to his commission.

So you can't go just behind his back & try to take his commission away.

Usually the commission is 5 % total , its split , 2.5 % goes to the sellers agent & 2.5 % goes to the buyer's agent.

Both the commissions are paid by the seller & not by the buyer.

[tjthemanto]

Thanks a lot! no I have not signed of any buyes representative. Never singned anything from him. I just really liked the location of this place. I found a new house that is around the same radius and better area just cost 60K more.

Does anybody know how much realtor makes?

My realtor say that if I like the house I have to put in $5000 and make an offer subject to home inspection and finances.

When does the lawyer come in? anybody in the real estate industry here? thanks!

If you haven't signed anything, you can do anything you want. But its unethical to do it.

5 % commission is the standard rate ( but its negotiable ) in the industry. 2.5 % to the selling agent/listing agent & 2.5 % to the buyers agent.

The buyer doesn't pay anything..the seller pays to both the agent.

[ransom20]

​

Hi there,

I don't know where to start so many questions in my mind.

I'm looking a house aggressively right now, there is a house that I'm really interested in cheap and I really like the location as it is walkable to work but not the best looking house. My only problem is my realtor that I just really found online who showed me a few houses already even on holiday is slow on giving me info about the house it sounds like he always have to ask the listing agent. Can I call and talk to the listing agent directly and tell him that I'm interested but I have my own realtor? I don't know how this works when it comes to their commission. Is that ok?

I just feel I'm obliged to stick with the realtor now as he showed me a few houses already and even in short notices and even pick me up and drive me over as I don't drive myself. (been in a bad accident).

I just have this feeling that I can't really trust the realtor, or anybody but myself. He's agenda is to sell even if I think he's looking at my best interest but I can't really trust that I know I need to research.

My only problem is I really don't know a lot. I lived in a tropical island back home and we don't have heater, drywall, basement and such so I don't really know what to look for. I have a friend who just started helping me who helped out my other friend to renovate my friends basement. We have an appointment to see a house today.

I believe you faced lots of issues to buy house in Canada. Else you want to know about best realtor in Canada. My realtor name is Peter Sagos. He is a wonderful person to deal any type of houses. But, he mainly concentrates in Ottawa, Ontario. Whatsoever, you can make contact through condo613.ca.
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