Szabolcs Pall

This is a fantastic story that I must share with you, and I couldn't believe it when I heard it from my taxi driver on Sept 16th. I was sharing with him my experience of selling my own home. And it reminded me of a mentor of mine, who said every realtor should have to sell his/her own home every 5 years just to experience the process and have empathy for our own clients. He was only half kidding, but it truly was an emotional experience having lived in this (my first) home for 7+ years.

As I relayed this story to my driver, he mentioned he didn't think it was such a big deal, having purchased his home privately not so long ago. A few friendly questions later, he revealed to me that they got caught up in the excitement, and purchased the home pretty quickly. "Sometimes you can save money selling it yourself." - he said to me. A little prodding revealed that he didn't pay the asking price, and I assumed he negotiatied from the price the fees for the realtor's services, as is often the case. No so my friends, he purchased the home for $325,000 instead of the $360,000 asking price. 9.08% less then asking price! I was astounded to hear this happen, and wondered if the Seller still thought it was such a good idea to sell privately.

Either the home was way overpriced, or my cab driver is best negotiator in town. I pointed out to him as we approached my destination, that the List-to-Sell ratio on MLS is about 98%, and what's more, as good a deal as my driver appeared to get, how does he know he still didn't overpay?

There is only one way to really know, and that's MLS. He dropped me off at my sister's house, and I paused to reflect a little about this incredible story I just heard. If that doesn't make you rethink selling or buying your next house on your own, I don't know what will. Call me right away, and I'll tell you about the 4 stats you should arm yourself with, when considering your next real estate transaction.

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I always welcome your opinions and feedback, please tell me if you have any similar stories to share. Send your comments to szabolcs.pall@century21.ca

Financing Assistance is just another service that I provide to all my clients. This is your home, and it's kind of a big deal. Know how and where to get a mortgage (banks are just one source), and what financial incentives and assistance is available to you. ie. tax credits, rebates, RRSP. What sort of costs you can expect at closing? It's stuff that can put money in your pocket and is helpful before you start looking for your home.

Having to call someone and let them know the house they wanted is no longer available is always tough to do. I can empathize with them, having seen it first hand way too many times. Unfortunately the market we’re in dictates that if you want the house, you have to put your best foot forward. And you can’t hesitate for even a day, because someone else could beat you to it.

One may think that getting into a multiple offer scenario is something they want to avoid, but it doesn’t always mean the buyer is paying over and above the asking price. There are a number of ways to make your offer more attractive without feeling like things are getting out of control. ie. increase your deposit amount, match your closing day to the date desired by the Seller, etc.

But sometimes you need to take a step back, and reconsider the situation. It’s easy to get caught up in the moment, and the possibility of a new home can be exciting, but there will almost always be another one. You can and will fall in love with something else; it’s just a matter of time. :-)

Call me to learn how to come out a winner in multiple offer scenarios!

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Did you know that negotiation is a service I provide, that if utilized properly can give you the competitive edge? It can amount to thousands of dollars in your pocket. When presenting offers, I often pick up crucial information that might otherwise be never revealed through email and fax. A seller for example who doesn't want to miss out on the 'other' house, or a causal remark that they were thinking of leaving the appliances anyway. These are just two quick examples of the importance of having your REALTOR present all possible offers.

Do you have examples where your presence made an impact in the negotiating process? Send me a note, tell me about the outcome.

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I was recently approached by a friend, who required some direction on the purchase of his first condo. 'Michael' had visited the showrooms of a nearby developer and had received some encouraging news about "some really cheap pre-construction prices". But as a prudent purchaser faced with one of his biggest investments, Michael wrote to me asking for some advice on what questions he needs to ask the builder, and if I had any tips for him.

I've been to many presentation centres, where they showcase only the finest construction materials, and show you wonderful pictures, models and plans of site in their pursuit of securing your deposit. Developers spare no expense in selling you not just the condo itself, but also the lifestyle that comes with living at that address. So one of the first things you want to check is that it fits your lifestyle. You'll also want to ask about construction plans for the adjacent areas which can affect your view. Ask about the number of units pre-sold, and when the condo registration process (which can take 6 months) is scheduled to start. You're able to take posession before the condo coroporation is registered, but will have to pay what's called an "occupancy fee".

Your next line of questions should be regarding construction materials. What sort of seperation provisions are there to limit noise between units? Are the heating and cooling units individually controlled, and belonging to the unit owners?

This should get you started, and I advise that you visit the CMHC web-site for more home purchase information geared specifically to the consumer.

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