This guide is not about the secrets of purchasing a rental property for free down and half of the cost of the market value of the home. I’m not Tom Vu or Don Lapre and I am not in jail.
In Canada, the no money down house did use to exist, but maybe not anymore. Some lenders or banks were willing to give you the 5% down payment so you don’t have to pay a dime from your pockets to buy a house. But given the present financial situation with smaller lending limitations, there will be no bank or lenders who will do this in Canada.
The buying home for half cost did use to exist as well. At one point, foreclosures in Canada will allow foreclosed houses to be sold at rock bottom prices. The law, which was in placed for many decades now require the homes be sold at the greatest possible price for foreclosed homes or the lenders could be sued. Hence, occasionally foreclosed homes sell greater because Canadians have the misconception that foreclosed houses are a excellent deal causing it to have a reverse impact. There have been many folks buying foreclosed homes believing they have a good deal and not performing a thorough check as to the actual value of the home.
Now, clearing out the quick cash maker myths of purchasing houses, there are still many things that you need to be aware of before starting.
If there exist ever an industry with much more sneaky sales tactics and money motivated folks, it’s got to the Real Estate business. The Vernon Realtor Real Estate Agents need a bit. The creditors want a bit. The attorneys want a bit and the sellers want bit. No wonder there are a lot of scams in this business.
The first point to be conscious of is your Real Estate Agent. A Real Estate Agent is suppose to act in your behalf to purchase or sell the house. The purchaser of the House and vendor of the home will have their particular Real Estate Agent known as a Buyer’s Real Estate Agent and also a Seller’s Real Estate Agent.
In Canada, every Real Estate Agent gets a mean of 2.5percent and sometimes 2% to the commission of selling the home. Some Real Estate Agents offer money back benefits. Canadian Real Estate Agents gets higher commission than anyplace else. In United States, their Real Estate Agents just get 1% of their commission and their homes are in fact much cheaper. Even though Real Estate Agents are the least educated of those parties involved with the purchasing home transaction, they seem to be getting the largest part of the pie.