New or Resale...You need a Buyer's Representative

Buyers should be aware of their options so they are better able to protect their positions in a transaction. The role of the Realtor has been undergoing tremendous change over the past several years. Prior to 1995, all Realtors worked for the Seller in a Real Estate transaction. A buyer can now choose to retain representation with a Licensed Realtor and receive the same legal relationship that Sellers have received for nearly 100 years.

A buyer who understands their options will typically want to select their Real Estate representative EARLY in the transaction in order to avoid potential conflicts of interest should they be making many calls to various Realtors (typically listing sales representatives representing the Seller) or if shopping New Home sites (representatives are not necessarily Realtors® thereby having no accountability to the Buyer through RECO* or REBBA**).

With the advent of the Internet, many Buyers are conducting tremendous research on their own before looking at homes or contacting a Realtor. It cannot be understated that part of the research conducted from a buyer's perspective, is the careful selection of the Realtor to represent their interests in the acquisition of property. A skilled Buyers sales representative will add tremendous value to the buyer during the drafting of the contract, during negotiations, and overseeing the contract to completion. If you're going to spend the next 25 years paying for your new home? shouldn't you spend a few minutes finding the right person to help make it all happen?

We know your rights? do you?

• You have the right to remain silent
• Anything you say while un-represented could be used against you during negotiations;
• You have the right to be REPRESENTED
• If you choose NOT to be represented;
  Then all Realtors will work on behalf of the Seller during negotiations.

To find out more, please feel free to contact one of our sales representitives to discuss your Real Estate Goals. Our services are guaranteed to ensure your complete satisfaction!

SIX WAYS TO BEAT THE STRESS

DEATH, DIVORCE & MOVING are the three most stressful experiences in life. There are two very different kinds of needs that people have while moving. First there are the transactional needs, like finding the home that is just right for them, finding a seller who is realistic, negotiating the price, filling out the paperwork, handling the closing, and arranging for the move. But there are also emotional needs that are involved when moving, and this is where the biggest stress comes in. Any competent sales representative will handle the transactional needs for you, but if your emotional needs are unfulfilled, you'll be frustrated and may not act in your own best interests. The ideal real estate sales representative is one, who is competent with paperwork and numbers, but can also guide, direct, and counsel you through the emotional ups and downs of moving. Here are the six best ways we've found to beat the stress.

1. Begin with the end in mind. Have an ultimate scenario of where you're trying to be. What will life be like when you get there? How will it be better than where you are now? Dwell on that picture and write it out, fill up at least a page about how it feels in the new place. This is imperative. Having the goal in front of you at all times energizes you to achieve it, in spite of setbacks and frustrations. Emotions will run high and you need an anchor. You too must focus on that future goal when anxiety threatens to get the better of you.

2. Be flexible. In your monetary calculations, overestimate by a thousand dollars. In this market, anything can happen between contract acceptance and closing. It could be the inspections reveal areas of concern that the seller is unwilling to fix or the repair costs are higher than the amount limited in the contract. Or the interest rate changes which affects the necessary down payment and closing costs you will need to come up with. As your real estate sales representative, I will strive to tie up loose ends as quickly as possible, but remember there is no perfect world. Most buyers feel a bit overwhelmed when taking on a new mortgage and the responsibilities of a new home. We've seen many buyers get angry when it seems like the cost just keeps going up. Anger is caused when reality doesn't match up with the expectations you had in your mind. So if you anticipate this happening in advance, you won't get angry. In fact, it'll probably go better than you expected.

3. Trust in the process. There's just so much to do, it's easy to panic. You wonder if it will ever work out. In fact, when we bought our house, we couldn't eat for a day, we felt sick to our stomachs! You think you're taking a big chance, but the truth is you're giving yourself a big chance. Even though you can't see every step of the way, as you move towards your goals, the way opens up. We know that you haven't moved in a long time and it's a major upheaval in your life. But we've been there many times before, and we'll be looking out for you. Trust that we know the way to get you there.

4. Get knowledge. One thing you'll probably feel during this transition time is being out of control. It feels like everyone else has taken over your life. The seller, your lender, the appraiser, the inspectors, they all have the power to say yes or no to your moving plans. We'll try our best to let you know ahead of time what your expenses will be, and what the unknowns are. We'll tie down the loose ends as soon as possible. We'll try to get your loan approved within a reasonable time frame. We'll educate you as best we can and let you in "behind the scenes" so you won't ever feel stupid or out of control.

5. What is your option? When things don't go as smoothly as you had hoped, don't let emotions take over. Always ask yourself "What is my option?" because there are always options. Let's pretend the lender takes longer than agreed upon to get your loan. He keeps asking you for more and more documentation until it feels like he also needs to know how many gold fillings you have in your mouth! You feel upset because you wanted to feel certain about the move and now you still have to live with the uncertainty. You want to say "Forget it, I'm fed up with this!" But what is your option? Find a new lender and start the process over again? That may take weeks, plus you will have to provide all the paperwork all over again. If the lender is trying his best, it may be better to give him a few more days. Each case is unique, but when setbacks occur we've found that asking yourself this question helps to defuse the situation and restore clear headed thinking.

6. Seek entertainment. When there's nothing you can do about the situation, take your mind off of it altogether. Maybe you expected loan approval on Friday, but now it won't come until Monday. You hate being in limbo and feeling powerless. So do something else entirely, maybe something where you aren't powerless. Take a hike, play tennis, get out of town for the day, watch a movie, or pour yourself into your work. Whatever diversion works best for you, now would be a good time to engage in it. Just forget the situation and refuse to listen to those irritating thoughts when they come into your head. Think about something else instead and just take it one day at a time.

To keep stress to a minimum, here's how our RE/MAX Hallmark sales representatives will serve you in buying your new home:

a) I promise not to take your business for granted
b) I will inform you of your options
c) I will give you my best-reasoned expert counsel and advice with your best interests in mind
d) I will clarify your goals and motivation, so that you can decide if moving is the wisest choice at this time.
e) I will provide recommendations and information to help your kids through all the changes
f) I will negotiate effectively for you to get the lowest possible price for your new home
g) I will be your levelheaded sounding board or relief valve when the stress is overwhelming
h) I will counsel you through the feelings of "buyer's remorse"
i) I will alert you ahead of time to every possibility so you feel more in control
j) I will contact you daily during the last 10 days of the transaction to serve your needs

And we will continue to give you information of value after the transaction... for life.

It's Time To Make An Offer

Put yourself in the sellers shoes and imagine how they will react to everything you're about to put in your offer. Oral promises are not legally enforceable when it comes to the sale of real estate. Please be sure you have communicated everything you want in the offer to your Realtor.

Price

Have your REALTOR® do a comparative market analysis for you. That will show you the fair market value of the property. The following factors could affect your offer price:

• Property condition
• New home improvements
• Market conditions (that old supply and demand again)
• Seller's motivation
• Multiple Offers - expect to pay more if there are multiple bidders on a property

Deposit Money

You will be putting up some money to show the seller you are sincere about purchasing his home. Your Realtor can give you guidelines for how much this should be.

Financing Contingency

You will probably need to get a mortgage. Even if you have been preapproved the lender will still need time to have the appraisal done, etc. Your Realtor can advise you as to how much time you need.

Home Inspection

Don't skip this, whether it's because you think you can check out the house yourself or you want to save the money a professional inspector charges - it's money well spent in the long run. But remember, no home is perfect and small maintenance-type things found by the home inspector should not be part of any renegotiations with the seller. And don't skip your final walk-through just because you had a home inspection.

Disclosures

Make sure you received all the proper seller disclosures. Sellers may have completed a Seller Property Information Statement. Have your Realtor request a copy for your review. Further, material defects MUST be disclosed if known by the seller. Look over these documents carefully - the laws that govern them limit your recourse once you've signed them.

Multiple Offers

It doesn't have to be a 'hot' market for a seller to have the luxury of choosing between multiple offers on their property. If you find yourself in a multiple offer situation don't panic and don't withdraw your offer - you may be the highest bidder and won't even know it if you pull out. Go through at least one round of negotiations before you decide to withdraw. Have a price in your mind of where you want to go and stay in the game until that price has been reached. Too many buyers lose the property by pulling out too soon. Having a well-seasoned Realtor familiar with the process can be instrumental in Multiple Offers. Taking the time to hire the right Realtor will find you a Realtor with a good reputation among their colleagues and peers; this too will aid in your efforts to attain a property in the event of Multiple offers.

From Offer to Closing

Once your offer has been presented to the seller the negotiating process begins. There are likely to be numerous counter-offers going back and forth between you and the seller. There are a few important things to remember:

• Your offer is just that - an offer - until it has been accepted and agreed to by both you and the seller. At any time during the negotiating process another offer could come in and cause you to be in a multiple offer - or worse - lose the house completely. A wise buyer will try to come to an agreement with the seller in a reasonably short period of time.
• If your contract calls for a home inspection and/or a financing condition, please choose both of these as quickly as possible and let your sales representative know who they are. Your service providers have a limited amount of time to protect your interests.
• Be sure to comply with all requests of your lender after the mortgage application has been done. Not producing the documents or information they need can jeopardize your getting your mortgage on time.
• Generally, the buyer accompanies the home inspector at the inspection. Please allow at least 2 to 3 hours for an average inspection. More time may be necessary for a large home.
• Your Realtor will act as coordinator for all activities from this point and will keep everyone in the loop as far as what is going on. The lender, home inspector, both attorneys, the other REALTOR, the title company will all be performing necessary duties during this time.
• If necessary your Realtor will work together with the cooperating Realtor to negotiate any repairs that were noted during the home inspection. Remember, routine maintenance items are not the type of thing that should be noted and negotiated. The purpose of the home inspection is to avoid buying a home with major structural deficiencies.
• Your walk through will be scheduled as per your sales contract. Your Realtor will schedule this with you, the seller and the listing sales representative. It should happen just prior to the closing.
• If all of this sounds a little overwhelming - don't worry - you're in good hands. Your Realtor has been through this many times and will be there for you during the entire process. Relax and enjoy the experience.

Evaluating A Neighbourhood

Drive Around

• Does it look like a place you'd like to live?
• Is it near places you'd like to go?
• Is it too near places you'd rather avoid?
• What will it look like during commuting time?
• What's it like at night?

Quality of Schools

• What is the school performance?
• Average test scores?
• Capacity of school in relation to # of students?
• Parent involvement?
• After school activities, teams?

Education/Income Profile

• What is the household income?
• The education level?
• Occupation?
• Family type?

Cultural Amenities

Proximity to museums, galleries, universities, seasonal entertainment, theaters, orchestras, etc.
Even if you don't frequent them, they help set the tone for the area.

Property Values

Steady or increasing values generally mean a sound investment. It is almost always best to buy the smallest, least expensive home in the best neighborhood you can afford.

Future Growth

If you are not planning on staying in your new home for a number of years, an abundance of new construction being planned could affect your resale. Equally true, however, is the existence of higher end properties could increase the value of yours.

Your REALTOR® is your best source of information on property and neighborhood information. There are also numerous Internet sites, such as REALTOR.com, Homes.com, Homeadvisor.com, schoolmatch.com and others, that can assist you in your research.

Home Buying Guidelines

• If you have to resell soon, don't buy an unusual house.
• Even if the quality of the school district doesn't matter to you now, remember it might someday to another buyer.
• Brand new homes may be lower in maintenance costs, but can be higher in out of pocket expenses.
• There are no perfect homes. Be ready to make compromises and concessions. Know what's most important to you and 'give' on those things that aren't.
• Location, location, location - some things don‚Äôt change.
• Supply and demand is a critical issue. Be ready to move quickly when you find what you want.
• Pay attention to floor plans. Changing layouts of rooms can be costly.
• Get preapproved for your mortgage prior to making an offer.
• Be an educated buyer. Learn as much as you can about the market before you buy.
• Compare mortgages - an artificially low interest rate could have enormous hidden costs.
• When interest rates are low - go for a fixed rate mortgage.
• Redoing kitchens and baths can be very expensive - check these out carefully.
• Imagine the home vacant. Do not be swayed by decorating - the furnishings will leave with the seller.
• Vacant homes appear larger than they are. It may be a good idea to measure to make sure your furnishings are going to fit.
• Buy the best home you can afford in the best neighborhood you can afford. You are almost always better off with the least expensive home in the area rather than the most expensive.
• Pay attention to the original listing date of the properties you look at; sellers tend to be more flexible the longer the home is on the market.
• Be honest and open with your Realtor. He or she works for you and can best help you if they have a good understanding of your needs.
• You'll know the right home for you when you see it and it will have very little to do with logic. Your Realtors job is to be an objective medium in the process to ensure your needs and interests are met and protected.

Pledge Of Performance

Because I am committed to preparing you to be an educated buyer, I will:

• give you the most vital information on available homes
• keep you aware of changes in the real estate market
• provide neighborhood information on municipal services, schools, churches, etc.
• disclose all known facts about properties I show you
• collect pertinent data on values, taxes, utility costs, etc.
• point out strengths and weaknesses of all properties you choose to view
• explain forms, contracts, and closing procedures
• discuss loan qualification and processing

Because I am committed to helping you save time, I will:

• provide ready access to all MLS listed properties
• assist you as needed on all unlisted properties
• help you select for viewing only those homes that fit your needs
• show you homes only in the price range most suited to your finances
• provide you a list of qualified attorneys, home inspectors or other service providers
• arrange for necessary property inspections

Because I am committed to helping you find the best value, I will:

• prepare studies of property values in chosen areas
• perform a market analysis on chosen properties
• discuss financing alternatives
• see that you get a complete estimate of all costs involved
• offer advice on the preparation of an offer on properties
• write and present your purchase agreement to the seller
• negotiate on your behalf to attain the lowest possible price with the best possible terms
  
  

Because I am committed to you - my buyer - I will do all of this - plus:

• keep your personal information confidential at all times
• stay in touch with you from the day you start your search until the day you move in (and thereafter)
• coordinate all aspects of the sale and closing
• be reimbursed with a commission only when we have a successfully closed transaction

Interviewing Representatives Checklist

What to look for in a sales representative

• Someone who is dedicated to their profession
• Someone who takes the time to determine your needs
• Someone who listens - and responds to your requests
• Is familiar with the area in which you have an interest
• Is knowledgeable about the properties in your price range
• Is willing to work with you until your needs are fulfilled
• Strong references from previous buyers/sellers

Questions to ask a prospective Realtor

• How long have you been in real estate?
• Are you a full time sales representative?
• Are you familiar with this area?
• How many homes did you sell last year? How many were in this area?
• What was the average price?
• How many buyers are you currently working with? How many sellers?
• Where do you feel your strengths lie?
• Will you handle all aspects of my transaction or do you have assistants?
• Can you give me the names of three buyers/sellers with whom I can check your references?
• Do you have full access to the Multiple Listing Service and do you have email to keep me abreast of new listings instantly?

Mortgage Terms And Fees

Mortgage Term

Over the course of your amortization period, you may have many different mortgages. The term is simply the length of time that interest rates, payment schedules and obligations to the lender exist. When the term comes to a close, you will have the option to renew your mortgage (taking into account current market conditions) at your current or new lending institution. You can also put a lump sum toward the principal without restriction, or pay off your entire mortgage without penalty. If you wish to change the structure of your agreement during the term you may have to pay a substantial fee to the lender.

Choosing Security or Flexibility

Mortgages are available with closed, open and convertible options, with fixed or variable rates. The options you choose will reflect your beliefs about the market -- is it going up or down? -- and your short-term goals and desire for long-term security.

Amortization

This is the amount of time over which the entire debt will be repaid. Most mortgages are amortized over 15-, 20-, or 25-year periods. The longer the amortization, the lower your scheduled mortgage payments, but the more interest you pay in the long run.

Schedule of Payments

There Are Ways to Reduce Your Interest Payments

• Negotiate a shorter amortization period. (That's the number of years over which you'll pay off the total amount of the mortgage. Don't confuse this with the term of the mortgage, which can run from 6 months to 10 years and must be renegotiated.) A shorter amortization period will mean higher monthly payments, but you'll be paying more principal with each payment.
• Accelerating your payments. Opt for a weekly or biweekly payment schedule. More payments per month mean less overall interest.
• Put lump sum payments toward your principal.
  When negotiating your mortgage, ask how frequently you can make a lump sum contribution. Most financial institutions allow a percentage of your overall mortgage to be contributed on your annual mortgage anniversary date. Depending on the type of mortgage you select, you may also be able to negotiate additional monthly, or even weekly, payments. These payments will rocket you toward mortgage freedom.

Open Mortgage

This type of mortgage offers a great deal of flexibility, as it can be repaid in part or full at any time without penalty. This is a great mortgage if you believe interest rates are moving down or if you plan to move in the near future. The term may be limited to six months or one year.

Closed Mortgage

Here the interest rate is fixed for the full term of the mortgage, and you will have to pay a penalty to change the agreement conditions. This type of mortgage is ideal for buyers who suspect that interest rates will rise and who are not planning to move in the near future. This type of mortgage is usually available in a wide variety of terms.

Convertible Mortgage

With this mortgage, you'll enjoy the same peace of mind as a closed mortgage, plus the flexibility to convert to a longer closed mortgage at any time without penalty. If you think rates will drop, this will allow you to wait until you feel they have hit bottom, or if rates rise, you can lock in.

Additional Costs

Before you calculate the amount of your down payment and determine what you can afford, it's a good idea to set aside a few thousand dollars to cover the extra costs that seem to spring out of nowhere. Here is an overview of costs you could encounter. The good news is that not all of them will apply.

Property Taxes

If the Vendor has paid a portion of the taxes in advance, you will be responsible for reimbursing the Vendor on closing. Plus, if you have a high-ratio mortgage, your lender may require that you have your property taxes added to your mortgage payments.

Utility Fees

Utility fees are calculated through a meter so you will be responsible for paying what you have used up on the meter.

Land Transfer Tax

This applies in most provinces and ranges from 1% to 4%. For instance, in Ontario, you'll pay 1% of the first $55,000 - $250,000 and up to 2% of any amount over $400,000.

Survey Fee

Your lender will require an up-to-date survey. You can make it a condition of the Offer to Purchase that the Vendor provide a survey, or you will have to have one done. If there is no survey available, you may purchase "Title Insurance" in lieu of a survey which saves you about $500 - 700.

Appraisal Fee

A basic appraisal usually costs under $250.

Property Insurance

Your lender will insist that you have insurance on your property because your home is used as security for the mortgage.

Service Charges

You'll be charged for telephone, cable and a variety of other services that you hook up at your new home.

Lawyer (Notary) Fees

Each real estate transaction requires the assistance of a legal professional to review the Offer to Purchase, search the title, draw up the mortgage documents and take care of the details on the day of closing. Lawyers fees range widely depending on the complexity of the transaction. Ask your RE/MAX sales representative to recommend a lawyer. And remember, fees can be negotiated.

Mortgage Loan Insurance Premium and Application Fee

Mortgage loan insurance will be necessary if you have a high-ratio mortgage (less that 25% down payment). The application usually costs $75 with a valid appraisal, otherwise it's $235. The actual insurance premium will range from .5% to 3.75% of the purchase price and is added onto the mortgage.

Mortgage Broker Fee

Some brokers may charge as much as 2% of the total mortgage to find you a lender. In most cases though, the broker is paid by the lender. Buyers with good credit should not have to pay a fee.

Moving Costs

Whether you've decided to do it yourself or hire a moving company, now is the time to budget for the costs involved.

Estoppel Certificate

If you're moving into a condominium (complex not necessarily a high-rise) this certificate outlines the condominium corporation's financial and legal state. It will cost you up to $50.

Condominium Fees

These monthly fees vary from complex to complex. The fees are applied to everything from grounds keeping and carpet cleaning to security personnel and health club maintenance. Depending on the type of structure, these fees will usually be a few hundred dollars.

Home Inspection Fee

For around $300, depending on the size of your home, you'll receive a complete written report about the condition of the structure. Do your research and hire a reputable firm.

Renovation and Repairs

Your home inspection may indicate the need for some general repairs or a major project. Have some money set aside, particularly if you are purchasing an older home.

Redecoration

Your taste will be different from the previous owner. Set aside money to paint and wallpaper. Prepare a list of things you can live with, for now, and decorating faux pas that need immediate alteration

Water Quality Certification

If you are purchasing a home with a well, you'll want to ensure the quality of the water. This will cost approximately $50 to $100.

Media Announcements

October 2011

RE/MAX Hallmark named top RE/MAX contributor in Canada to Children's Miracle Network in 2010

October 2011

REM Hallmarks of Success

March 2010

RE/MAX Hallmark Realty earns International recognition as largest RE/MAX multi-office franchise in Canada

May 7th, 2009

RE/MAX Hallmark Realty Ltd. supports breast cancer research and treatment through fifth annual 'Yard Sale for the Cure' event

April 24th, 2009

RE/MAX Hallmark presented with Children’s Miracle Network award for Top Contributing Office in Ontario

February 5th, 2009

RE/MAX Hallmark expands into Richmond Hill and Oak Ridges

February 5th, 2009

RE/MAX Hallmark expands into Richmond Hill and Oak Ridges

November 27th, 2008

Hallmark Featured in REM Magazine!

August 20th, 2008

Canadian Silver Medalist supported by close to 500 sales associates at RE/MAX Hallmark

July 2nd, 2008

RE/MAX Hallmark offers exclusive “Cottage Connection” in Muskoka

April 14th, 2008

Canadian Olympic Athlete Gets Needed Help

April 8th, 2008

Children's Hospital in Toronto benefits from largest contributor in world

February 26th, 2008

RE/MAX invests in hungry kids: $30,000 donation builds new kitchen at First Nations Public School

September 4th, 2007

RE/MAX Sales Associates give GTA Kids Food for Thought

January 19th, 2007

Hallmark presence in North Central Toronto

November 14th, 2006

RE/MAX Hallmark introduces scholarship program for children of clients and sales associates

October 26th, 2006

‘Home’ approach to real estate anchors new RE/MAX Hallmark office in Don Mills

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