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All posts for the month May, 2016

In the last few years real estate transaction dramatically changed and bidding war seem to be the norm when purchasing a real estate. But did you know that as a consumer you have a right and there are ethical practices real estate agent needs to follow? Let’s review some of them.

Bidding War and the use of Form 801.

The purpose of form 801 is to stop phantom offers and to discourage unethical practices. When making an offer it is important to have proper record keeping and a legitimate offer has to be accompanied by the form 801 that tells the time and date an offer was signed as a proof.

Real Estate agents keeps either the actual “Agreement of Purchased and Sale” or the “Form 801” with them as a proof that an offer was made.

As a full time realtor I have been in multiple bidding wars where I had to compete with 7-10 offers and successfully beat the competition with the use of property negotiation technique and the use of leverage and positioning.

A clear understanding of your position in a bidding war can save you tens of thousands of dollars from over paying. If you’d like to know more about the process and best practices including ways you can stay ahead and beat the competition call me and I will share with you the tricks and the dark secrets of bidding war.

filipino-real-estate-agent-closing-terminology

Closing day is an exciting time. After all, you’re moving into your new home! However, it can be stressful as well. The last thing you need is to be confronted with something you don’t understand. So here is a quick list of common “closing day” terms.

  • Disbursements. This is the allocation of funds to the appropriate parties, such as the seller. Your lawyer will take care of this for you.
  • Possession. This is the moment on closing day when you are legally able to take possession of your new home. It’s usually when your REALTOR® or lawyer hands you the keys.
  • Title. This is a legal document that identifies the property and its owner.
  • Closing costs. These are expenses, excluding the selling cost of the property, that are due on closing day, such as legal fees, reimbursement for pre-paid utilities, utility deposits, insurance, and taxes.
  • Closing adjustments. These are expenses pre-paid by the seller that need to be reimbursed on closing.
  • Mortgage fell through. When a borrower unable to secure the mortgage financing and the deal fall apart.
  • Bridge financing. The type of mortgage instrument when you are selling a house and have purchased another house. The term “bridge” is to bridge or close the gap between 2 mortgages. The shorter the bridge the better as this type of temporary mortgage can incur a high interest rates.

There may be other terms you come across on closing day as well. Don’t worry, a good REALTOR® can help make the day go smoothly for you and your family.

If you have any other question about terminology feel free to ask me. www.alexmacale.ca

Small Bathroom Remodel Ideas

Small Bathroom Remodel Ideas

Do you have a renovation project in mind – and wonder how much value it will add to your home? Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are some of the results:

Replacing a main entry door has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices.

Adding a new deck also adds a lot of value. Depending on the materials used, you can expect to get back three-quarters of the money invested.

Another high-payback project is the garage door. This once again demonstrates the importance of a home’s “curb appeal.”

If you’re tackling a big project, such as a basement renovation, you’ll be glad to know that, according to the study, a project like this adds a lot of value.

Finally, minor improvements to bathrooms and kitchens – such as adding new countertops or cupboards, can also be good investments that mostly pay back when you sell your home.

Of course, these figures are averages and can vary widely depending on location, type of property, and other factors.

I’ve shown houses to prospective buyers thousand times and by just looking at the property I could tell what would appeal to buyers and what’s not. I’ve studied and watched their body language when they see something they like and don’t like. The good news is most prospective buyers and 80% of them have the same pattern. They only question price base on what they see. Wouldn’t nice to know what those patterns are?

Need help determining how a particular home improvement might impact the selling price? Call me today and I will show you which upgrades you should do to maximize the rate of return. It could be as simple as painting your garage door with the most appealing color tone.

Cesus-Canada-Filipino-RealEstate-Agent-Toronto-Markham

What is the census?

The census is a survey that is conducted every five years in Canada and allows Statistics Canada to collect data about randomly selected Canadians that gives them an idea of what makes up the Canadian population. Census topics include:

  • Income and housing;
  • Age and sex;
  • Families, households and marital status; and
  • Language.

If I am selected, do I have to fill out the census?

You are legally required to fill out the census if your household has been selected by Statistics Canada.

Participation in the census is mandatory according to the Statistics Act.

If you refuse to provide the required census information, you could face a fine of $500 and even up to three months imprisonment.

If you are wondering if anyone would really refuse to provide this information, a 79-year old woman did refuse and was charged with failing to fill out the 2011 census.

Her refusal was based on the data collection process being handled by the company Lockheed Martin, which is also produces military arms and equipment.

The woman was found guilty of contravening the Statistics Act in 2014 and sentenced to 50 hours of community service.

Given the enthusiasm expressed by many Canadians this time around, it’s unlikely participation will become an issue.

Your realtor on your side www.alexmacale.ca

Filipino-real-estate-agent-smart

Comedian George Carlin’s most memorable routine was, “A place for my stuff.” In it, he talked about dealing with the increasing quantity of items we accumulate throughout life. George was funny. The problem is not. Here are some low-cost ideas for quickly creating storage space for your stuff.

  • Attach a cloth pouch or thin plastic basket to the inside of cupboard doors. This is a great way to store Tupperware lids, cosmetics, etc.
  • Install hooks inside the foyer closet for loose items such as hats and scarfs.
  • Use egg cartons to make effective storage inserts in drawers.
  • Fashion stores often put purchases in stiff, high-quality boxes. Placed on their sides, these make effective storage compartments. (Especially shoeboxes.)
  • Consider using suitcases for out-of-season clothing. In addition to storage, they also provide protection.
  • Never throw out an old wine rack. There are numerous ways these can be used for storage. (Example: for tools.)

By thinking creatively, you can probably come up with many other simple ideas for creating more storage. The reward is a home that looks neater and more spacious.

Filipino Real Estate Agent Realtor

Imagine if you dreamed of owning a special limited edition vehicle. What would you do to ensure that your dream vehicle would someday be parked in your driveway — with your name on the ownership papers?

You would probably start by doing some research. You’d find out how much that vehicle would cost, what features are available, and so forth. You would likely visit a local dealership and take a test drive if a model is available on site. You would keep an eye on the market for any that come up and let the dealer know you’re looking for just that car.

If you did, then, some day, you’d probably be the proud owner of the limited edition car of your dreams.

What does this have to do with real estate?

Well, you can take the same approach when there’s a neighbourhood you’d love to live in someday. You can target it, learn what homes typically cost in that area, and keep your eye on that market in case a property becomes available that meets your criteria.

By focusing on a specific neighbourhood, you increase your chances of someday living there, simply because you’re focusing on it.

Of course, neighbourhood targeting isn’t as simple as aiming to own a specific car someday. That’s why you need a great REALTOR® who can keep an eye on that neighbourhood on your behalf and alert you to opportunities that become available.

Then, when there is a listing that’s a good fit, you can decide whether or not to make a move.

Is there a dream neighbourhood you’d like to live in some day? Call today to start making it happen. www.alexmacale.ca