MEMBER ALERT: Caller Impersonating REALTOR®

Real Estate agents and their clients become the target of some strange and bizarre behaviour.  This warning message was recently posted for Realtors on the TREB website.

May 10, 2012 -- A Brokerage has reported that an individual is impersonating one of their Sales Representatives.

The impersonator telephones Sellers who are listed with other Brokerages, sharing various negative opinions including that the Sellers’ homes are overpriced. In one case when a home was sold conditionally, the impersonator advised the Sellers that he could bring them a full price offer that evening.
The individual speaks non-stop in an aggressive tone and calls several times in a row until Sellers become so frustrated that they report the occurrence to their REALTORS®. As such, REALTORS® have been advising the Brokerage of their concerns.

The matter has been reported to police, who believe that the individual is placing the calls over the Internet and using software to alter caller identification so that it appears as that of the Sales Representative being impersonated.

Sellers who have received calls are located in various areas including Caldeon East, Oakville and South Parkdale. While there does not seem to be a pattern to the Sellers’ locations or housing types, many of the properties have been relisted or sold conditionally.

It has also been noted that the calls have been placed when Sellers are typically at home, such as on statutory holidays. While the situation has been occurring since January 1, the number of occurrences is increasing, with three reported during the first week of May alone. Members with clients who have been affected are asked to advise their clients to dial *57 immediately after receiving such a call, so that its origin can be located.

The prank call gone wild. How upsetting for everyone involved. 

A Blog Testimonial

When asked what I like about being a real estate agent, I can list of lots of great aspects of my work.  I get to work with wonderful people, help them find great homes, negotiate deals (that's fun!), execute a plan to get homes sold at a the best price, and it's always changing from day to day.  I like change, different houses and condos every week, different buyers and sellers from month to month.

But, I must admit, one of the things I really like about it, is the warm and fuzzy way I feel when I receive a lovely testimonial. Often my clients take the time to write really nice letters about their experience working with me, and that is incredibly rewarding. When I start working with new clients, it's often helpful to share these letters with them so that they have an idea of who they are hiring to take care of their real estate needs.  It's a wonderful endorsement and since it can be hard to "toot your own horn", it's nice to have a few letters so that new clients can feel comfortable about their decision to work with me.

A recent client took it to a whole new level.  She wrote a Blog post about her experience, and was able to concisely put into words how we partnered together to get their home sold. It sold quickly, had multiple offers and sold for more than list price.

There was a lot of preparation prior to listing the home on the MLS & many professionals involved in putting it all together.

A team effort with great results.

Here is the blog post: Practicing Curiosity

The Toronto Real Estate Game

It’s in the papers, on the news, and I’m writing about it as well.  The Toronto Real Estate market is extremely HOT! If you’re a Seller, that’s great news, if you’re a buyer, well, not so great.  In fact for buyers right now it can be extremely frustrating & disappointing when you lose yet another bidding war.

Realtors are often blamed for the multiple offer situations.  This is due to a few practices that take place in the market. 

1. Under pricing a listing to attract lots of attention, buyers run in thinking “hey what a deal”, only to realize that they’ve been duped. I was told yesterday by a listing agent that the seller won’t even accept list price, they admit to under pricing it, and expect multiple offers to push the price up. So what will it sell for? That’s anyone’s guess, and depends on how many offers and how badly someone wants the house.
2. The “Offer Date”, which indicates no offers will be reviewed until a certain date, usually about 5-7 days after the listing has hit the market. The theory is that by delaying the offer date, it will provide amble time for as many potential buyers to see the property, which in turn often results in more than one offer. It makes sense, that increased exposure has the ability to attract lots of interest.

When I act as a Buyer’s agent, I feel the pain right along with my clients. Many nights can be spent sitting in your care, waiting for all the offers to be reviewed, being sent home if we don’t have the highest offer, and then out on the house hunt again.  I love the house hunt, but the bidding wars take a toll on both the buyer and the agent.

When I act as the Listing agent, unfortunately I have to play the game, in order to represent the best interest of my seller client. However I think under pricing a listing is very dangerous, multiple offers don’t always happen,  and you have now set the price too low.  This often leads to the cancellation of the listing, and the home being re-listed at a higher price, based on what the sellers were expecting.

Yes, it’s a game. I don’t like it.

But I love working as a Realtor, I get the opportunity to work with wonderful people, helping them to make one of their largest single investment decisions, guiding them through the process, and “feeling the love”, when they buy their home, or sell it for lots of money.

The saying goes “it’s not whether you win or lose its how you play the game”, but in the real estate game you need to know how to play the game in order to win.

Psychic Senior Citizen on the prowl

It’s ridiculous how often Realtors are the target of strange deviant behaviour or put their lives at risk.  Really, who would have thought that selling homes would put you in harms way, but it can and it does.

The recent alert posted for members of the Toronto Real Estate Board warned of a homeowner in the Danforth Road & St. Clair Ave. East area that was luring his victims to his house under the pretence of a home evaluation.

This is what the report said:

“The homeowner indicated that he was a senior citizen and that he was calling her because he liked the picture he had seen of her in a local newspaper. He indicated that he specifically wanted to see her and advised her that he would read her fortune if she agreed to come to his home. She decline to meet with him. However, it turns out that this is his 3^rd attempt to draw female Realtors from the same office,

As it turns out, there was a fourth female Realtor who actually visited his home in 2010 responding to the home evaluation request.”

This is what she reported:

“He started the tour of the home by showing his main floor master bedroom.  As they proceeded to the living room, the client offered the Realtor brandy, she declined.

He indicated he had psychic ability and insisted on reading cards for the Realtor, she permitted him to do so, but she began to feel uncomfortable as he sat too close to her on the sofa.

When she got up to leave, he grabbed her hand and attempted to kiss her.  Asking her not to leave, he indicated that he love her. She departed immediately.”

WOW.

He’s described as 5’4” tall with a stocky build. He is balding and between 70 & 80 years old, and speaks with an accent.

And don’t forget he’s psychic and likes brandy.

Lots of Cold Feet

The market is hot as everyone knows.  The media likes to report the “bubble is ready to burst”, you know how the saying goes, “if it bleeds it leads”, so bad news or the forecast of bad news to come is what sells newspapers.  Or does anyone really buy newspapers anymore, with everything moving online?

So here is a bit of bad news, maybe someone will pay me for this blog post.  On two occasions in the last week I have heard of deals falling apart, they had sold conditional, in both instances for more than list price, and then the conditions weren’t waived, and the deals fell through. Deals can fall through on any number of issues.  The bank won’t finance based on the price paid, something is discovered during the home inspection or in review of the Status Certificate for a condo purchase. 

However, sometimes there’s a sneaking suspicion that the Buyer may just have COLD FEET, BUYERS REMORSE, and thought “What the hell did I just do”. They back out claiming issues with one of the conditions, prepare a Mutual Release so they can get their deposit back, and head for the woods, or maybe to the nearest bar for a shot of Jack Daniels. Whew, that was a close one.

There is a lot of hype and craziness in the Toronto Real Estate market from time to time, try not to get caught up in it.  There will be another house around the corner, will maybe not right around the corner, but you get the picture. 

How can you avoid this? Hiring a Realtor, that can guide you through the process and help you to see the “wood for the trees”.  Of course, you knew I was going to say that.

Photo by DigitalArt

I saw a termite in a tree

We were doing a home inspection in the Victoria Park & Danforth area, known termite territory. Usually if a home has been treated for termites, the owner acknowledges this, the listing agent discloses the information in the listing details and it's no big deal. But in this case, there was no such disclosure, but the home inspector identified the drill holes along the driveway and in the basement.

So, I asked, did the owners have termites? No, was the answer, "they've never seen a termite". Oh really? So we had Aetna Pest Control in to investigate a bit further. YES, the house had been treated for termites. In fact the sellers had removed the front porch, which was directly related to the termite problem. Aetna did the treatment, and in fact it was good we were having them back, so they could check the cement foundation they recommended at the front of the house where the porch was, had been done, and the treatment was successful.
The inspector showed us the termite tracks that had been active in the basement, but no more. Then we went to the backyard. He explained that the termites are in the soil throughout the neighbourhood. We walked around the big tree in the backyard, he spotted some termite tracks, opened them up and there they were.......just eating away at the tree. Well, now I assume they were eating, they are tiny, so I couldn't exactly see them chewing, sort of like a little grain of rice, that moves a bit.

Which also brings up another important aspect of termite areas, don't share plants from your garden if you know you're in a termite area, and be careful if you take them from your friends. You need to practise "safe gardening", because you could actually move termites into your yard via the rose bush your friend is giving you.
An online article at Garden Ontario points this out:

Remember that roses and raspberries, which have old dead-wood canes, are particularly attractive to termites. Look for insects about one-quarter inch in length, creamy white in colour, fatter than your typical ant, and slow-moving.

To find out more about Aetna Pest Control check out their website: Aetna

Offer Day Jitters

Happy Valentines Day.

For one couple, this could be a very memorable
day or it may be one of disappointment.  We have been out looking at
houses for awhile, watched some homes sell at crazy prices, and
haven't jumped into the fray, until today.

Tonight is the night set for offers. It's a common strategy  in a
sellers market, put out the listing, allow about a week for as many
potential buyers to have a look at the home, then hope there is a line
up at the door of potential buyers. This creates a "bidding war" and
everyone comes in with their highest offer hoping to "win" the war.

Tips on winning a bidding war:

1. The offer should be firm, no conditions. Therefore you may want to
have a home inspection done prior to the offer date. This will cost
you about $400 and you may not get the house, but if you are the
winning bid you know what you're getting. There is often a pre-listing
home inspection available for review, but as a buyer you cannot rely
on the contents, so be careful.
The other issue is a financing condition. If you are putting less than
20% down, you will require CMHC mortgage insurance. They need to
approve the purchase so you can't waive this condition. In addition,
if you pay more than list price, and the home doesn't appraise at the
value you agreed to pay, you will have to make up the difference between the
appraised value and the price you offered. You will only get a
mortgage based on the appraised value.

2. The deposit needs to be large, at least 5% of the value, and should
be presented with the offer in the form of a certified cheque or bank
draft. The reason this has become standard practise is that once the
cheque is received you have a deal. A promise to provide the cheque
within 24 hours of acceptance allows for the fact that a buyer may get
cold feet and decide not to deliver the deposit. This would be in
breach of the contract, and a legal issue, but at the end of the day,
no cheque, no deal. The same theory applies to why the cheque needs to
be certified, which says the money is in the bank, and you can't issue
a "stop payment" either.

3. The additional terms, such as the closing date and what the seller
wants to include in the sale are dictated by the seller.  It's
different when you are negotiating an offer vs participating in a
bidding war with respect to what you can or can't negotiate.
Our offer is ready, we wait until offer presentation and see what
happens.

Fingers crossed.